메뉴 건너뛰기




Volumn , Issue , 2006, Pages 1-457

Value creation in leveraged buyouts: Analysis of factors driving private equity investment performance

(1)  Loos, Nicolaus a  

a NONE

Author keywords

[No Author keywords available]

Indexed keywords


EID: 84891431214     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.1007/978-3-8350-9329-4     Document Type: Book
Times cited : (12)

References (272)
  • 1
    • 21144460038 scopus 로고
    • The post-merger performance of acquiring firms: A re-examination of an anomaly
    • Agrawal, A., J. F. Jaffe, et al. (1992). "The Post-Merger Performance of Acquiring Firms: A Re-examination of an Anomaly." Journal of Finance 47(4):1605-1621.
    • (1992) Journal of Finance , vol.47 , Issue.4 , pp. 1605-1621
    • Agrawal, A.1    Jaffe, J.F.2
  • 2
    • 0030492391 scopus 로고    scopus 로고
    • Firm performance and mechanisms to control agency problems between managers and shareholders
    • Agrawal, A. and C. R. Knoeber (1996). "Firm performance and mechanisms to control agency problems between managers and shareholders." Journal of Financial & Quantitative Analysis 31(3):377.
    • (1996) Journal of Financial & Quantitative Analysis , vol.31 , Issue.3 , pp. 377
    • Agrawal, A.1    Knoeber, C.R.2
  • 3
    • 0038357359 scopus 로고    scopus 로고
    • LBOs - The evolution of financial structures and strategies
    • Allen, J. R. (1996). "LBOs - The evolution of financial structures and strategies." Journal of Applied Corporate Finance 8(4):18-29.
    • (1996) Journal of Applied Corporate Finance , vol.8 , Issue.4 , pp. 18-29
    • Allen, J.R.1
  • 5
    • 0001822964 scopus 로고
    • The anatomy of the high-yield bond market
    • Altman, E. I. (1987). "The Anatomy of the High-Yield Bond Market." Financial Analysts Journal 43(4):12.
    • (1987) Financial Analysts Journal , vol.43 , Issue.4 , pp. 12
    • Altman, E.I.1
  • 6
    • 0011269170 scopus 로고
    • Revisiting the high-yield bond market
    • Altman, E. I. (1992). "Revisiting the high-yield bond market." Financial Management 21(2):78.
    • (1992) Financial Management , vol.21 , Issue.2 , pp. 78
    • Altman, E.I.1
  • 8
    • 0028436183 scopus 로고
    • The work preference inventory: Assessting intrinsic and extrensic motivational orientations
    • Amabile, T. M., K. G. Hill, et al. (1994). "The work preference inventory: Assessting intrinsic and extrensic motivational orientations." Journal of Personality and Social Psychology 66:950-967.
    • (1994) Journal of Personality and Social Psychology , vol.66 , pp. 950-967
    • Amabile, T.M.1    Hill, K.G.2
  • 9
    • 0026889492 scopus 로고
    • The 'barbarians' in the boardroom
    • Anders, G. (1992). "The 'barbarians' in the boardroom." Harvard Business Review 70(4):79.
    • (1992) Harvard Business Review , vol.70 , Issue.4 , pp. 79
    • Anders, G.1
  • 10
    • 0010999284 scopus 로고    scopus 로고
    • Growth through acquisitions: A fresh look
    • Anslinger, P. L. and T. E. Copeland (1996). "Growth through acquisitions: A fresh look." McKinsey Quarterly (2):96.
    • (1996) McKinsey Quarterly , Issue.2 , pp. 96
    • Anslinger, P.L.1    Copeland, T.E.2
  • 12
    • 48749149426 scopus 로고
    • Merger bids, uncertainty, and stockholder returns
    • Asquith, P. (1983). "Merger Bids, Uncertainty, and Stockholder Returns." Journal of Financial Economics 11(1-4):51.
    • (1983) Journal of Financial Economics , vol.11 , Issue.1-4 , pp. 51
    • Asquith, P.1
  • 13
    • 84977704023 scopus 로고
    • Original issue high yield bonds: Aging analyses of defaults, exchanges, and calls
    • Asquith, P., D. W. Mullins Jr, et al. (1989). "Original Issue High Yield Bonds: Aging Analyses of Defaults, Exchanges, and Calls." Journal of Finance 44(4):923.
    • (1989) Journal of Finance , vol.44 , Issue.4 , pp. 923
    • Asquith, P.1    Mullins Jr., D.W.2
  • 14
    • 0039798189 scopus 로고
    • Event risk, covenants, and bondholder returns in leveraged buyouts
    • Asquith, P. and T. A. Wizman (1990). "Event risk, covenants, and bondholder returns in leveraged buyouts." Journal of Financial Economics 27(1):195.
    • (1990) Journal of Financial Economics , vol.27 , Issue.1 , pp. 195
    • Asquith, P.1    Wizman, T.A.2
  • 15
    • 0002117832 scopus 로고    scopus 로고
    • The impact of US company internationalization on top management team advice networks: A tacit knowledge perspective
    • Athanassiou, N. and D. Nigh (1999). "The impact of U. S. company internationalization on top management team advice networks: A tacit knowledge perspective." Strategic Management Journal 20:83-92.
    • (1999) Strategic Management Journal , vol.20 , pp. 83-92
    • Athanassiou, N.1    Nigh, D.2
  • 16
    • 84977710826 scopus 로고
    • Beatrice: A study in the creation and destruction of value
    • 3, Papers and Proceedings of the Fifty-Second Annual Meeting of the American Finance Association, New Orleans, Louisiana January 3-5, 1992
    • Baker, G. P. (1992). "Beatrice: A Study in the Creation and Destruction of Value." Journal of Finance 47(3, Papers and Proceedings of the Fifty-Second Annual Meeting of the American Finance Association, New Orleans, Louisiana January 3-5, 1992):1081-1119.
    • (1992) Journal of Finance , vol.47 , pp. 1081-1119
    • Baker, G.P.1
  • 17
    • 84891414167 scopus 로고
    • Comglomerates and LBO associations: A comparison of organizational forms
    • November 4
    • Baker, G. P. and C. A. Montgomery (1994). "Comglomerates and LBO associations: A comparison of organizational forms." Harvard Business School Working Paper (November 4):1-34.
    • (1994) Harvard Business School Working Paper , pp. 1-34
    • Baker, G.P.1    Montgomery, C.A.2
  • 18
    • 0000373159 scopus 로고
    • Organizational changes and value creation in leveraged buyouts
    • Baker, G. P. and K. H. Wrack (1989). "Organizational Changes and Value Creation in Leveraged Buyouts." Journal of Financial Economics 25(2):163.
    • (1989) Journal of Financial Economics , vol.25 , Issue.2 , pp. 163
    • Baker, G.P.1    Wrack, K.H.2
  • 19
    • 0000373159 scopus 로고
    • Organizational changes and value creation in leveraged buyouts: The Case of The O. M. Scott & Sons Company
    • Baker, G. P. and K. H. Wrack (1989). "Organizational changes and value creation in leveraged buyouts: The Case of The O. M. Scott & Sons Company." Journal of Financial Economics 25(2):163.
    • (1989) Journal of Financial Economics , vol.25 , Issue.2 , pp. 163
    • Baker, G.P.1    Wrack, K.H.2
  • 20
    • 84891398127 scopus 로고    scopus 로고
    • Why and how to invest in Private Equity
    • Special Paper
    • Bance, A. (2002). "Why and how to invest in Private Equity." European Venture Capital Association (Special Paper).
    • (2002) European Venture Capital Association
    • Bance, A.1
  • 21
    • 84891460960 scopus 로고    scopus 로고
    • Improving company productivity: Handbook with case studies (book)
    • Banker, R. D. and R. P. Brief (1999). "Improving Company Productivity: Handbook with Case Studies (Book)." Accounting Review 63(2):368.
    • (1999) Accounting Review , vol.63 , Issue.2 , pp. 368
    • Banker, R.D.1    Brief, R.P.2
  • 22
    • 0001881670 scopus 로고
    • Analyzing the underlying dimensions of firm profitability
    • Banker, R. D., C. Hsi-Hui, et al. (1993). "Analyzing the Underlying Dimensions of Firm Profitability." Managerial & Decision Economics 14(1):25.
    • (1993) Managerial & Decision Economics , vol.14 , Issue.1 , pp. 25
    • Banker, R.D.1    Hsi-Hui, C.2
  • 23
    • 0001736337 scopus 로고    scopus 로고
    • A framework for analyzing changes in strategic performance
    • Banker, R. D., C. Hsi-Hui, et al. (1996). "A Framework for Analyzing Changes in Strategic Performance." Strategic Management Journal 17(9):693.
    • (1996) Strategic Management Journal , vol.17 , Issue.9 , pp. 693
    • Banker, R.D.1    Hsi-Hui, C.2
  • 24
    • 84989029823 scopus 로고
    • Top management and innovations in banking: Does the composition of the top team make a difference?
    • Bantel, K. and S. Jackson (1989). "Top Management and Innovations in Banking: Does the Composition of the Top Team Make a Difference?" Strategic Management Journal 10:107-124.
