메뉴 건너뛰기




Volumn 3, Issue 4, 2012, Pages 197-206

An agency theoretic analysis of value creation through management buy-outs of family firms

Author keywords

Agency theory; Family business; Management buy outs

Indexed keywords


EID: 84870532065     PISSN: 18778585     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfbs.2012.10.003     Document Type: Article
Times cited : (40)

References (83)
  • 1
    • 0000589044 scopus 로고
    • Production, information costs, and economic organization
    • Alchian A., Demsetz H. Production, information costs, and economic organization. American Economic Review 1972, 62:777-795.
    • (1972) American Economic Review , vol.62 , pp. 777-795
    • Alchian, A.1    Demsetz, H.2
  • 2
    • 77950162301 scopus 로고    scopus 로고
    • Executive incentive schemes in initial public offering: The effects of multiple-agency conflicts and corporate governance
    • Allcock D., Filatochev I. Executive incentive schemes in initial public offering: The effects of multiple-agency conflicts and corporate governance. Journal of Management 2010, 36:663-686.
    • (2010) Journal of Management , vol.36 , pp. 663-686
    • Allcock, D.1    Filatochev, I.2
  • 5
    • 0013099398 scopus 로고    scopus 로고
    • Agency costs and ownership structure
    • Ang J., Cole R., Lin J. Agency costs and ownership structure. Journal of Finance 2000, 55:81-106.
    • (2000) Journal of Finance , vol.55 , pp. 81-106
    • Ang, J.1    Cole, R.2    Lin, J.3
  • 6
    • 44449097085 scopus 로고    scopus 로고
    • Managerial agents watching other agents: Multiple agency conflicts regarding underpricing in IPO firms
    • Arthurs J., Hoskisson R., Busenitz L., Johnson R. Managerial agents watching other agents: Multiple agency conflicts regarding underpricing in IPO firms. Academy of Management Journal 2008, 51:277-294.
    • (2008) Academy of Management Journal , vol.51 , pp. 277-294
    • Arthurs, J.1    Hoskisson, R.2    Busenitz, L.3    Johnson, R.4
  • 7
    • 44149109896 scopus 로고    scopus 로고
    • Emotional returns and emotional costs in privately held family businesses: Advancing traditional business valuation
    • Astrachan J.H., Jaskiewicz P. Emotional returns and emotional costs in privately held family businesses: Advancing traditional business valuation. Family Business Review 2008, 21:139-149.
    • (2008) Family Business Review , vol.21 , pp. 139-149
    • Astrachan, J.H.1    Jaskiewicz, P.2
  • 10
    • 77954245236 scopus 로고    scopus 로고
    • Socioemotional wealth and corporate response to institutional pressures: Do family-controlled firms pollute less?
    • Berrone P., Cruz C.C., Gómez-Mejía L.R., Larraza Kintana M. Socioemotional wealth and corporate response to institutional pressures: Do family-controlled firms pollute less?. Administrative Science Quarterly 2010, 55:82-113.
    • (2010) Administrative Science Quarterly , vol.55 , pp. 82-113
    • Berrone, P.1    Cruz, C.C.2    Gómez-Mejía, L.R.3    Larraza Kintana, M.4
  • 11
    • 77952172617 scopus 로고    scopus 로고
    • Governance, ownership structure and performance of IPO firms: The impact of different types of private equity investors and institutional environments
    • Bruton G., Filatotchev I., Chahine S., Wright M. Governance, ownership structure and performance of IPO firms: The impact of different types of private equity investors and institutional environments. Strategic Management Journal 2010, 31:491-509.
    • (2010) Strategic Management Journal , vol.31 , pp. 491-509
    • Bruton, G.1    Filatotchev, I.2    Chahine, S.3    Wright, M.4
  • 12
    • 27844477334 scopus 로고    scopus 로고
    • Corporate governance and competitive advantage in family-controlled firms
    • Carney M. Corporate governance and competitive advantage in family-controlled firms. Entrepreneurship Theory and Practice 2005, 29:249-265.
