메뉴 건너뛰기




Volumn 48, Issue 3, 1998, Pages 283-332

Employee buyouts: Causes, structure, and consequences

Author keywords

Employee ownership; ESOP; G34; Labor contracts; LBO

Indexed keywords


EID: 0039394504     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0304-405X(98)00013-0     Document Type: Article
Times cited : (16)

References (58)
  • 1
    • 0000589044 scopus 로고
    • Production, information costs, and economic organization
    • Alchian A., Demsetz H. Production, information costs, and economic organization. American Economic Review. 62:1972;777-795.
    • (1972) American Economic Review , vol.62 , pp. 777-795
    • Alchian, A.1    Demsetz, H.2
  • 2
    • 0039005085 scopus 로고
    • The cash flow and informational effects of employee stock ownership plans
    • Beatty A. The cash flow and informational effects of employee stock ownership plans. Journal of Financial Economics. 38:1995;211-240.
    • (1995) Journal of Financial Economics , vol.38 , pp. 211-240
    • Beatty, A.1
  • 4
    • 0005682035 scopus 로고    scopus 로고
    • Buy-out in a bargaining game with asymmetric information
    • Ben-Ner A., Jun B. Buy-out in a bargaining game with asymmetric information. American Economic Review. 86:1996;502-523.
    • (1996) American Economic Review , vol.86 , pp. 502-523
    • Ben-Ner, A.1    Jun, B.2
  • 5
    • 0039005086 scopus 로고
    • Employee stock ownership plans and shareholder wealth: An empirical investigation
    • Chang S. Employee stock ownership plans and shareholder wealth. an empirical investigation Financial Management. 19:1990;48-58.
    • (1990) Financial Management , vol.19 , pp. 48-58
    • Chang, S.1
  • 6
    • 38249009942 scopus 로고
    • Managerial vote ownership and shareholder wealth
    • Chang S., Mayers D. Managerial vote ownership and shareholder wealth. Journal of Financial Economics. 32:1992;103-131.
    • (1992) Journal of Financial Economics , vol.32 , pp. 103-131
    • Chang, S.1    Mayers, D.2
  • 7
    • 0040188973 scopus 로고
    • The tax and distribution effects of leveraged ESOPs
    • Chaplinsky S., Niehaus G. The tax and distribution effects of leveraged ESOPs. Financial Management. 19:1990;29-38.
    • (1990) Financial Management , vol.19 , pp. 29-38
    • Chaplinsky, S.1    Niehaus, G.2
  • 8
    • 84993908982 scopus 로고
    • The role of ESOPs in takeover contests
    • Chaplinsky S., Niehaus G. The role of ESOPs in takeover contests. Journal of Finance. 49:1994;1451-1470.
    • (1994) Journal of Finance , vol.49 , pp. 1451-1470
    • Chaplinsky, S.1    Niehaus, G.2
  • 9
    • 0040783465 scopus 로고
    • Resolving the controversy over the valuation of employee claims in ESOP buyouts
    • Chaplinsky S., Niehaus G., Van de Gucht L. Resolving the controversy over the valuation of employee claims in ESOP buyouts. Benefits Quarterly. 10:1994;58-66.
    • (1994) Benefits Quarterly , vol.10 , pp. 58-66
    • Chaplinsky, S.1    Niehaus, G.2    Van De Gucht, L.3
  • 10
    • 0040188974 scopus 로고
    • Trust, economic rationality, and the corporate fiduciary obligation
    • Chapman B. Trust, economic rationality, and the corporate fiduciary obligation. University of Toronto Law Journal. 43:1993;547-588.
    • (1993) University of Toronto Law Journal , vol.43 , pp. 547-588
    • Chapman, B.1
  • 11
    • 0002360265 scopus 로고
    • Management buyouts of publicly traded corporations
    • DeAngelo H., DeAngelo L. Management buyouts of publicly traded corporations. Financial Analysts Journal. 43:1987;38-49.
    • (1987) Financial Analysts Journal , vol.43 , pp. 38-49
    • Deangelo, H.1    Deangelo, L.2
  • 12
    • 0002561667 scopus 로고
    • Union negotiations and corporate policy: A study of labor concessions in the domestic steel industry during the 1980s
    • DeAngelo H., DeAngelo L. Union negotiations and corporate policy. a study of labor concessions in the domestic steel industry during the 1980s Journal of Financial Economics. 30:1991;3-44.
    • (1991) Journal of Financial Economics , vol.30 , pp. 3-44
    • Deangelo, H.1    Deangelo, L.2
  • 13
  • 14
    • 84993869764 scopus 로고
    • The reverse LBO decision and firm performance: Theory and evidence
    • Degeorge F., Zeckhauser R. The reverse LBO decision and firm performance. theory and evidence Journal of Finance. 48:1993;1323-1348.