    • (1989) Strategic Management Journal , vol.10 , pp. 107-124
    • Bantel, K.1    Jackson, S.2
  • 25
    • 0000648913 scopus 로고
    • Strategic factor markets: Expectations, luck, and business strategy
    • Barney, J. B. (1986). "Strategic Factor Markets: Expectations, Luck, and Business Strategy." Management Science 32(10):1231-1241.
    • (1986) Management Science , vol.32 , Issue.10 , pp. 1231-1241
    • Barney, J.B.1
  • 26
    • 84989085094 scopus 로고
    • Returns to bidding firms in mergers and acquisitions: Reconsidering the relatedness hypothesis
    • Barney, J. B. (1988). "Returns to Bidding Firms in Mergers and Acquisitions: Reconsidering the Relatedness Hypothesis." Strategic Management Journal 9(Special Issue):71-78.
    • (1988) Strategic Management Journal , vol.9 , pp. 71-78
    • Barney, J.B.1
  • 27
    • 84891477912 scopus 로고    scopus 로고
    • Management buy-outs: Who dares wins?
    • 6, September-October
    • Beaver, G. (2001). "Management Buy-Outs: Who dares wins?" Strategic Change 10(6, September-October):307-310.
    • (2001) Strategic Change , vol.10 , pp. 307-310
    • Beaver, G.1
  • 30
    • 13244255967 scopus 로고    scopus 로고
    • Does venture capital require an active stock market?
    • Black, B. S. and R. J. Gilson (1999). "Does Venture Capital Require an Active Stock Market?" Journal of Applied Corporate Finance 11(4):36-48.
    • (1999) Journal of Applied Corporate Finance , vol.11 , Issue.4 , pp. 36-48
    • Black, B.S.1    Gilson, R.J.2
  • 32
    • 0031287587 scopus 로고    scopus 로고
    • Executive migration and strategic change: The effect of top manager movement on product-market entry
    • Boeker, W. (1997). "Executive migration and strategic change: The effect of top manager movement on product-market entry." Administrative Science Quarterly 42:213-237.
    • (1997) Administrative Science Quarterly , vol.42 , pp. 213-237
    • Boeker, W.1
  • 35
    • 84891460167 scopus 로고
    • Knights, Raiders and Targets. J. Coffee Jr., Louis Lowenstein, and Susan Rose-Ackerman eds. Oxford, Oxford University Press
    • Bradley, M. and G. Jarrell (1988). Comment, in: Knights, Raiders and Targets. J. Coffee Jr., Louis Lowenstein, and Susan Rose-Ackerman (eds.). Oxford, Oxford University Press: 252-259.
    • (1988) Comment , pp. 252-259
    • Bradley, M.1    Jarrell, G.2
  • 36
    • 0000140435 scopus 로고
    • Informational asymmetries, financial structure, and financial intermediation
    • Brealey, R., H. E. Leland, et al. (1977). "Informational Asymmetries, Financial Structure, and Financial Intermediation. " Journal of Finance 32(2):371.
    • (1977) Journal of Finance , vol.32 , Issue.2 , pp. 371
    • Brealey, R.1    Leland, H.E.2
  • 38
    • 0347052119 scopus 로고
    • The crash of the Revco leveraged buyout: The hypothesis of inadequate capital
    • Bruner, R. F. and K. M. Eades (1992). "The crash of the Revco leveraged buyout: The hypothesis of inadequate capital." Financial Management 21(1):35.
    • (1992) Financial Management , vol.21 , Issue.1 , pp. 35
    • Bruner, R.F.1    Eades, K.M.2
  • 39
    • 84968258530 scopus 로고
    • Management buyouts and managerial ethics
    • Bruner, R. F. and L. S. Paine (1988). "Management Buyouts and Managerial Ethics." California Management Review 30(2):89.
    • (1988) California Management Review , vol.30 , Issue.2 , pp. 89
    • Bruner, R.F.1    Paine, L.S.2
  • 40
    • 38249022737 scopus 로고
    • Financial perfomance of leveraged buyouts: An empirical analysis
    • Bull, I. (1989). "Financial Perfomance of Leveraged Buyouts: An Empirical Analysis." Journal of Business Venturing 4(4):263.
    • (1989) Journal of Business Venturing , vol.4 , Issue.4 , pp. 263
    • Bull, I.1
  • 41
    • 78649887389 scopus 로고    scopus 로고
    • The alchemy of LBOs
    • Butler, P. A. (2001). "The alchemy of LBOs." McKinsey Quarterly (2):140.
    • (2001) McKinsey Quarterly , Issue.2 , pp. 140
    • Butler, P.A.1
  • 42
    • 84891405212 scopus 로고    scopus 로고
    • CalPERS, The California Public Employees' Retirement System
    • CalPERS (2002). "Alternative investment program annual review." The California Public Employees' Retirement System.
    • (2002) Alternative Investment Program Annual Review
  • 43
    • 84989060384 scopus 로고
    • Effects of executive departures on the performance of acquired firms
    • Cannella, A. A., Jr. and D. C. Hambrick (1993). "Effects of executive departures on the performance of acquired firms." Strategic Management Journal 14(Special Issue):137-152.
    • (1993) Strategic Management Journal , vol.14 , pp. 137-152
    • Cannella Jr., A.A.1    Hambrick, D.C.2
  • 44
    • 0035534614 scopus 로고    scopus 로고
    • Top management teams, global strategic posture, and the moderating role of uncertainty
    • Carpenter, M. A. and J. W. Fredrickson (2001). "Top management teams, global strategic posture, and the moderating role of uncertainty." Academy of Management Journal 44(3):533-546.
    • (2001) Academy of Management Journal , vol.44 , Issue.3 , pp. 533-546
    • Carpenter, M.A.1    Fredrickson, J.W.2
  • 47
    • 38249009942 scopus 로고
    • Managerial vote ownership and shareholder wealth - Evidence from employee stock ownership plans
    • Chang, S. and D. Mayers (1992). "Managerial vote ownership and shareholder wealth - Evidence from employee stock ownership plans." Journal of Financial Economics 32:103-131.
    • (1992) Journal of Financial Economics , vol.32 , pp. 103-131
    • Chang, S.1    Mayers, D.2
  • 49
    • 84989046062 scopus 로고
    • Types of synergy and economic value: The impact of acquisitions on merging and rival firms
    • Chatterjee, S. (1986). "Types of Synergy and Economic Value: The Impact of Acquisitions on Merging and Rival Firms." Strategic Management Journal 7(2):119-139.
    • (1986) Strategic Management Journal , vol.7 , Issue.2 , pp. 119-139
    • Chatterjee, S.1
  • 50
    • 84989092805 scopus 로고
    • Cultural differences and shareholder value in related mergers: Linking equity and human capital
    • Chatterjee, S., M. H. Lubatkin, et al. (1992). "Cultural Differences and Shareholder Value in Related Mergers: Linking Equity and Human Capital." Strategic Management Journal 13(5):319-334.
    • (1992) Strategic Management Journal , vol.13 , Issue.5 , pp. 319-334
    • Chatterjee, S.1    Lubatkin, M.H.2
  • 51
    • 84891379905 scopus 로고
    • Diversification and mergers in a strategic long range planning framework
    • M. Keenan and L. White ed. Lexington, D. C. Heath
    • Chung, K. and J. F. Weston (1982). Diversification and mergers in a strategic long range planning framework, in: Mergers and Acquisition. M. Keenan and L. White (ed.). Lexington, D. C. Heath.
    • (1982) Mergers and Acquisition
    • Chung, K.1    Weston, J.F.2
  • 52
    • 0040144904 scopus 로고
    • Productivity effects of worker participation in management, profit-sharing, worker ownership of
    • Conte, M. A. and J. Svejnar (1988). "Productivity Effects of Worker Participation in Management, Profit-Sharing, Worker Ownership Of." International Journal of Industrial Organization 6(1):139.
    • (1988) International Journal of Industrial Organization , vol.6 , Issue.1 , pp. 139
    • Conte, M.A.1    Svejnar, J.2
  • 54
    • 0041908288 scopus 로고    scopus 로고
    • The structure of debt and active equity investors: The case of the buyout specialist
    • Cotter, J. F. and S. W. Peck (2001). "The structure of debt and active equity investors: The case of the buyout specialist." Journal of Financial Economics 59(1):101.
    • (2001) Journal of Financial Economics , vol.59 , Issue.1 , pp. 101
    • Cotter, J.F.1    Peck, S.W.2
  • 57
    • 0346762522 scopus 로고    scopus 로고
    • Meta-analytic reviews of board composition, leadership structure, and financial performance
    • Dalton, D. R., C. M. Daily, et al. (1998). "Meta-analytic reviews of board composition, leadership structure, and financial performance." Strategic Management Journal 19(3):269.
    • (1998) Strategic Management Journal , vol.19 , Issue.3 , pp. 269
    • Dalton, D.R.1    Daily, C.M.2
  • 60
    • 0002360265 scopus 로고
    • Management buyouts of publicly traded corporations
    • De Angelo, H. and L. De Angelo (1987). "Management Buyouts of Publicly Traded Corporations." Financial Analysts Journal 43(3):38.
    • (1987) Financial Analysts Journal , vol.43 , Issue.3 , pp. 38
    • De Angelo, H.1    De Angelo, L.2
  • 61
    • 0031616516 scopus 로고    scopus 로고
    • Ancient redwoods and the politics of finance: The hostile takeover of the pacific lumber company
    • January 1998
    • De Angelo, H. and L. De Angelo (1998). "Ancient Redwoods and the Politics of Finance: The Hostile Takeover of the Pacific Lumber Company." Journal of Financial Economics January 1998: pp. 3-53.