    • (2005) Entrepreneurship Theory and Practice , vol.29 , pp. 249-265
    • Carney, M.1
  • 13
    • 3843130659 scopus 로고    scopus 로고
    • Corporate governance and new organizational forms: Issues of double and multiple agency
    • Child J., Rodrigues S.B. Corporate governance and new organizational forms: Issues of double and multiple agency. Journal of Management and Governance 2003, 7:337-360.
    • (2003) Journal of Management and Governance , vol.7 , pp. 337-360
    • Child, J.1    Rodrigues, S.B.2
  • 14
    • 27844544646 scopus 로고    scopus 로고
    • Comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence
    • Chrisman J.J., Chua J.H., Litz R. Comparing the agency costs of family and non-family firms: Conceptual issues and exploratory evidence. Entrepreneurship Theory and Practice 2004, 28:335-354.
    • (2004) Entrepreneurship Theory and Practice , vol.28 , pp. 335-354
    • Chrisman, J.J.1    Chua, J.H.2    Litz, R.3
  • 15
  • 16
    • 27844554379 scopus 로고    scopus 로고
    • Trends and directions in the development of a strategic management theory of the family firm
    • Chrisman J.J., Chua J.H., Sharma P. Trends and directions in the development of a strategic management theory of the family firm. Entrepreneurship Theory and Practice 2005, 29:555-576.
    • (2005) Entrepreneurship Theory and Practice , vol.29 , pp. 555-576
    • Chrisman, J.J.1    Chua, J.H.2    Sharma, P.3
  • 18
    • 84881373123 scopus 로고    scopus 로고
    • Succession and non-succession concerns of family firms and agency relationship with non-family managers
    • Chua J.H., Chrisman J.J., Sharma P. Succession and non-succession concerns of family firms and agency relationship with non-family managers. Family Business Review 2003, 16:89-108.
    • (2003) Family Business Review , vol.16 , pp. 89-108
    • Chua, J.H.1    Chrisman, J.J.2    Sharma, P.3
  • 21
    • 40949144180 scopus 로고    scopus 로고
    • Bankruptcy costs, leverage and multiple secured creditors: The case of MBOs
    • Citron D., Wright M. Bankruptcy costs, leverage and multiple secured creditors: The case of MBOs. Accounting and Business Research 2008, 38:71-89.
    • (2008) Accounting and Business Research , vol.38 , pp. 71-89
    • Citron, D.1    Wright, M.2
  • 24
    • 0033414887 scopus 로고    scopus 로고
    • When competitive advantage doesn't lead to performance. The resource based view and stakeholder bargaining power
    • Coff R. When competitive advantage doesn't lead to performance. The resource based view and stakeholder bargaining power. Organization Science 1999, 10:119-133.
    • (1999) Organization Science , vol.10 , pp. 119-133
    • Coff, R.1
  • 26
    • 84870554939 scopus 로고    scopus 로고
    • The management buy-out arena: Differential slip in a tripartite alliance?
    • Contardo I., Angwin D. The management buy-out arena: Differential slip in a tripartite alliance?. Strategic Change 2002, 11:7-16.
    • (2002) Strategic Change , vol.11 , pp. 7-16
    • Contardo, I.1    Angwin, D.2
  • 27
    • 27844586778 scopus 로고    scopus 로고
    • Self-serving or self-actualizing: Models of man and agency costs in different types of family firms
    • Corbetta G., Salvato C. Self-serving or self-actualizing: Models of man and agency costs in different types of family firms. Entrepreneurship Theory and Practice 2004, 28:355-362.
    • (2004) Entrepreneurship Theory and Practice , vol.28 , pp. 355-362
    • Corbetta, G.1    Salvato, C.2
  • 28
    • 77149122439 scopus 로고    scopus 로고
    • Perceptions of benevolence and the design of agency contracts: CEO-TMT relationships in family firms
    • Cruz C.C., Gómez-Mejia L.R., Becerra M. Perceptions of benevolence and the design of agency contracts: CEO-TMT relationships in family firms. Academy of Management Journal 2010, 53:69-89.
