Managerial Buyouts, Incentives And Performance
作者:
Ken Robbie,
Steve Thompson,
Mike Wright,
期刊:
Business Strategy Review
(WILEY Available online 1991)
卷期:
Volume 2,
issue 1
页码: 71-83
ISSN:0955-6419
年代: 1991
DOI:10.1111/j.1467-8616.1991.tb00148.x
出版商: Blackwell Publishing Ltd
数据来源: WILEY
摘要:
The managerial buyout (MBO) is a means of motivating senior managers and institutional investors to increase their monitoring efforts and so raise the performance of the firm. This paper suggests that the typical MBO contains a mix of incentives which motivate managers by raising the rewards for success and increasing the penalties for failure. At the same time, the relationship between the new company and its institutional backers encourage the latter to monitor the efforts and achievements of the management team. Such a structure appears useful in raising the performance of divested divisions, particularly in mature industries.
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