    • (1998) Journal of Financial Economics , pp. 3-53
    • De Angelo, H.1    De Angelo, L.2
  • 62
    • 84935412596 scopus 로고
    • Going private: Minority freezeouts and stockholder wealth
    • De Angelo, H., L. De Angelo, et al. (1984). "Going Private: Minority Freezeouts and Stockholder Wealth." Journal of Law & Economics 27(2):367.
    • (1984) Journal of Law & Economics , vol.27 , Issue.2 , pp. 367
    • De Angelo, H.1    De Angelo, L.2
  • 63
    • 0001499806 scopus 로고
    • Accounting numbers as market valuation substitutes: A study of management buyouts of public stockholders
    • De Angelo, L. E. (1986). "Accounting Numbers as Market Valuation Substitutes: A Study of Management Buyouts of Public Stockholders." Accounting Review 61(3):400.
    • (1986) Accounting Review , vol.61 , Issue.3 , pp. 400
    • De Angelo, L.E.1
  • 64
    • 0001763518 scopus 로고
    • The Structure of Ownership and the Theory of the Firm
    • Demsetz, H. (1983). "The Structure of Ownership and the Theory of the Firm." Journal of Law & Economics 26(2):375.
    • (1983) Journal of Law & Economics , vol.26 , Issue.2 , pp. 375
    • Demsetz, H.1
  • 65
    • 0002695117 scopus 로고
    • Majority owner-managers and organizational efficiency
    • Denis, D. J. and A. D. K. Denis (1994). "Majority Owner-Managers and Organizational Efficiency." Journal of Corporate Finance 1:91-118.
    • (1994) Journal of Corporate Finance , vol.1 , pp. 91-118
    • Denis, D.J.1    Denis, A.D.K.2
  • 66
    • 0001687543 scopus 로고
    • Causes of financial distress following leveraged recapitalizations
    • Denis, D. J. and D. K. Denis (1995). "Causes of financial distress following leveraged recapitalizations." Journal of Financial Economics 37(2):129.
    • (1995) Journal of Financial Economics , vol.37 , Issue.2 , pp. 129
    • Denis, D.J.1    Denis, D.K.2
  • 67
    • 0000857363 scopus 로고
    • Asset stock accumulation and the sustainability of competitive advantage: Reply
    • Dierickx, I. and K. Cool (1989). "Asset Stock Accumulation and the Sustainability of Competitive Advantage: Reply." Management Science 35(12):1514.
    • (1989) Management Science , vol.35 , Issue.12 , pp. 1514
    • Dierickx, I.1    Cool, K.2
  • 68
    • 49149146329 scopus 로고
    • Merger proposals, manager discretion and shareholder wealth
    • Dodd, P. (1980). "Merger proposals, manager discretion and shareholder wealth." Journal of Financial Economics 8(2):105-138.
    • (1980) Journal of Financial Economics , vol.8 , Issue.2 , pp. 105-138
    • Dodd, P.1
  • 71
    • 84968285605 scopus 로고
    • The impact of leveraged buyouts on strategic direction
    • Easterwood, J. C, A. Seth, et al. (1989). "The Impact of Leveraged Buyouts on Strategic Direction. " California Management Review 32(1):30.
    • (1989) California Management Review , vol.32 , Issue.1 , pp. 30
    • Easterwood, J.C.1    Seth, A.2
  • 73
    • 33646258381 scopus 로고    scopus 로고
    • EVCA, Zaventern, Belgium, The European Private Equity and Venture Capital Association EVCA
    • EVCA (2003). EVCA Guidelines. Zaventern, Belgium, The European Private Equity and Venture Capital Association (EVCA).
    • (2003) EVCA Guidelines
  • 74
    • 0000806744 scopus 로고
    • Agency Problems and the Theory of the Firm
    • Fama, E. F. (1980). "Agency Problems and the Theory of the Firm." Journal of Political Economy 88(2):288.
    • (1980) Journal of Political Economy , vol.88 , Issue.2 , pp. 288
    • Fama, E.F.1
  • 75
    • 0000172445 scopus 로고
    • Separation of Ownership and Control
    • Fama, E. F. and M. C. Jensen (1983a). "Separation of Ownership and Control." Journal of Law & Economics 26(2):301.
    • (1983) Journal of Law & Economics , vol.26 , Issue.2 , pp. 301
    • Fama, E.F.1    Jensen, M.C.2
  • 76
    • 0000589270 scopus 로고
    • Agency problems and residual claims
    • Fama, E. F. and M. C. Jensen (1983b). "Agency Problems and Residual Claims." Journal of Law & Economics 26(2):327.
    • (1983) Journal of Law & Economics , vol.26 , Issue.2 , pp. 327
    • Fama, E.F.1    Jensen, M.C.2
  • 77
    • 0001683216 scopus 로고
    • Organizational forms and investment decisions
    • Fama, E. F. and M. C. Jensen (1985). "Organizational Forms and Investment Decisions." Journal of Financial Economics 14(1):101.
    • (1985) Journal of Financial Economics , vol.14 , Issue.1 , pp. 101
    • Fama, E.F.1    Jensen, M.C.2
  • 79
    • 84935412968 scopus 로고
    • Top-management-team tenure and organizational outcomes: The moderating role of managerial discretion
    • Finkelstein, S. and D. Hambrick (1990). "Top-Management-Team Tenure and Organizational Outcomes: The Moderating Role of Managerial Discretion. " Administrative Science Quarterly 35:484-503.
    • (1990) Administrative Science Quarterly , vol.35 , pp. 484-503
    • Finkelstein, S.1    Hambrick, D.2
  • 81
    • 73849128330 scopus 로고    scopus 로고
    • Driving financial performance through the du pont identity: A strategic use of financial analysis
    • Firer, C. (1999). "Driving Financial Performance Through the du Pont Identity: A Strategic Use of Financial Analysis." Financial Practice & Education 9(1):34.
    • (1999) Financial Practice & Education , vol.9 , Issue.1 , pp. 34
    • Firer, C.1
  • 83
    • 0002343433 scopus 로고
    • The causes and consequences of leveraged management buyouts
    • Fox, I. and A. Marcus (1992). "The Causes and Consequences of Leveraged Management Buyouts." Academy of Management Review 17(1):62.
    • (1992) Academy of Management Review , vol.17 , Issue.1 , pp. 62
    • Fox, I.1    Marcus, A.2
  • 84
    • 0010159672 scopus 로고
    • The postmerger share-price performance of acquiring firms
    • Franks, J., R. Harris, et al. (1991). "The postmerger share-price performance of acquiring firms." Journal of Financial Economics 29(1):81.
    • (1991) Journal of Financial Economics , vol.29 , Issue.1 , pp. 81
    • Franks, J.1    Harris, R.2
  • 89
    • 84891425964 scopus 로고    scopus 로고
    • Why financial buyers do it better? Agency theory meets the knowledge-based view of the firm
    • Gottschalg, O. (2002). "Why financial buyers do it better? Agency theory meets the knowledge-based view of the firm." Academy of Management Conference Paper: 1-31.
    • (2002) Academy of Management Conference Paper , pp. 1-31
    • Gottschalg, O.1
  • 91
    • 2942649403 scopus 로고    scopus 로고
    • Toward a knowledge-based theory of the firm
    • Grant, R. M. (1996). "Toward a knowledge-based theory of the firm." Strategic Management Journal 17(10):109.
    • (1996) Strategic Management Journal , vol.17 , Issue.10 , pp. 109
    • Grant, R.M.1
  • 92
    • 0003103803 scopus 로고
    • Corporate financial structure and managerial incentives
    • J. McCall Ed. Chicago, University of Chicago Press
    • Grossman, S. J. and O. Hart (1982). Corporate financial structure and managerial incentives, in: The economics of information and uncertainty. J. McCall (Ed.). Chicago, University of Chicago Press: 107-140.
    • (1982) The Economics of Information and Uncertainty , pp. 107-140
    • Grossman, S.J.1    Hart, O.2
  • 94
  • 95
    • 0002195906 scopus 로고
    • The impact of corporate restructuring on industrial research and development
    • Hall, B. H. (1990). "The impact of corporate restructuring on industrial research and development." Brookings Papers on Economic Activity: 85.
    • (1990) Brookings Papers on Economic Activity , pp. 85
    • Hall, B.H.1
  • 96
    • 0000194533 scopus 로고
    • Upper echelons: The organization as a reflection of its top managers
    • Hambrick, D. and P. Mason (1984). "Upper Echelons: The Organization as a Reflection of its Top Managers." Academy of Management Journal 15(3):514-535.
    • (1984) Academy of Management Journal , vol.15 , Issue.3 , pp. 514-535
    • Hambrick, D.1    Mason, P.2
  • 98
    • 44049122842 scopus 로고
    • Does corporate performance improve after mergers?
    • Healy, P. M., K. G. Palepu, et al. (1992). "Does corporate performance improve after mergers?" Journal of Financial Economics 31(2):135.
