Post-LBO development: Analysis of Changes in Strategy, Operations, and Performance after the Exit from Leveraged Buyouts by Richard K. LenzPost-LBO development: Analysis of Changes in Strategy, Operations, and Performance after the Exit from Leveraged Buyouts by Richard K. Lenz

Post-LBO development: Analysis of Changes in Strategy, Operations, and Performance after the Exit…

byRichard K. Lenz

Paperback | February 11, 2010

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Private Equity and leveraged buyouts have become common in Europe, including in particular Germany. They are a catalyst for corporate restructuring and growth. Over time, financial investors have started to exit their investments. The development of some former LBOs raises the question whether the financial investors traded lo- term growth against short-term cash flow and expropriated value. Financial investors are further accused of reducing employment, cutting salaries, offshoring production, and leaving companies financially instable. Researchers have questioned the sustainability of performance improvement and tested changes in performance indicators. The findings confirm that the financial performance of former LBOs declines. The decline occurs with a time lag, but research fails to explain in detail its determinants of this decline. In particular, the decline seems to be caused by increase strategy diversification, the recurrence of inefficiencies and reduced management focus on efficiency. These observations are limited to companies that exit through a public offering, not through a trade sale. This study seeks to enhance completeness and precision of research into the post-exit period. Given the secrecy of the industry, no empirical data has been gathered that in detail analyses how the way the LBOs are supervised and managed changes at the exit. Research on the subsequent changes in strategy and operations is sparse and limited to those companies pursuing a public offering. A greater understanding of the source of performance development requires further plowing through major corporate activities.
Dr. Richard K. Lenz completed his doctoral thesis at the Center for Entrepreneurial and Financial Studies at the Technical University Munich.
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Title:Post-LBO development: Analysis of Changes in Strategy, Operations, and Performance after the Exit…Format:PaperbackDimensions:542 pagesPublished:February 11, 2010Publisher:Gabler VerlagLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:3834921637

ISBN - 13:9783834921635

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Table of Contents

Value Creation over the Buyout Cycle; Changes in Corporate Governance; Management Objectives; Corporate Strategy; Operational Productivity; Financial Performance