    • (1993) Journal of Finance , vol.48 , pp. 1323-1348
    • Degeorge, F.1    Zeckhauser, R.2
  • 15
    • 0000533230 scopus 로고
    • Organizational form and the consequences of highly leveraged transactions: Kroger's recapitalization and Safeway's LBO
    • Denis D. Organizational form and the consequences of highly leveraged transactions. Kroger's recapitalization and Safeway's LBO Journal of Financial Economics. 36:1995;193-224.
    • (1995) Journal of Financial Economics , vol.36 , pp. 193-224
    • Denis, D.1
  • 16
    • 0004829270 scopus 로고
    • Event study methodologies and the size effect: The case of U.K. press recommendations
    • Dimson E., Marsh P. Event study methodologies and the size effect. the case of U.K. press recommendations Journal of Financial Economics. 17:1986;113-142.
    • (1986) Journal of Financial Economics , vol.17 , pp. 113-142
    • Dimson, E.1    Marsh, P.2
  • 17
    • 0040188972 scopus 로고
    • Labor, management and the goose that laid the golden egg
    • Fruhan W. Labor, management and the goose that laid the golden egg. Harvard Business Review. 63:1985;131-141.
    • (1985) Harvard Business Review , vol.63 , pp. 131-141
    • Fruhan, W.1
  • 18
    • 0039597706 scopus 로고
    • Codetermination and the modern theory of the firm: A property-rights analysis
    • Furubotn E. Codetermination and the modern theory of the firm. a property-rights analysis Journal of Business. 61:1988;165-181.
    • (1988) Journal of Business , vol.61 , pp. 165-181
    • Furubotn, E.1
  • 19
    • 44949291946 scopus 로고
    • Troubled debt restructuring: An empirical study of private reorganization of firms in default
    • Gilson S., John K., Lang L. Troubled debt restructuring. an empirical study of private reorganization of firms in default Journal of Financial Economics. 27:1990;315-353.
    • (1990) Journal of Financial Economics , vol.27 , pp. 315-353
    • Gilson, S.1    John, K.2    Lang, L.3
  • 21
    • 0039597703 scopus 로고
    • Monitoring, implicit contracts and the lack of permanence in leveraged buyouts
    • London Business School
    • Habib, M., 1995. Monitoring, implicit contracts and the lack of permanence in leveraged buyouts. IFA working paper 178-1996, London Business School.
    • (1995) IFA Working Paper 178-1996
    • Habib, M.1
  • 22
    • 84925121354 scopus 로고
    • When does worker ownership work? ESOPs, law firms, codetermination, and economic democracy
    • Hansmann H. When does worker ownership work? ESOPs, law firms, codetermination, and economic democracy. The Yale Law Journal. 99:1990;1749-1816.
    • (1990) The Yale Law Journal , vol.99 , pp. 1749-1816
    • Hansmann, H.1
  • 23
    • 0010940237 scopus 로고
    • Worker participation and corporate governance
    • Hansmann H. Worker participation and corporate governance. University of Toronto Law Review. 43:1993;589-606.
    • (1993) University of Toronto Law Review , vol.43 , pp. 589-606
    • Hansmann, H.1
  • 24
    • 84977732108 scopus 로고
    • Management buyouts of divisions and shareholder wealth
    • Hite G., Vetsuypens M. Management buyouts of divisions and shareholder wealth. Journal of Finance. 44:1989;953-970.
    • (1989) Journal of Finance , vol.44 , pp. 953-970
    • Hite, G.1    Vetsuypens, M.2
  • 26
    • 0039597705 scopus 로고
    • Ownership, contract, and politics in the protection of employees against risk
    • Hyde A. Ownership, contract, and politics in the protection of employees against risk. University of Toronto Law Journal. 43:1993;721-749.
    • (1993) University of Toronto Law Journal , vol.43 , pp. 721-749
    • Hyde, A.1
  • 27
    • 84977727280 scopus 로고
    • LBOs, reversions and implicit contracts
    • Ippolito R., James W. LBOs, reversions and implicit contracts. Journal of Finance. 47:1992;139-167.
    • (1992) Journal of Finance , vol.47 , pp. 139-167
    • Ippolito, R.1    James, W.2
  • 28
    • 0001131377 scopus 로고
    • Some evidence on the uniqueness of bank loans
    • James C. Some evidence on the uniqueness of bank loans. Journal of Financial Economics. 19:1987;217-235.
    • (1987) Journal of Financial Economics , vol.19 , pp. 217-235
    • James, C.1
  • 30
    • 0000577518 scopus 로고