    • (2010) Academy of Management Journal , vol.53 , pp. 69-89
    • Cruz, C.C.1    Gómez-Mejia, L.R.2    Becerra, M.3
  • 30
    • 84965934833 scopus 로고
    • An empirical examination of ownership structure in family and professionally-managed firms
    • Daily C.M., Dollinger M.J. An empirical examination of ownership structure in family and professionally-managed firms. Family Business Review 1992, 5:117-136.
    • (1992) Family Business Review , vol.5 , pp. 117-136
    • Daily, C.M.1    Dollinger, M.J.2
  • 33
  • 35
    • 74549125370 scopus 로고    scopus 로고
    • Locus of ownership and family involvement in small private firms
    • Fiegener M. Locus of ownership and family involvement in small private firms. Journal of Management Studies 2010, 47:296-321.
    • (2010) Journal of Management Studies , vol.47 , pp. 296-321
    • Fiegener, M.1
  • 36
    • 1842843798 scopus 로고    scopus 로고
    • The value of corporate control and the comparable company method of valuation
    • Finnerty J.D., Emery D.R. The value of corporate control and the comparable company method of valuation. Financial Management 2004, 33:91-99.
    • (2004) Financial Management , vol.33 , pp. 91-99
    • Finnerty, J.D.1    Emery, D.R.2
  • 37
    • 0002343433 scopus 로고
    • The causes and consequences of leveraged management buyouts
    • Fox I., Marcus A. The causes and consequences of leveraged management buyouts. Academy of Management Review 1992, 17:62-85.
    • (1992) Academy of Management Review , vol.17 , pp. 62-85
    • Fox, I.1    Marcus, A.2
  • 40
    • 0038471245 scopus 로고    scopus 로고
    • The determinants of executive compensaton in family-controlled public corporations
    • Gómez-Mejía L.R., Larraza-Kintana M., Makri M. The determinants of executive compensaton in family-controlled public corporations. Academy of Management Journal 2003, 46:226-237.
    • (2003) Academy of Management Journal , vol.46 , pp. 226-237
    • Gómez-Mejía, L.R.1    Larraza-Kintana, M.2    Makri, M.3
  • 43
    • 84989078344 scopus 로고
    • Strategy implementation versus middle management self-interest
    • Guth W., MacMillan I. Strategy implementation versus middle management self-interest. Strategic Management Journal 1986, 7:313-327.
    • (1986) Strategic Management Journal , vol.7 , pp. 313-327
    • Guth, W.1    MacMillan, I.2
  • 44
    • 77951898093 scopus 로고
    • Management buy-outs in France
    • Economist Publications, London, M. Wright (Ed.)
    • Heuze C. Management buy-outs in France. Economist guide to buy-outs 1991, 153-183. Economist Publications, London. 6th ed. M. Wright (Ed.).
    • (1991) Economist guide to buy-outs , pp. 153-183
    • Heuze, C.1
  • 45
    • 2342613638 scopus 로고    scopus 로고
    • Buyouts, information asymmetry and the family management dyad
    • Howorth C., Westhead P., Wright M. Buyouts, information asymmetry and the family management dyad. Journal of Business Venturing 2004, 19:509-534.
    • (2004) Journal of Business Venturing , vol.19 , pp. 509-534
    • Howorth, C.1    Westhead, P.2    Wright, M.3
  • 47
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance and takeovers
    • Jensen M.C. Agency costs of free cash flow, corporate finance and takeovers. American Economic Review 1986, 76:323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 48
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and ownership structure
    • Jensen M., Meckling W.H. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 1976, 3:305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.H.2
  • 49
    • 0000706823 scopus 로고
    • The effects of management buyouts on operations and value
    • Kaplan S.N. The effects of management buyouts on operations and value. Journal of Financial Economics 1989, 24:217-254.