    • (1992) Journal of Financial Economics , vol.31 , Issue.2 , pp. 135
    • Healy, P.M.1    Palepu, K.G.2
  • 99
    • 0001458192 scopus 로고
    • The efficiency effects of hostile takeovers
    • J. Coffee Jr., Louis Lowenstein, and Susan Rose-Ackerman eds. New York, Oxford University Press
    • Herman, E. and L. Lowenstein (1988). The efficiency effects of hostile takeovers. in: Knights, Raiders and Targets: The impact of Hostile Takeovers. J. Coffee Jr., Louis Lowenstein, and Susan Rose-Ackerman (eds.). New York, Oxford University Press: 211-40.
    • (1988) Knights, Raiders and Targets: The Impact of Hostile Takeovers , pp. 211-240
    • Herman, E.1    Lowenstein, L.2
  • 100
    • 84891407026 scopus 로고    scopus 로고
    • Das Board-Team als Gestaltungsrat
    • Hilb, M. (2002a). "Das Board-Team als Gestaltungsrat." Student Business Review Herbst: 18-21.
    • (2002) Student Business Review Herbst , pp. 18-21
    • Hilb, M.1
  • 102
    • 84977732108 scopus 로고
    • Management buyouts of divisions and shareholder wealth
    • Hite, G. L. and M. R. Vetsuypens (1989). "Management Buyouts of Divisions and Shareholder Wealth." Journal of Finance 44(4):953.
    • (1989) Journal of Finance , vol.44 , Issue.4 , pp. 953
    • Hite, G.L.1    Vetsuypens, M.R.2
  • 103
    • 0009046726 scopus 로고
    • ROVA: A new measure for assessing organizational performance
    • R. B. Lamb Ed. Greenwich, CT, JAI Press
    • Hofer, C. W. (1983). ROVA: A New Measure for Assessing Organizational Performance, in: Advances in Strategic Management. R. B. Lamb (Ed.). Greenwich, CT, JAI Press.
    • (1983) Advances in Strategic Management
    • Hofer, C.W.1
  • 104
    • 0000165393 scopus 로고
    • The role of majority shareholders in publicly held corporations: An exploratory analysis
    • Holderness, C. and D. P. Sheehan (1988). "The Role of Majority Shareholders in Publicly Held Corporations: An Exploratory Analysis." Journal of Financial Economics 20:317-347.
    • (1988) Journal of Financial Economics , vol.20 , pp. 317-347
    • Holderness, C.1    Sheehan, D.P.2
  • 105
    • 0007127129 scopus 로고    scopus 로고
    • Were the good old days that good? Changes in managerial stock ownership since the great depression
    • Holderness, C. G., R. S. Kroszner, et al. (1999). "Were the Good Old Days That Good? Changes in Managerial Stock Ownership Since the Great Depression. " Journal of Finance 54(2):435-469.
    • (1999) Journal of Finance , vol.54 , Issue.2 , pp. 435-469
    • Holderness, C.G.1    Kroszner, R.S.2
  • 106
    • 84925895466 scopus 로고
    • Effect of control type on the performance of the firm in the UK
    • Holl, P. (1975). "Effect of Control Type on the Performance of the Firm in the U. K." Journal of Industrial Economics 23(4):257.
    • (1975) Journal of Industrial Economics , vol.23 , Issue.4 , pp. 257
    • Holl, P.1
  • 107
    • 84925909686 scopus 로고
    • Control type and the market for corporate control in large U. S. corporations
    • Holl, P. (1977). "Control Type and the Market for Corporate Control in Large U. S. Corporations." Journal of Industrial Economics 25(4):259.
    • (1977) Journal of Industrial Economics , vol.25 , Issue.4 , pp. 259
    • Holl, P.1
  • 108
    • 0030295680 scopus 로고    scopus 로고
    • The financial performance of reverse leveraged buyouts
    • Holthausen, R. W. and D. F. Larcker (1996). "The financial performance of reverse leveraged buyouts." Journal of Financial Economics 42(3):293.
    • (1996) Journal of Financial Economics , vol.42 , Issue.3 , pp. 293
    • Holthausen, R.W.1    Larcker, D.F.2
  • 109
    • 84989036165 scopus 로고
    • Construct validity of an objective (entropy) categorical measure of diversification strategy
    • Hoskisson, R. E., M. A. Hitt, et al. (1993). "Construct Validity of an Objective (Entropy) Categorical Measure of Diversification Strategy." Strategic Management Journal 14(3):215.
    • (1993) Strategic Management Journal , vol.14 , Issue.3 , pp. 215
    • Hoskisson, R.E.1    Hitt, M.A.2
  • 110
    • 0001108640 scopus 로고
    • Corporate restructuring: Governance and control limits of the internal capital market
    • Hoskisson, R. E. and T. A. Turk (1990). "Corporate Restructuring: Governance and Control Limits of the Internal Capital Market." Academy of Management Review 15(3):459.
    • (1990) Academy of Management Review , vol.15 , Issue.3 , pp. 459
    • Hoskisson, R.E.1    Turk, T.A.2
  • 111
    • 0346868558 scopus 로고
    • Buy-outs and beyond-motivations, strategies and ownership changes
    • Houlden, B. (1990). "Buy-outs and Beyond-Motivations, Strategies and Ownership Changes." Long Range Planning 23(4):73.
    • (1990) Long Range Planning , vol.23 , Issue.4 , pp. 73
    • Houlden, B.1
  • 114
    • 0001662678 scopus 로고
    • Consequences of group composition for the interpersonal dynamics of strategic issue processing
    • Jackson, S. (1992). "Consequences of Group Composition for the Interpersonal Dynamics of Strategic Issue Processing." Advances in Strategic Management 8:345-382.
    • (1992) Advances in Strategic Management , vol.8 , pp. 345-382
    • Jackson, S.1
  • 116
    • 0001244650 scopus 로고    scopus 로고
    • The determinants of venture capital funding: Evidence across countries
    • Jeng, L. A. and P. C. Wells (2000). "The Determinants of Venture Capital Funding: Evidence Across Countries." Journal of Corporate Finance 6(3):241-289.
    • (2000) Journal of Corporate Finance , vol.6 , Issue.3 , pp. 241-289
    • Jeng, L.A.1    Wells, P.C.2
  • 117
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, M. C. (1986). "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers." American Economic Review 76(2):323.
    • (1986) American Economic Review , vol.76 , Issue.2 , pp. 323
    • Jensen, M.C.1
  • 118
    • 0001900756 scopus 로고
    • Takeovers: Their causes and consequences
    • Jensen, M. C. (1988). "Takeovers: Their Causes and Consequences." Journal of Economic Perspectives 2(1):21.
    • (1988) Journal of Economic Perspectives , vol.2 , Issue.1 , pp. 21
    • Jensen, M.C.1
  • 119
    • 0001806740 scopus 로고
    • Active investors, LBOs and the privatization of bankruptcy
    • Jensen, M. C. (1989a). "Active investors, LBOs and the privatization of bankruptcy." Journal of Applied Corporate Finance 2(1):35-44.
    • (1989) Journal of Applied Corporate Finance , vol.2 , Issue.1 , pp. 35-44
    • Jensen, M.C.1
  • 120
    • 0003191078 scopus 로고
    • Eclipse of the public corporation
    • Jensen, M. C. (1989b). "Eclipse of the public corporation. " Harvard Business Review 67(5):61.
    • (1989) Harvard Business Review , vol.67 , Issue.5 , pp. 61
    • Jensen, M.C.1
  • 121
    • 84891445920 scopus 로고
    • Wisconsin Central Ltd. Railroad and berkshire partners (A): Leveraged buyouts and financial distress
    • Jensen, M. C., W. Burkhardt, et al. (1992). "Wisconsin Central Ltd. Railroad and Berkshire Partners (A): Leveraged Buyouts and Financial Distress." Harvard Business School Case (9-190-062).
    • (1992) Harvard Business School Case (9-190-062)
    • Jensen, M.C.1    Burkhardt, W.2
  • 122
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen, M. C. and W. H. Meckling (1976). "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure." Journal of Financial Economics 3(4):305.
    • (1976) Journal of Financial Economics , vol.3 , Issue.4 , pp. 305
    • Jensen, M.C.1    Meckling, W.H.2
  • 125
    • 85025290531 scopus 로고
    • The productivity effects of employee stockownership plans and bonuses: Evidence from Japanese
    • Jones, D. C. and T. Kato (1995). "The productivity effects of employee stockownership plans and bonuses: Evidence from Japanese." American Economic Review 85(3):391.
    • (1995) American Economic Review , vol.85 , Issue.3 , pp. 391
    • Jones, D.C.1    Kato, T.2
  • 126
    • 80052215260 scopus 로고
    • The economic situation of Austria
    • Kaldor, N. (1932). "The economic situation of Austria." Harvard Business Review 11.
    • (1932) Harvard Business Review , pp. 11
    • Kaldor, N.1
  • 127
    • 84977728066 scopus 로고
    • Management Buyouts: Evidence on Taxes as a Source of Value
    • Kaplan, S. (1989a). "Management Buyouts: Evidence on Taxes as a Source of Value." Journal of Finance 44(3):611.
    • (1989) Journal of Finance , vol.44 , Issue.3 , pp. 611
    • Kaplan, S.1
  • 128
    • 0000706823 scopus 로고
    • The effects of management buyouts on operating performance and value
    • Kaplan, S. (1989b). "The Effects of Management Buyouts on Operating Performance and Value." Journal of Financial Economics 24(2):217.
