Management buy-outs have become a global phenomenon. This paper examines the key market trends in the UK and Continental Europe and identifies challenges for the future development of the market. Key recent trends include: buy-out funds raised have exceeded funds invested; evidence from...

When no suitable family successor can be identified, private family firm owners may select a management buyout (MBO) or a management buy-in (MBI) exit route. After a private equity backed MBO/I, new owners may select strategies that encourage superior firm performance. We explore the strategic...

A buy-out is a fundamental change in the structure of ownership that may affect the way employee relations develop within an organisation. Little is known about the impact of buyouts upon employee relations. This paper aims to address this gap. We focus on two main questions. First, what are the...

The present paper examines firm size effects on the decision of venture capital firms to participate in a venture capital investment syndication network. The authors submit that firm size effects in venture capital syndication are dependent on resource acquisition motives and transaction cost...

This paper focuses on the development of entrepreneurial orientation (EO)after a management buy-out (MBO) and on the role played by venture capitalfirms in enhancing EO. It presents results of two exploratory case studiesof divisional buy-outs with regard to their EO and the areas where...

Using a novel, hand-collected dataset, comprising 321 exited buyouts in the UK in the period 1995 to 2004, this study examines the realised value increase in exited leveraged buyouts. Testing the free cash flow theory, we show that value increase and return characteristics are related to...