    • (1989) Journal of Financial Economics , vol.24 , pp. 217-254
    • Kaplan, S.N.1
  • 50
    • 0038660446 scopus 로고    scopus 로고
    • Financial contracting theory meets the real world: An empirical analysis of venture capital contracts
    • Kaplan S.N., Stromberg P. Financial contracting theory meets the real world: An empirical analysis of venture capital contracts. Review of Economic Studies 2003, 70:281-315.
    • (2003) Review of Economic Studies , vol.70 , pp. 281-315
    • Kaplan, S.N.1    Stromberg, P.2
  • 51
    • 0002893381 scopus 로고
    • The dynamics of family controlled firms: The good and the bad news
    • Kets de Vries M.F.R. The dynamics of family controlled firms: The good and the bad news. Organizational Dynamics 1993, 21(3):59-71.
    • (1993) Organizational Dynamics , vol.21 , Issue.3 , pp. 59-71
    • Kets de Vries, M.F.R.1
  • 53
    • 0142169040 scopus 로고    scopus 로고
    • Family business succession: Appropriation risk and choice of successor
    • Lee K.S., Lim G.H., Lim W.S. Family business succession: Appropriation risk and choice of successor. Academy of Management Review 2003, 28:657-666.
    • (2003) Academy of Management Review , vol.28 , pp. 657-666
    • Lee, K.S.1    Lim, G.H.2    Lim, W.S.3
  • 55
    • 79955735759 scopus 로고    scopus 로고
    • Ethics in the family firm: Cohesion through reciprocity and exchange
    • Long R.G., Matthews K.M. Ethics in the family firm: Cohesion through reciprocity and exchange. Business Ethics Quarterly 2011, 21:287-308.
    • (2011) Business Ethics Quarterly , vol.21 , pp. 287-308
    • Long, R.G.1    Matthews, K.M.2
  • 58
  • 59
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck R., Shleifer A., Vishny R. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 1988, 20:293-316.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-316
    • Morck, R.1    Shleifer, A.2    Vishny, R.3
  • 62
  • 63
    • 0001757334 scopus 로고
    • A transaction cost approach to families and households
    • Pollak R.A. A transaction cost approach to families and households. Journal of Economic Literature 1985, 23:581-608.
    • (1985) Journal of Economic Literature , vol.23 , pp. 581-608
    • Pollak, R.A.1
  • 64
    • 0002061364 scopus 로고
    • Boards of directors and substitution effects of alternative governance mechanisms
    • Rediker K., Seth A. Boards of directors and substitution effects of alternative governance mechanisms. Strategic Management Journal 1995, 16:85-99.
    • (1995) Strategic Management Journal , vol.16 , pp. 85-99
    • Rediker, K.1    Seth, A.2
  • 65
    • 21844520688 scopus 로고
    • Managerial and ownership succession and corporate restructuring: The case of management buy-ins
    • Robbie K., Wright M. Managerial and ownership succession and corporate restructuring: The case of management buy-ins. Journal of Management Studies 1995, 32:527-549.
    • (1995) Journal of Management Studies , vol.32 , pp. 527-549
    • Robbie, K.1    Wright, M.2
  • 66
    • 34548101718 scopus 로고    scopus 로고
    • Information sharing, price negotiation and management buy-outs of private family firms
    • Scholes L., Wright M., Westhead P., Burrows A., Bruining H. Information sharing, price negotiation and management buy-outs of private family firms. Small Business Economics 2007, 29:329-349.
    • (2007) Small Business Economics , vol.29 , pp. 329-349
    • Scholes, L.1    Wright, M.2    Westhead, P.3    Burrows, A.4    Bruining, H.5
  • 68
    • 0038809082 scopus 로고    scopus 로고
    • Exploring the agency consequences of ownership dispersion among the directors of private family firms
    • Schulze W.S., Lubatkin M.H., Dino R.N. Exploring the agency consequences of ownership dispersion among the directors of private family firms. Academy of Management Journal 2003, 46:179-194.
    • (2003) Academy of Management Journal , vol.46 , pp. 179-194
    • Schulze, W.S.1    Lubatkin, M.H.2    Dino, R.N.3
  • 69
    • 49249143360 scopus 로고
    • On financial contracting: An analysis of bond covenants
    • Smith C., Warner J.B. On financial contracting: An analysis of bond covenants. Journal of Financial Economics 1979, 7:117-161.