    • (1989) Journal of Financial Economics , vol.24 , Issue.2 , pp. 217
    • Kaplan, S.1
  • 131
    • 84950240854 scopus 로고
    • The evolution of pricing and financial structure in the 1980s
    • Kaplan, S. N. and J. C. Stein (1993). "The evolution of pricing and financial structure in the 1980s." Quarterly Journal of Economics 108(2):313.
    • (1993) Quarterly Journal of Economics , vol.108 , Issue.2 , pp. 313
    • Kaplan, S.N.1    Stein, J.C.2
  • 132
  • 133
    • 77951914713 scopus 로고
    • Early returns on LBOs
    • Kitching, J. (1989). "Early returns on LBOs." Harvard Business Review 67(6):74.
    • (1989) Harvard Business Review , vol.67 , Issue.6 , pp. 74
    • Kitching, J.1
  • 134
    • 84891403009 scopus 로고
    • Leveraged Buy-Outs
    • KKR
    • KKR (1989). "Leveraged Buy-Outs." Journal of Applied Corporate Finance 2(1):74-81.
    • (1989) Journal of Applied Corporate Finance , vol.2 , Issue.1 , pp. 74-81
  • 136
    • 0001369248 scopus 로고    scopus 로고
    • Diversification and top management team complementarity: Is performance improved by merging similar or dissimilar teams?
    • Krishnan, H. A., A. Miller, et al. (1997). "Diversification and top management team complementarity: Is performance improved by merging similar or dissimilar teams?" Strategic Management Journal 18(5):361-374.
    • (1997) Strategic Management Journal , vol.18 , Issue.5 , pp. 361-374
    • Krishnan, H.A.1    Miller, A.2
  • 137
    • 0006761611 scopus 로고    scopus 로고
    • Corporate Ownership around the World
    • La Porta, R., F. Lopez De Silanes, et al. (1999). "Corporate Ownership around the World." Journal of Finance Vol. 54(No. 2):471-517.
    • (1999) Journal of Finance , vol.54 , Issue.2 , pp. 471-517
    • La Porta, R.1    Lopez De Silanes, F.2
  • 139
    • 35948988013 scopus 로고
    • Managerial performance, tobin's q, and the gains from successful tender offers
    • Lang, L. H. P., R. M. Stulz, et al. (1989). "Managerial Performance, Tobin's Q, and the Gains from Successful Tender Offers." Journal of Financial Economics 24(1):137.
    • (1989) Journal of Financial Economics , vol.24 , Issue.1 , pp. 137
    • Lang, L.H.P.1    Stulz, R.M.2
  • 140
    • 0000748936 scopus 로고
    • An application of a three-factor performance index to measure stockholder gains from merger
    • Langetieg, T. C. (1978). "An Application of a Three-Factor Performance Index to Measure Stockholder Gains from Merger." Journal of Financial Economics 6(4):365.
    • (1978) Journal of Financial Economics , vol.6 , Issue.4 , pp. 365
    • Langetieg, T.C.1
  • 141
    • 0011343642 scopus 로고
    • Management buyout proposals and inside information
    • Lee, D. S. (1992). "Management Buyout Proposals and Inside Information. " Journal of Finance 47(3):1061.
    • (1992) Journal of Finance , vol.47 , Issue.3 , pp. 1061
    • Lee, D.S.1
  • 142
    • 84977733537 scopus 로고
    • Free cash flow and stockholder grains in going private transactions
    • Lehn, K. and A. Poulsen (1989). "Free Cash Flow and Stockholder Grains in Going Private Transactions." Journal of Finance 44(3):771.
    • (1989) Journal of Finance , vol.44 , Issue.3 , pp. 771
    • Lehn, K.1    Poulsen, A.2
  • 143
    • 0012576218 scopus 로고
    • The economics of event risk: The case of bondholders in leveraged buyouts
    • Lehn, K. and A. Poulsen (1990). "The economics of event risk: The case of bondholders in leveraged buyouts." Journal of Corporation Law 15(2):199.
    • (1990) Journal of Corporation Law , vol.15 , Issue.2 , pp. 199
    • Lehn, K.1    Poulsen, A.2
  • 144
    • 0001047555 scopus 로고
    • Strategic restructuring and outsourcing: The effect of mergers and acquisitions and LBOs on
    • Lei, D. and M. A. Hitt (1995). "Strategic restructuring and outsourcing: The effect of mergers and acquisitions and LBOs on. " Journal of Management 21(5):835.
    • (1995) Journal of Management , vol.21 , Issue.5 , pp. 835
    • Lei, D.1    Hitt, M.A.2
  • 145
    • 0001121113 scopus 로고
    • The effects of leveraged buyouts on productivity and related aspects of firm behavior
    • Lichtenberg, F. R. and D. Siegel (1990). "The effects of leveraged buyouts on productivity and related aspects of firm behavior." Journal of Financial Economics 27(1):165.
    • (1990) Journal of Financial Economics , vol.27 , Issue.1 , pp. 165
    • Lichtenberg, F.R.1    Siegel, D.2
  • 146
    • 0001844201 scopus 로고
    • LBOs, corporate structuring, and the incentive-intensity hypothesis
    • Liebeskind, J. and M. Wiersema (1992). "LBOs, corporate structuring, and the incentive-intensity hypothesis." Financial Management 21(1):73.
    • (1992) Financial Management , vol.21 , Issue.1 , pp. 73
    • Liebeskind, J.1    Wiersema, M.2
  • 152
    • 0001661240 scopus 로고
    • Management buyouts
    • Lowenstein, L. (1985). "Management buyouts." Columbia Law Review 85(4):730-784.
    • (1985) Columbia Law Review , vol.85 , Issue.4 , pp. 730-784
    • Lowenstein, L.1
  • 153
    • 84989012147 scopus 로고
    • Merger strategies and stockholder value
    • Lubatkin, M. (1987). "Merger Strategies and Stockholder Value." Strategic Management Journal 8(1):39-53.
    • (1987) Strategic Management Journal , vol.8 , Issue.1 , pp. 39-53
    • Lubatkin, M.1
  • 154
    • 0001345115 scopus 로고
    • Merger strategies and capital market risk
    • Lubatkin, M. and H. M. O'Neill (1987). "Merger Strategies and Capital Market Risk." Academy of Management Journal 30(4):665-684.
    • (1987) Academy of Management Journal , vol.30 , Issue.4 , pp. 665-684
    • Lubatkin, M.1    O'Neill, H.M.2
  • 155
    • 0001113843 scopus 로고
    • An analysis of value destruction in at&t's acquisition of ncr
    • Lys, T. and L. Vincent (1995). "An Analysis of Value Destruction in AT&T's Acquisition of NCR." Journal of Financial Economics 39 (353).
    • (1995) Journal of Financial Economics , Issue.353 , pp. 39
    • Lys, T.1    Vincent, L.2
  • 156
    • 79958029604 scopus 로고
    • The consumption of capital in Austria
    • Machlup, F. (1935). "The consumption of capital in Austria." The Review of Economic Statistics 17(1):13-19.
    • (1935) The Review of Economic Statistics , vol.17 , Issue.1 , pp. 13-19
    • Machlup, F.1
  • 158
    • 84891455929 scopus 로고    scopus 로고
    • Empirical Exploration. IFPM Institute Dissertation Nr. 2677. St. Gallen, Switzerland, University of St. Gallen
    • and Empirical Exploration. IFPM Institute Dissertation Nr. 2677. St. Gallen, Switzerland, University of St. Gallen.
  • 159
    • 0002919972 scopus 로고
    • Knights, Raiders and Targets. J. Coffee Jr., Louis Lowenstein, and Susan Rose-Ackerman eds. Oxford, England, Oxford University Press
    • Magenheim, E. B. and D. C. Mueller (1988). Are acquiring firm shareholders better off after an acquisition? in: Knights, Raiders and Targets. J. Coffee Jr., Louis Lowenstein, and Susan Rose-Ackerman (eds.). Oxford, England, Oxford University Press.
    • (1988) Are Acquiring Firm Shareholders Better Off After an acquisition?
    • Magenheim, E.B.1    Mueller, D.C.2
  • 160
    • 0001428439 scopus 로고
    • The wealth effect of merger activity and the objective functions of merging firms
    • Malatesta, P. H. (1983). "The Wealth Effect of Merger Activity and the Objective Functions of Merging Firms." Journal of Financial Economics 11(1-4):155.
    • (1983) Journal of Financial Economics , vol.11 , Issue.1-4 , pp. 155
    • Malatesta, P.H.1
  • 161
    • 24944439779 scopus 로고    scopus 로고
    • Frankfurt, Frankfurter Allgemeine Zeitung Verlag
    • Malik, F. (1999). Wirksame Unternehmensaufsicht. Frankfurt, Frankfurter Allgemeine Zeitung Verlag.
    • (1999) Wirksame Unternehmensaufsicht
    • Malik, F.1
  • 162
    • 45349111329 scopus 로고
    • Characteristics of smaller company leveraged buyouts
    • Malone, S. C. (1989). "Characteristics of Smaller Company Leveraged Buyouts." Journal of Business Venturing 4(5):349.