    • Rights and production functions: An application to labor-managed firms and codetermination
    • Jensen M., Meckling W. Rights and production functions. an application to labor-managed firms and codetermination Journal of Business. 52:1979;469-506.
    • (1979) Journal of Business , vol.52 , pp. 469-506
    • Jensen, M.1    Meckling, W.2
  • 31
    • 0000706823 scopus 로고
    • The effects of management buyouts on operating performance and value
    • Kaplan S. The effects of management buyouts on operating performance and value. Journal of Financial Economics. 28:1989;217-254.
    • (1989) Journal of Financial Economics , vol.28 , pp. 217-254
    • Kaplan, S.1
  • 32
    • 84977728066 scopus 로고
    • Management buyouts: Evidence on taxes as source of value
    • Kaplan S. Management buyouts. Evidence on taxes as source of value Journal of Finance. 44:1989;611-632.
    • (1989) Journal of Finance , vol.44 , pp. 611-632
    • Kaplan, S.1
  • 33
    • 0001553293 scopus 로고
    • The staying power of leveraged buyouts
    • Kaplan S. The staying power of leveraged buyouts. Journal of Financial Economics. 29:1991;287-313.
    • (1991) Journal of Financial Economics , vol.29 , pp. 287-313
    • Kaplan, S.1
  • 34
    • 84950240854 scopus 로고
    • The evolution of buyout pricing and financial structure in the 1980s
    • Kaplan S., Stein J. The evolution of buyout pricing and financial structure in the 1980s. Quarterly Journal of Economics. 108:1993;313-357.
    • (1993) Quarterly Journal of Economics , vol.108 , pp. 313-357
    • Kaplan, S.1    Stein, J.2
  • 35
    • 0000827401 scopus 로고
    • Vertical integration, appropriable rents, and the competitive contracting process
    • Klein B., Crawford R., Alchian A. Vertical integration, appropriable rents, and the competitive contracting process. Journal of Law and Economics. 21:1978;297-326.
    • (1978) Journal of Law and Economics , vol.21 , pp. 297-326
    • Klein, B.1    Crawford, R.2    Alchian, A.3
  • 36
    • 0001457802 scopus 로고
    • The role of market forces in assuring contractual performance
    • Klein B., Leffler K. The role of market forces in assuring contractual performance. Journal of Political Economy. 89:1981;615-641.
    • (1981) Journal of Political Economy , vol.89 , pp. 615-641
    • Klein, B.1    Leffler, K.2
  • 37
    • 0039005084 scopus 로고
    • An implicit contract approach to employee stock ownership plans
    • Kovenock D., Sparks R. An implicit contract approach to employee stock ownership plans. Journal of Comparative Economics. 14:1990;424-451.
    • (1990) Journal of Comparative Economics , vol.14 , pp. 424-451
    • Kovenock, D.1    Sparks, R.2
  • 38
    • 0001041997 scopus 로고
    • Agency, earnings profiles, productivity, and hours restrictions
    • Lazear E. Agency, earnings profiles, productivity, and hours restrictions. American Economic Review. 71:1981;606-620.
    • (1981) American Economic Review , vol.71 , pp. 606-620
    • Lazear, E.1
  • 39
    • 84977733537 scopus 로고
    • Free cash flow and stockholder gains in going private transactions
    • Lehn K., Poulsen A. Free cash flow and stockholder gains in going private transactions. Journal of Finance. 44:1989;771-788.
    • (1989) Journal of Finance , vol.44 , pp. 771-788
    • Lehn, K.1    Poulsen, A.2
  • 40
    • 0003159649 scopus 로고
    • Investment patterns and financial leverage
    • B. Friedman. Chicago: University of Chicago Press
    • Long M., Malitz I. Investment patterns and financial leverage. Friedman B. Corporate Capital Structures in the United States. 1985;University of Chicago Press, Chicago.
    • (1985) Corporate Capital Structures in the United States
    • Long, M.1    Malitz, I.2
  • 41
    • 84977702541 scopus 로고
    • Efficiency and organizational structure: A study of reverse LBOs
    • Muscarella C., Vetsuypens M. Efficiency and organizational structure. a study of reverse LBOs Journal of Finance. 45:1990;1389-1413.
    • (1990) Journal of Finance , vol.45 , pp. 1389-1413
    • Muscarella, C.1    Vetsuypens, M.2
  • 42
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers S. Determinants of corporate borrowing. Journal of Financial Economics. 5:1977;147-175.
    • (1977) Journal of Financial Economics , vol.5 , pp. 147-175
