Performance Benefits of Tight Control
Zusammenfassung
This study investigates the transition from being a listed company with a dispersed ownership structure to being a privately held company with a concentrated ownership structure. We consider a sample of private equity backed portfolio companies to evaluate the consequences of the corporate governance changes on operational performance. Our analysis shows significant positive abnormal growth in several performance ratios for the private period of our sample companies relative to comparable public companies. These performance differences come from the increase in ownership concentration after the leveraged buyout transaction.
Forschungsbereich
Corporate Finance
Transparency Lab
Transparency Lab
Schlagworte
private equity, leveraged buyouts, active shareholders, ownership concentration, corporate governance
JEL-Klassifizierung
G23, G24, G32, G34
Forschungsdaten
Thema
Saving and Borrowing
Corporate Governance
Corporate Finance
Corporate Governance
Corporate Finance
Beziehungen
1
Publikationstyp
Working Paper
Link zur Publikation
Collections
- LIF-SAFE Working Papers [334]