    • (1989) Journal of Business Venturing , vol.4 , Issue.5 , pp. 349
    • Malone, S.C.1
  • 163
    • 49549160079 scopus 로고
    • Risk and return: The case of merging firms
    • Mandelker, G. (1974). "Risk and Return: The Case of Merging Firms." Journal of Financial Economics 1(4):303.
    • (1974) Journal of Financial Economics , vol.1 , Issue.4 , pp. 303
    • Mandelker, G.1
  • 164
    • 0000297803 scopus 로고
    • Mergers and the market for corporate control
    • Manne, H. G. (1965). "Mergers and the Market for Corporate Control." Journal of Political Economy 73(2):110.
    • (1965) Journal of Political Economy , vol.73 , Issue.2 , pp. 110
    • Manne, H.G.1
  • 165
    • 38249022619 scopus 로고
    • Wealth effects of going private for senior securities
    • Marais, L., K. Schipper, et al. (1989). "Wealth Effects of Going Private for Senior Securities." Journal of Financial Economics 23(1):155.
    • (1989) Journal of Financial Economics , vol.23 , Issue.1 , pp. 155
    • Marais, L.1    Schipper, K.2
  • 167
    • 0002534975 scopus 로고    scopus 로고
    • Strategic innovation
    • Markides, C. (1997). "Strategic Innovation. " Sloan Management Review 38(3):9.
    • (1997) Sloan Management Review , vol.38 , Issue.3 , pp. 9
    • Markides, C.1
  • 168
    • 0002719489 scopus 로고    scopus 로고
    • Strategic innovation in established companies
    • Markides, C. (1998). "Strategic innovation in established companies." Sloan Management Review 39(3):31.
    • (1998) Sloan Management Review , vol.39 , Issue.3 , pp. 31
    • Markides, C.1
  • 171
    • 33645896609 scopus 로고
    • Management ownership and market valuation
    • Morck, R. and A. Shleifer (1988). "Management Ownership and Market Valuation. " Journal of Financial Economics 20(1/2):293.
    • (1988) Journal of Financial Economics , vol.20 , Issue.1-2 , pp. 293
    • Morck, R.1    Shleifer, A.2
  • 172
    • 33645896609 scopus 로고
    • Management ownership and market valuation
    • Morck, R., A. Shleifer, et al. (1988). "Management ownership and market valuation. " Journal of Financial Economics 20:293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2
  • 173
    • 84977702683 scopus 로고
    • Do managerial objectives drive bad acquisitions?
    • Morck, R., A. Shleifer, et al. (1990). "Do Managerial Objectives Drive Bad Acquisitions?" Journal of Finance 45 (1).
    • (1990) Journal of Finance , Issue.1 , pp. 45
    • Morck, R.1    Shleifer, A.2
  • 174
    • 84962991668 scopus 로고
    • A theory of conglomerate mergers
    • Mueller, D. C. (1969). "A Theory of Conglomerate Mergers." Quarterly Journal of Economics 83(4):643.
    • (1969) Quarterly Journal of Economics , vol.83 , Issue.4 , pp. 643
    • Mueller, D.C.1
  • 175
    • 0003184194 scopus 로고
    • The effects of conglomerate mergers
    • Mueller, D. C. (1977). "The Effects of Conglomerate Mergers." Journal of Banking & Finance 1(4):315.
    • (1977) Journal of Banking & Finance , vol.1 , Issue.4 , pp. 315
    • Mueller, D.C.1
  • 179
    • 84977702541 scopus 로고
    • Efficiency and organizational structure: A study of reverse lbos
    • Muscarella, C. J. and M. R. Vetsuypens (1990). "Efficiency and Organizational Structure: A Study of Reverse LBOs." Journal of Finance 45(5):1389.
    • (1990) Journal of Finance , vol.45 , Issue.5 , pp. 1389
    • Muscarella, C.J.1    Vetsuypens, M.R.2
  • 180
    • 0031633952 scopus 로고    scopus 로고
    • Ownership structure, investment, and the corporate value: An empirical analysis
    • Myeong-Hyeon Cho, D. (1998). "Ownership structure, investment, and the corporate value: an empirical analysis." Journal of Financial Economics 47(1):103.
    • (1998) Journal of Financial Economics , vol.47 , Issue.1 , pp. 103
    • Myeong-Hyeon Cho, D.1
  • 181
    • 0006193527 scopus 로고
    • Lowering barriers to innovation
    • Myers, R. L. (1984). "Lowering Barriers to Innovation. " Journal of Business Strategy 5(1):80.
    • (1984) Journal of Business Strategy , vol.5 , Issue.1 , pp. 80
    • Myers, R.L.1
  • 182
    • 0039827175 scopus 로고
    • Organization, diversity and performance
    • Nathanson, D. and J. Cassano (1982). "Organization, Diversity and Performance." Wharton Magazine Summer 1982:19-26.
    • (1982) Wharton Magazine Summer , vol.1982 , pp. 19-26
    • Nathanson, D.1    Cassano, J.2
  • 184
    • 84989082241 scopus 로고
    • On the measurement of corporate diversification strategy: Evidence from large U. S. service firms
    • Nayyar, P. R. (1992). "On the Measurement of Corporate Diversification Strategy: Evidence from Large U. S. Service Firms." Strategic Management Journal 13(3):219.
    • (1992) Strategic Management Journal , vol.13 , Issue.3 , pp. 219
    • Nayyar, P.R.1
  • 187
  • 188
    • 84993900546 scopus 로고
    • Efficiency gains in unsuccessful management buyouts
    • Ofek, E. (1994). "Efficiency gains in unsuccessful management buyouts." Journal of Finance 49(2):637.
    • (1994) Journal of Finance , vol.49 , Issue.2 , pp. 637
    • Ofek, E.1
  • 189
    • 0024671801 scopus 로고
    • Managing in a borderless world
    • May-June
    • Ohmae, K. (1989). "Managing in a borderless world." Harvard Business Review May-June: 152-161.
    • (1989) Harvard Business Review , pp. 152-161
    • Ohmae, K.1
  • 190
    • 84993915282 scopus 로고
    • The determinants of leveraged buyout activity: Free cash flow vs. financial distress costs
    • Opler, T. and S. Titman (1993). "The determinants of leveraged buyout activity: Free cash flow vs. financial distress costs." Journal of Finance 48(5):1985.
    • (1993) Journal of Finance , vol.48 , Issue.5 , pp. 1985
    • Opler, T.1    Titman, S.2
  • 191
    • 0002692275 scopus 로고
    • Operating performance in leveraged buyouts: Evidence from 1985-1989
    • Opler, T. C. (1992). "Operating performance in leveraged buyouts: Evidence from 1985-1989." Financial Management 21(1):27.
    • (1992) Financial Management , vol.21 , Issue.1 , pp. 27
    • Opler, T.C.1
  • 192
    • 21344496378 scopus 로고
    • Controlling financial distress costs in leveraged buyouts with financial innovations
    • Opler, T. C. (1993). "Controlling financial distress costs in leveraged buyouts with financial innovations." Financial Management 22(3):79.
    • (1993) Financial Management , vol.22 , Issue.3 , pp. 79
    • Opler, T.C.1
  • 194
    • 38249016931 scopus 로고
    • Consequences of leveraged buyouts
    • Palepu, K. G. (1990). "Consequences of leveraged buyouts." Journal of Financial Economics 27(1):247.
    • (1990) Journal of Financial Economics , vol.27 , Issue.1 , pp. 247
    • Palepu, K.G.1
  • 195
    • 0030075981 scopus 로고    scopus 로고
    • The influence of professional investors on the failure of management buyout attempts
    • Peck, S. W. (1996b). "The influence of professional investors on the failure of management buyout attempts." Journal of Financial Economics 40(2):267.
    • (1996) Journal of Financial Economics , vol.40 , Issue.2 , pp. 267
    • Peck, S.W.1
  • 196
    • 84891422713 scopus 로고    scopus 로고
    • PEIGG, Private Equity Industry Guidelines Group
    • PEIGG (2004a). U. S. Private Equity Valuation Guidelines, Private Equity Industry Guidelines Group.
    • (2004) U. S. Private Equity Valuation Guidelines
  • 197
    • 84891429659 scopus 로고    scopus 로고
    • PEIGG 2004b, Press Release, Private Equity Industry Guidelines Group: March 2, 2004
    • PEIGG (2004b). Industry group applauds NVCA position on valuation guidelines. Press Release, Private Equity Industry Guidelines Group: March 2, 2004.
    • Industry Group Applauds NVCA Position on Valuation Guidelines
  • 199
    • 21844491880 scopus 로고
    • Organizational restructuring and economic performance in leveraged buyouts: An ex post study
    • Phan, P. H. and C. W. L. Hill (1995). "Organizational restructuring and economic performance in leveraged buyouts: An ex post study." Academy of Management Journal 38(3):704.
    • (1995) Academy of Management Journal , vol.38 , Issue.3 , pp. 704
    • Phan, P.H.1    Hill, C.W.L.2
  • 200
    • 0001873636 scopus 로고    scopus 로고
    • Postmerger performance, managerial superiority and the market for corporate control
    • Philippatos, G. C. and P. L. Baird III (1996). "Postmerger Performance, Managerial Superiority and the Market for Corporate Control." Managerial & Decision Economics 17(1):45.
    • (1996) Managerial & Decision Economics , vol.17 , Issue.1 , pp. 45
    • Philippatos, G.C.1    Baird III, P.L.2
  • 203
    • 0025138083 scopus 로고
    • The staying power of the public corporation
    • Rappaport, A. (1990). "The staying power of the public corporation. " Harvard Business Review 68(1):96.
