2014 Fiscal Year Final Research Report
The Performance Effects of Public-to-Private Transactions: Evidence from Japanese Management Buy-outs
| Project/Area Number |
25780211
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Money/ Finance
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| Research Institution | Fukui Prefectural University (2014)
Niigata Sangyo University (2013) |
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Principal Investigator |
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| Project Period (FY) |
2013-04-01 – 2015-03-31
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| Keywords | MBO / 株式非公開化 / コーポレート・ガバナンス / エージェンシー・コスト / インセンティブ・リアライメント / バイアウト・ファンド / 信頼の破壊 / Jカーブ効果 |
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| Outline of Final Research Achievements |
For public-to-private transactions of Japanese companies executed through management buy-outs (MBO) implemented since the 2000s, this study was conducted to examine the post-MBO effects on company performance. More specifically, the investigation assessed the effects of changes in the corporate governance structure of such companies as a result of the MBO on their post-MBO performance. Although the overall analysis of MBOs in the study showed no positive effect on the company performance, estimation by the type of MBO structure revealed an increase in total asset turnover in pure MBOs and MBOs involving buyout funds and an asset reduction effect in cases where the leverage (debt dependence) increased.
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| Free Research Field |
コーポレート・ガバナンス論
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