    • Myers, S.1
  • 43
    • 21344496378 scopus 로고
    • Controlling financial distress costs in leveraged buyouts with financial innovations
    • Opler T. Controlling financial distress costs in leveraged buyouts with financial innovations. Financial Management. 22:1993;50-57.
    • (1993) Financial Management , vol.22 , pp. 50-57
    • Opler, T.1
  • 44
    • 38249016931 scopus 로고
    • Consequences of leveraged buyouts
    • Palepu K. Consequences of leveraged buyouts. Journal of Financial Economics. 27:1990;247-262.
    • (1990) Journal of Financial Economics , vol.27 , pp. 247-262
    • Palepu, K.1
  • 45
    • 84960611009 scopus 로고
    • Pension reversions and worker-stockholder wealth transfers
    • Peterson M. Pension reversions and worker-stockholder wealth transfers. Quarterly Journal of Economics. 107:1992;1033-1056.
    • (1992) Quarterly Journal of Economics , vol.107 , pp. 1033-1056
    • Peterson, M.1
  • 46
    • 0000199751 scopus 로고
    • Cash flow variability and firm's pension choice: A role for operating leverage
    • Peterson M. Cash flow variability and firm's pension choice. a role for operating leverage Journal of Financial Economics. 36:1994;361-384.
    • (1994) Journal of Financial Economics , vol.36 , pp. 361-384
    • Peterson, M.1
  • 48
    • 84916255583 scopus 로고
    • Self selection and turnover in the labor market
    • Salop J., Salop S. Self selection and turnover in the labor market. Quarterly Journal of Economics. 90:1976;620-627.
    • (1976) Quarterly Journal of Economics , vol.90 , pp. 620-627
    • Salop, J.1    Salop, S.2
  • 49
    • 0039425895 scopus 로고
    • Employee stock ownership plans and corporate restructuring: Myths and realities
    • Scholes M., Wolfson M. Employee stock ownership plans and corporate restructuring. myths and realities Financial Management. 19:1990;12-28.
    • (1990) Financial Management , vol.19 , pp. 12-28
    • Scholes, M.1    Wolfson, M.2
  • 50
    • 0040783462 scopus 로고
    • Department of Labor puts hold on ESOP use in leveraged buyouts
    • Seelig S. Department of Labor puts hold on ESOP use in leveraged buyouts. Tax Notes. 30:1986;922-924.
    • (1986) Tax Notes , vol.30 , pp. 922-924
    • Seelig, S.1
  • 52
    • 84977721574 scopus 로고
    • Liquidation values and debt capacity: A market equilibrium approach
    • Shleifer A., Vishny R. Liquidation values and debt capacity. a market equilibrium approach Journal of Finance. 47:1992;1343-1366.
    • (1992) Journal of Finance , vol.47 , pp. 1343-1366
    • Shleifer, A.1    Vishny, R.2
  • 53
    • 2342505938 scopus 로고
    • The investment opportunity set and corporate financing, dividend, and compensation policies
    • Smith C., Watts R. The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics. 32:1992;263-292.
    • (1992) Journal of Financial Economics , vol.32 , pp. 263-292
    • Smith, C.1    Watts, R.2
  • 55
    • 45549112378 scopus 로고
    • Managerial control of voting rights: Financing policies and the market for corporate control
    • Stulz R. Managerial control of voting rights. financing policies and the market for corporate control Journal of Financial Economics. 20:1988;25-54.
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.1
  • 56
    • 84977737536 scopus 로고
    • The determinants of capital structure choice
    • Titman S., Wessels R. The determinants of capital structure choice. Journal of Finance. 43:1988;1-19.
    • (1988) Journal of Finance , vol.43 , pp. 1-19
    • Titman, S.1    Wessels, R.2
  • 57
    • 0039597701 scopus 로고    scopus 로고
    • Predicting the duration and reversal probability of leveraged buyouts
    • forthcoming
    • Van de Gucht, L., Moore, W., 1997. Predicting the duration and reversal probability of leveraged buyouts. Journal of Empirical Finance, forthcoming.
    • (1997) Journal of Empirical Finance
    • Van De Gucht, L.1    Moore, W.2
  • 58
    • 0001470630 scopus 로고
    • Transaction-cost economics: The governance of contractual relations
    • Williamson O. Transaction-cost economics. the governance of contractual relations Journal of Law and Economics. 22:1979;233-261.
    • (1979) Journal of Law and Economics , vol.22 , pp. 233-261
    • Williamson, O.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.