    • (1990) Harvard Business Review , vol.68 , Issue.1 , pp. 96
    • Rappaport, A.1
  • 204
    • 84891450880 scopus 로고    scopus 로고
    • Internet:, 2004
    • Raschle, B. (2001). Diversification, Altassets.com, Internet: http://www.altassets.com/knowledgebank/learningcurve/2001/nz2619, php. 2004.
    • (2001) Diversification, Altassets.com
    • Raschle, B.1
  • 206
    • 84891395604 scopus 로고    scopus 로고
    • Founding family ownership and firm performance: Evidence from the S&P 500
    • Reeb, D. M. and R. C. Anderson (2004). "Founding Family Ownership and Firm Performance: Evidence from the S&P 500." Journal of Finance Forthcoming.
    • (2004) Journal of Finance Forthcoming
    • Reeb, D.M.1    Anderson, R.C.2
  • 207
    • 2442691203 scopus 로고    scopus 로고
    • The impact of inflation on ROE, growth and stock prices
    • Reilly, F. K. (1997). "The impact of inflation on ROE, growth and stock prices." Financial Services Review 6(1):1.
    • (1997) Financial Services Review , vol.6 , Issue.1 , pp. 1
    • Reilly, F.K.1
  • 208
    • 84891403130 scopus 로고    scopus 로고
    • Private equity performance continued positive growth in Ql 2004
    • NY July 21, 2004
    • Reyes, J. and E. Mendell (2004). "Private Equity Performance Continued Positive Growth in Ql 2004." Thomson Venture Economics and NVCA NEW YORK, NY (July 21, 2004).
    • (2004) Thomson Venture Economics and NVCA NEW YORK
    • Reyes, J.1    Mendell, E.2
  • 210
    • 21844513619 scopus 로고
    • Corporate capital structure decisions: Evidence from leveraged buyouts
    • Roden, D. M. and W. G. Lewellen (1995). "Corporate capital structure decisions: Evidence from leveraged buyouts." Financial Management 24(2):76.
    • (1995) Financial Management , vol.24 , Issue.2 , pp. 76
    • Roden, D.M.1    Lewellen, W.G.2
  • 212
    • 0017470663 scopus 로고
    • The determination of financial structure: The incentive-signalling approach
    • Ross, S. A. (1977). "The determination of financial structure: the incentive-signalling approach." Bell Journal of Economics 8(1):23.
    • (1977) Bell Journal of Economics , vol.8 , Issue.1 , pp. 23
    • Ross, S.A.1
  • 214
    • 0003922811 scopus 로고
    • Department of Research, Graduate School of Business Administration, Harvard University
    • Rumelt, R. P. (1974). Strategy, Structure and Economic Performance. Department of Research, Graduate School of Business Administration, Harvard University.
    • (1974) Strategy, Structure and Economic Performance
    • Rumelt, R.P.1
  • 215
    • 0003772025 scopus 로고
    • Paper MGL-51, Managerial Studies Center, Graduate School of Management, University of California, Los Angeles
    • Rumelt, R. P. (1977). Diversity and Profitability. Paper MGL-51, Managerial Studies Center, Graduate School of Management, University of California, Los Angeles.
    • (1977) Diversity and Profitability
    • Rumelt, R.P.1
  • 216
    • 0001979296 scopus 로고
    • Towards a strategic theory of the firm
    • R. B. Lamb Ed. Englewood Cliffs, NJ, Prentice-Hall
    • Rumelt, R. P. (1984). Towards a strategic theory of the firm, in: Competitive strategy management. R. B. Lamb (Ed.). Englewood Cliffs, NJ, Prentice-Hall: 556-570.
    • (1984) Competitive Strategy Management , pp. 556-570
    • Rumelt, R.P.1
  • 217
    • 0039444427 scopus 로고    scopus 로고
    • Return on quality at chase manhattan bank
    • Rust, R. T. and T. Keiningham (1999). "Return on quality at Chase Manhattan Bank." Interfaces 29(2):62.
    • (1999) Interfaces , vol.29 , Issue.2 , pp. 62
    • Rust, R.T.1    Keiningham, T.2
  • 218
    • 0036812191 scopus 로고    scopus 로고
    • Getting return on quality: Revenue expansion, cost reduction, or both?
    • Rust, R. T., C. Moorman, et al. (2002). "Getting Return on Quality: Revenue Expansion, Cost Reduction, or Both?" Journal of Marketing 66(4):7.
    • (2002) Journal of Marketing , vol.66 , Issue.4 , pp. 7
    • Rust, R.T.1    Moorman, C.2
  • 220
    • 0032040079 scopus 로고    scopus 로고
    • Internationalization and firm governance: The roles of CEO compensation, top team composition, and board structure
    • Sanders, W. and M. Carpenter (1998). "Internationalization and firm governance: The roles of CEO compensation, top team composition, and board structure." Academy of Management Journal 41:158-178.
    • (1998) Academy of Management Journal , vol.41 , pp. 158-178
    • Sanders, W.1    Carpenter, M.2
  • 225
    • 84977724620 scopus 로고
    • Tobin's Q and Gains from Takeovers
    • Servaes, H. (1991). "Tobin's Q and Gains from Takeovers." Journal of Finance 46(1):409.
    • (1991) Journal of Finance , vol.46 , Issue.1 , pp. 409
    • Servaes, H.1
  • 226
    • 84989035983 scopus 로고
    • Value creation in acquisitions: A re-examination of performance issues
    • Seth, A. (1990). "Value Creation in Acquisitions: A Re-Examination of Performance Issues." Strategic Management Journal 11(2):99-115.
    • (1990) Strategic Management Journal , vol.11 , Issue.2 , pp. 99-115
    • Seth, A.1
  • 227
    • 84989026853 scopus 로고
    • Strategic redirection in large management buyouts: The evidence from post-buyout restructuring
    • Seth, A. and J. Easterwood (1993). "Strategic Redirection in Large Management Buyouts: The Evidence from Post-Buyout Restructuring." Strategic Management Journal 14(4):251.
    • (1993) Strategic Management Journal , vol.14 , Issue.4 , pp. 251
    • Seth, A.1    Easterwood, J.2
  • 228
    • 84989040438 scopus 로고
    • Strategic business fits and corporate acquisition: Empirical evidence
    • Shelton, L. M. (1988). "Strategic Business Fits and Corporate Acquisition: Empirical Evidence." Strategic Management Journal 9(3):279.
    • (1988) Strategic Management Journal , vol.9 , Issue.3 , pp. 279
    • Shelton, L.M.1
  • 229
    • 0002054507 scopus 로고
    • Breach of trust in hostile takeovers: Causes and consequences
    • A. Auerbach Ed. Chicago, IL, University of Chicago Press
    • Shleifer, A. and L. Summers (1988). Breach of trust in hostile takeovers: Causes and consequences, in: Corporate takeovers: Causes and consequences. A. Auerbach (Ed.). Chicago, IL, University of Chicago Press.
    • (1988) Corporate Takeovers: Causes and Consequences
    • Shleifer, A.1    Summers, L.2
  • 230
    • 0000418899 scopus 로고
    • Management buyouts: Distinguishing characteristics and operating changes prior to public offering
    • Singh, H. (1990). "Management Buyouts: Distinguishing Characteristics and Operating Changes Prior to Public Offering." Strategic Management Journal 11(4):111.
    • (1990) Strategic Management Journal , vol.11 , Issue.4 , pp. 111
    • Singh, H.1
  • 231
    • 85015522071 scopus 로고
    • Challenges in researching corporate restructuring
    • Singh, H. (1993). "Challenges in Researching Corporate Restructuring." Journal of Management Studies 30(1):147.
    • (1993) Journal of Management Studies , vol.30 , Issue.1 , pp. 147
    • Singh, H.1
  • 232
    • 84989076141 scopus 로고
    • Corporate acquisition strategies and economic performance
    • Singh, H. and C. A. Montgomery (1987). "Corporate Acquisition Strategies and Economic Performance." Strategic Management Journal 8(4):377-386.
    • (1987) Strategic Management Journal , vol.8 , Issue.4 , pp. 377-386
    • Singh, H.1    Montgomery, C.A.2
  • 233
    • 21844516315 scopus 로고
    • Measuring the effect of restructuring on corporate performance: The case of management buyouts
    • Smart, S. B. and J. Waldfogel (1994). "Measuring the Effect of Restructuring on Corporate Performance: The Case of Management Buyouts." Review of Economics & Statistics 76(3):503.
    • (1994) Review of Economics & Statistics , vol.76 , Issue.3 , pp. 503
    • Smart, S.B.1    Waldfogel, J.2
  • 234
    • 0007086976 scopus 로고
    • The effects of leveraged buyouts
    • Smith, A. (1990b). "The effects of leveraged buyouts." Business Economics 25(2):19.
    • (1990) Business Economics , vol.25 , Issue.2 , pp. 19
    • Smith, A.1
  • 235
    • 0000285914 scopus 로고
    • Corporate ownership structure and performance
    • Smith, A. J. (1990a). "Corporate ownership structure and performance." Journal of Financial Economics 27(1):143.
