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Agency theory, potential for operational engineering and buyout activity.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Agency theory, potential for operational engineering and buyout activity./
Author:	Chaddad, Fernando Ribas.
Description:	1 online resource (112 pages)
Notes:	Source: Dissertations Abstracts International, Volume: 70-12, Section: A.
Contained By:	Dissertations Abstracts International70-12A.
Subject:	Studies. -
Online resource:	click for full text (PQDT)
ISBN:	9781109111804

Agency theory, potential for operational engineering and buyout activity.
Chaddad, Fernando Ribas.

Agency theory, potential for operational engineering and buyout activity. - 1 online resource (112 pages)

Source: Dissertations Abstracts International, Volume: 70-12, Section: A.

Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2009.

Includes bibliographical references

This corporate governance study investigates the relationships among agency theory, potential for operational engineering and firm underperformance. The empirical setting is a set of PE (private equity) buyouts in the US from 1998 to 2007, building on earlier research on LBOs (leveraged buyouts). I employ direct measures of agency costs to test Jensen's (1986) free cash flows proposition as well as a new proposition by Kaplan (2007), according to whom potential for operational engineering is a predictor of buyout activity in addition to agency conditions. I control for competing risks with a Cox proportional hazards model. My evidence fails to lend strong support for either proposition as an antecedent of buyout activity (direct effects). Finally, I find that, in the context of high asset inefficiencies (high potential for operational engineering) and high board independence, the probability of buyout activity is decreased.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9781109111804Subjects--Topical Terms:

1437762
Studies.
Subjects--Index Terms:

Agency theoryIndex Terms--Genre/Form:

554714
Electronic books.

Agency theory, potential for operational engineering and buyout activity.
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245 1 0 $a Agency theory, potential for operational engineering and buyout activity.
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500 $a Source: Dissertations Abstracts International, Volume: 70-12, Section: A.
500 $a Publisher info.: Dissertation/Thesis.
500 $a Advisor: Bettis, Rich.
502 $a Thesis (Ph.D.)--The University of North Carolina at Chapel Hill, 2009.
504 $a Includes bibliographical references
520 $a This corporate governance study investigates the relationships among agency theory, potential for operational engineering and firm underperformance. The empirical setting is a set of PE (private equity) buyouts in the US from 1998 to 2007, building on earlier research on LBOs (leveraged buyouts). I employ direct measures of agency costs to test Jensen's (1986) free cash flows proposition as well as a new proposition by Kaplan (2007), according to whom potential for operational engineering is a predictor of buyout activity in addition to agency conditions. I control for competing risks with a Cox proportional hazards model. My evidence fails to lend strong support for either proposition as an antecedent of buyout activity (direct effects). Finally, I find that, in the context of high asset inefficiencies (high potential for operational engineering) and high board independence, the probability of buyout activity is decreased.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Studies. $3 1437762
653 $a Agency theory
653 $a Buyout
653 $a Corporate governance
653 $a Firm performance
653 $a Operational engineering
655 7 $a Electronic books. $2 local $3 554714
690 $a 0454
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a The University of North Carolina at Chapel Hill. $b Business. $3 1475028
773 0 $t Dissertations Abstracts International $g 70-12A.
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