Structure, Strategy and the MBO Life Cycle

Sebastian Green and Dean F. Berry
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Sebastian Green: University College
Dean F. Berry: The MAC Group

Chapter 9 in Cultural, Structural and Strategic Change in Management Buyouts, 1991, pp 201-226 from Palgrave Macmillan

Abstract: Abstract MBOs, through divestment, frequently attempt strategic and other business changes within the first few months of their existence. The need for a rapid turnaround; an increase in autonomy following the cut in the umbilical cord to an often ailing parent; the increase in gearing; the (hopefully) agreed preferences of institutional share-holders; the attitudes of employees, creditors and other stakeholders; the circumstances in which the buyout came into being; the hive down in assets or business taken through the buyout; and the motivating and incentive effects of personal ownership; all create a context for rationalisation (a change of degree), or a strategic redeployment of assets or redirection (a change of kind).

Keywords: Stock Market; Cash Flow; Capital Structure; High Leverage; Corporate Control (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-21559-1_9

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DOI: 10.1007/978-1-349-21559-1_9

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