The Impacts of LBOs on the Performance of Acquired Firms: the French Case

Détails

ID Serval
serval:BIB_46D16D9E77C2
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Titre
The Impacts of LBOs on the Performance of Acquired Firms: the French Case
Périodique
Journal of Business Finance and Accounting
Auteur(s)
Desbrières P., Schatt A.
ISSN
0306-686X
Statut éditorial
Publié
Date de publication
2002
Peer-reviewed
Oui
Volume
29
Numéro
5-6
Pages
695-729
Langue
anglais
Résumé
This paper investigates the financial characteristics and changes in performance of French companies involved in a leveraged buy-out. The empirical study covers a sample of 161 MBOs in France from 1988 to 1994. The acquired firms outperform their counterparts in the same sector of activity before and after the buy-out. However, unlike findings concerning LBOs in the USA and the UK, the performance of French firms falls after the operation is completed. This downturn in performance seems to be less detrimental to former subsidiaries of groups than to former family businesses.
Mots-clé
Leveraged buy-out, Performance, French LBO, Family businesses, Group subsidiaries
Création de la notice
19/11/2013 16:06
Dernière modification de la notice
03/03/2018 16:48
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