Incentivierung des Managements bei Unternehmenskäufen/Buy-Outs mit Private Equity Investoren : eine empirische Untersuchung
Christoph Schalast; Marius Buxkaemper; Christian Büchler; Gregor Wedel
Since years, incentives for the management have become a standard upon acquisitions of companies by Private Equity Investors - so-called Buy-Outs. However, until this date there are no empirical studies available on the arrangements of management participations and potential conflicts of interest especially on occasion of sales from one Private Equity Investor to another - so-called Secondary Buy-Outs. This present study is based on a survey among Private Equity Investors and Management Teams in companies controlled by Private Equity Investors. It shows a high degree of sensibility of all parties concerned for the issue of incentives and the potential conflict of interest involved with it. It also showed that market standards for management incentives have developed in the meantime. In practice, the instrument to prevent conflicts is therefore the transparency of the transaction. The only way to prevent criminal and civil consequences (damages) for the managers involved, as well as obstructing or even frustrating the process as a whole, is an open and transparent communication about the selling process and possible concepts of incentives between all parties concerned, i.e. seller, buyer and the management involved. Despite the frequency of such transactions there are - until today - no market standards or guide lines for this necessary transparency. The present study intends to create initial groundwork for this. -- Management Buy-Out ; MBO ; Management Buy-In ; MBI ; Leveraged Buy-Out ; Private Equity ; Secondary Buy-Out ; Managementbeteiligung ; Beteiligungsvertrag ; Bad-Leaver/Good-Leaver ; Interessenkonflikt ; Beteiligungsquote ; Garantien ; Exit ; Incentivierung ; Reporting ; Transparenz
Year of publication: |
2011
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Authors: | Schalast, Christoph ; Buxkaemper, Marius ; Büchler, Christian ; Wedel, Gregor |
Publisher: |
Frankfurt, M. : Frankfurt School of Finance & Management |
Subject: | Übernahme | Takeover | Private Equity | Private equity | Führungskräfte | Managers | Kooperative Führung | Participative leadership | Prinzipal-Agent-Theorie | Agency theory | Deutschland | Germany |
Saved in:
freely available
Extent: | Online-Ressource (PDF-Datei: 90 S., 2,12 MB) graph. Darst. |
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Series: | Working paper series / Frankfurt School of Finance & Management. - Frankfurt, M. : Frankfurt School of Finance & Management, ISSN 1436-9761, ZDB-ID 2409849-8. - Vol. 161 |
Type of publication: | Book / Working Paper |
Type of publication (narrower categories): | Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature |
Language: | German |
Notes: | Systemvoraussetzungen: Acrobat Reader |
Other identifiers: | hdl:10419/45494 [Handle] |
Classification: | K12 - Contract Law ; K19 - Basic Areas of Law. Other ; K22 - Corporation and Securities Law ; K29 - Regulation and Business Law. Other |
Source: | ECONIS - Online Catalogue of the ZBW |
Persistent link: https://www.econbiz.de/10008990429