    • (1979) Journal of Financial Economics , vol.7 , pp. 117-161
    • Smith, C.1    Warner, J.B.2
  • 70
    • 0041663269 scopus 로고    scopus 로고
    • Variants of agency contracts in family financed ventures as a continuum of familial altruistic and market rationalities
    • Steier L. Variants of agency contracts in family financed ventures as a continuum of familial altruistic and market rationalities. Journal of Business Venturing 2003, 18:597-618.
    • (2003) Journal of Business Venturing , vol.18 , pp. 597-618
    • Steier, L.1
  • 71
    • 81255157319 scopus 로고    scopus 로고
    • Executive succession in entrepreneurial business
    • Blackwell, Oxford
    • Steier L. Executive succession in entrepreneurial business. The Blackwell encyclopedic dictionary of entrepreneurship 2005, vol. 2:125-128. Blackwell, Oxford. 2nd ed.
    • (2005) The Blackwell encyclopedic dictionary of entrepreneurship , vol.2 , pp. 125-128
    • Steier, L.1
  • 72
    • 77957012143 scopus 로고    scopus 로고
    • Pre- and post-succession governance philosophies in entrepreneurial family firms
    • Steier L., Miller D. Pre- and post-succession governance philosophies in entrepreneurial family firms. Journal of Family Business Strategy 2010, 1:145-154.
    • (2010) Journal of Family Business Strategy , vol.1 , pp. 145-154
    • Steier, L.1    Miller, D.2
  • 73
    • 61849121605 scopus 로고    scopus 로고
    • The new demography of private equity
    • World Economic Forum, Globalization of alternative investments. Working papers, J. Lerner, A. Gurung (Eds.)
    • Strömberg P. The new demography of private equity. The global impact of private equity report 2008 2008, World Economic Forum, Globalization of alternative investments. Working papers, vol. 1. J. Lerner, A. Gurung (Eds.).
    • (2008) The global impact of private equity report 2008 , vol.1
    • Strömberg, P.1
  • 74
    • 77950821375 scopus 로고    scopus 로고
    • Bivalent attributes of the family firm
    • Tagiuri R., Davis J.A. Bivalent attributes of the family firm. Family Business Review 1996, 9:199-208.
    • (1996) Family Business Review , vol.9 , pp. 199-208
    • Tagiuri, R.1    Davis, J.A.2
  • 75
    • 33646477423 scopus 로고    scopus 로고
    • How do family ownership, control and management affect firm value?
    • Villalonga B., Amit R. How do family ownership, control and management affect firm value?. Journal of Financial Economics 2006, 80:385-417.
    • (2006) Journal of Financial Economics , vol.80 , pp. 385-417
    • Villalonga, B.1    Amit, R.2
  • 77
    • 0038612965 scopus 로고    scopus 로고
    • Founder-CEO succession and the paradox of entrepreneurial success
    • Wasserman N. Founder-CEO succession and the paradox of entrepreneurial success. Organization Science 2003, 14:149-172.
    • (2003) Organization Science , vol.14 , pp. 149-172
    • Wasserman, N.1
  • 79
    • 84980225387 scopus 로고
    • The make-buy decision and managing markets: The case of management buy-outs
    • Wright M. The make-buy decision and managing markets: The case of management buy-outs. Journal of Management Studies 1986, 23:443-464.
    • (1986) Journal of Management Studies , vol.23 , pp. 443-464
    • Wright, M.1
  • 80
  • 82
    • 34547142622 scopus 로고    scopus 로고
    • Effects of family ownership and management on small business equity financing
    • Wu Z., Chua J.H., Chrisman J.J. Effects of family ownership and management on small business equity financing. Journal of Business Venturing 2007, 22:875-895.
    • (2007) Journal of Business Venturing , vol.22 , pp. 875-895
    • Wu, Z.1    Chua, J.H.2    Chrisman, J.J.3


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.