    • (1990) Journal of Financial Economics , vol.27 , Issue.1 , pp. 143
    • Smith, A.J.1
  • 236
    • 45149135691 scopus 로고
    • Managerial discretion and optimal financing policies
    • Stulz, R. M. (1990). "Managerial discretion and optimal financing policies." Journal of Financial Economics 26(1):3.
    • (1990) Journal of Financial Economics , vol.26 , Issue.1 , pp. 3
    • Stulz, R.M.1
  • 237
    • 0008993983 scopus 로고
    • Crime? Greed? Big ideas? What were the'80s about?
    • January-February
    • Taylor, W. (1992). "Crime? Greed? Big Ideas? What were the'80s about?" Harvard Business Review (January-February): 32-45.
    • (1992) Harvard Business Review , pp. 32-45
    • Taylor, W.1
  • 238
    • 0342775775 scopus 로고    scopus 로고
    • Dynamic capabilities and strategic management
    • Teece, D. J. and G. Pisano (1997). "Dynamic capabilities and strategic management." Strategic Management Journal 18(7):509.
    • (1997) Strategic Management Journal , vol.18 , Issue.7 , pp. 509
    • Teece, D.J.1    Pisano, G.2
  • 239
    • 84986759548 scopus 로고
    • UK management buy-outs: Debt, equity and agency cost implications
    • Thompson, R. S. and M. Wright (1991). "UK Management Buy-outs: Debt, Equity and Agency Cost Implications." Managerial & Decision Economics 12(1):15.
    • (1991) Managerial & Decision Economics , vol.12 , Issue.1 , pp. 15
    • Thompson, R.S.1    Wright, M.2
  • 240
    • 0000833421 scopus 로고
    • Measurement of business performance in strategy research: A comparison of approaches
    • Venkatraman, N. and V. Ramanujam (1986). "Measurement of Business Performance in Strategy Research: A Comparison of Approaches." Academy of Management Review 11(4):801.
    • (1986) Academy of Management Review , vol.11 , Issue.4 , pp. 801
    • Venkatraman, N.1    Ramanujam, V.2
  • 244
  • 245
    • 84936628684 scopus 로고
    • Organizational demography and turnover in top management groups
    • Wagner, G., J. Pfeffer, et al. (1984). "Organizational demography and turnover in top management groups." Administrative Science Quarterly 29:74-92.
    • (1984) Administrative Science Quarterly , vol.29 , pp. 74-92
    • Wagner, G.1    Pfeffer, J.2
  • 246
    • 84891397510 scopus 로고
    • Do leveraged buyouts pose big risks for the U. S. financial system?
    • March-April
    • Waite, S. and M. Fridson (1989). "Do leveraged buyouts pose big risks for the U. S. financial system?" Mergers and Acquisitions March-April: 43-48.
    • (1989) Mergers and Acquisitions , pp. 43-48
    • Waite, S.1    Fridson, M.2
  • 247
    • 21344485515 scopus 로고
    • Bondholder losses in leveraged buyouts
    • Warga, A., A. Warga, et al. (1993). "Bondholder losses in leveraged buyouts." Review of Financial Studies 6 (4).
    • (1993) Review of Financial Studies , Issue.4 , pp. 6
    • Warga, A.1    Warga, A.2
  • 250
    • 68649090825 scopus 로고    scopus 로고
    • Management buyouts and entrepreneurial opportunities
    • Weir, C. (1996). "Management buyouts and entrepreneurial opportunities." Management Decision 34(3):23.
    • (1996) Management Decision , vol.34 , Issue.3 , pp. 23
    • Weir, C.1
  • 251
    • 84992997626 scopus 로고    scopus 로고
    • Management buy-outs: The impact of ownership changes on performance
    • Weir, C. and D. Laing (1998). "Management buy-outs: The impact of ownership changes on performance." Journal of Small Business and Enterprise Development 5(3):261-269.
    • (1998) Journal of Small Business and Enterprise Development , vol.5 , Issue.3 , pp. 261-269
    • Weir, C.1    Laing, D.2
  • 253
    • 84989133012 scopus 로고
    • A resource-based view of the firm
    • Wernerfelt, B. (1984). "A Resource-Based View of the Firm." Strategic Management Journal 5(2):171-180.
    • (1984) Strategic Management Journal , vol.5 , Issue.2 , pp. 171-180
    • Wernerfelt, B.1
  • 254
    • 0001800097 scopus 로고
    • Top management team demography and corporate strategic change
    • Wiersema, M. and K. Bantel (1992). "Top Management Team Demography and Corporate Strategic Change." Academy of Management Journal 35:91-121.
    • (1992) Academy of Management Journal , vol.35 , pp. 91-121
    • Wiersema, M.1    Bantel, K.2
  • 255
    • 84989051509 scopus 로고
    • The effects of leveraged buyouts on corporate growth and diversification in large firms
    • Wiersema, M. F. and J. P. Liebeskind (1995). "The effects of leveraged buyouts on corporate growth and diversification in large firms." Strategic Management Journal 16(6):447.
    • (1995) Strategic Management Journal , vol.16 , Issue.6 , pp. 447
    • Wiersema, M.F.1    Liebeskind, J.P.2
  • 257
    • 0000810538 scopus 로고    scopus 로고
    • Firm rebirth: Buyouts as facilitators of strategic growth and entrepreneurship
    • Wright, M. (2001). "Firm rebirth: Buyouts as facilitators of strategic growth and entrepreneurship. " Academy of Management Executive 15(1):111.
    • (2001) Academy of Management Executive , vol.15 , Issue.1 , pp. 111
    • Wright, M.1
  • 259
    • 0000828177 scopus 로고    scopus 로고
    • The investor-led buy-out: A new strategic option
    • Wright, M. and K. Robbie (1996). "The investor-led buy-out: A new strategic option. " Long Range Planning 29(5):691.
    • (1996) Long Range Planning , vol.29 , Issue.5 , pp. 691
    • Wright, M.1    Robbie, K.2
  • 260
    • 84891399597 scopus 로고    scopus 로고
    • Corporate restructuring, buy-outs, and managerial equity: The european dimension
    • J. M. Stern, Chew, Donald H. Eds. Malden/MA, Oxford, Blackwell
    • Wright, M., K. Robbie, et al. (1998). Corporate restructuring, buy-outs, and managerial equity: The European dimension, in: The revolution of corporate finance. J. M. Stern, Chew, Donald H. (Eds.). Malden/MA, Oxford, Blackwell: 399-410.
    • (1998) The Revolution of Corporate Finance , pp. 399-410
    • Wright, M.1    Robbie, K.2
  • 261
    • 12844276252 scopus 로고
    • Buy-Outs, divestment and leverage: Restructuring transactions and corporate governance
    • Wright, M., S. Thompson, et al. (1992a). "Buy-Outs, divestment and leverage: Restructuring transactions and corporate governance." Oxford Review of Economic Policy 8(3):58-69.
    • (1992) Oxford Review of Economic Policy , vol.8 , Issue.3 , pp. 58-69
    • Wright, M.1    Thompson, S.2
  • 262
    • 44049122590 scopus 로고
    • Venture capital and management-led, leveraged buy-outs: A european perspective
    • Wright, M., S. Thompson, et al. (1992b). "Venture Capital and management-Led, Leveraged Buy-Outs: a European Perspective." Journal of Business Venturing 7(1):47.
    • (1992) Journal of Business Venturing , vol.7 , Issue.1 , pp. 47
    • Wright, M.1    Thompson, S.2
  • 264
    • 0003011466 scopus 로고
    • Equity ownership concentration and firm value: Evidence from private equity financings
    • Wruck, K. H. (1989). "Equity ownership concentration and firm value: Evidence from Private Equity Financings." Journal of Financial Economics 23(1):3.
    • (1989) Journal of Financial Economics , vol.23 , Issue.1 , pp. 3
    • Wruck, K.H.1
  • 265
    • 0000124859 scopus 로고
    • Financial distress, reorganization, and organizational efficiency
    • Wruck, K. H. (1990). "Financial distress, reorganization, and organizational efficiency." Journal of Financial Economics 27(2):419.
    • (1990) Journal of Financial Economics , vol.27 , Issue.2 , pp. 419
    • Wruck, K.H.1
  • 266
    • 0001713406 scopus 로고
    • Financial policy, internal control, and performance sealed air corporation's leveraged special dividend
    • Wruck, K. H. (1994a). "Financial policy, internal control, and performance Sealed Air Corporation's leveraged special dividend." Journal of Financial Economics 36(2):157.
    • (1994) Journal of Financial Economics , vol.36 , Issue.2 , pp. 157
    • Wruck, K.H.1
  • 269
    • 84989431553 scopus 로고
    • The learning curve: Historical review and comprehensive survey
    • Yelle, L. E. (1979). "The Learning Curve: Historical Review and Comprehensive Survey." Decision Sciences 10(2):302.
    • (1979) Decision Sciences , vol.10 , Issue.2 , pp. 302
    • Yelle, L.E.1
  • 271
    • 0001829036 scopus 로고
    • Will leveraged buyouts kill US corporate research & development?
    • Zahra, S. A. and M. Fescina (1991). "Will leveraged buyouts kill U. S. corporate research & development?" Academy of Management Executive 5(4):7.
    • (1991) Academy of Management Executive , vol.5 , Issue.4 , pp. 7
    • Zahra, S.A.1    Fescina, M.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.