Efficacité et légitimité du modèle LBO. Le conflit actionnaire-stakeholder revisité

Franck Bancel

Revue française de gestion, 2009, vol. n° 198-199, issue 8, 241-257

Abstract: LBO funds occupy a central position in the debate on the growing role that finance is supposed to assume in firm governance and are also particularly studied by researchers. This is explained by the major role the Private equity industry played in the economy and also by theoretical stakes linked to its development (Jensen 1989, etc.). The first part of this article presents how LBO funds have built their competitive advantage. The second part exposes 1) the limits of the LBO fund economic model and 2) major conflicts between stakeholders that emerge from the current private industry crisis.

Date: 2009
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