• Login
    View Item 
    •   Vlerick Repository Home
    • Research Output
    • Conference Presentations
    • View Item
    •   Vlerick Repository Home
    • Research Output
    • Conference Presentations
    • View Item
    JavaScript is disabled for your browser. Some features of this site may not work without it.

    Browse

    All of Vlerick RepositoryCommunities & CollectionsPublication DateAuthorsTitlesSubjectsKnowledge Domain/IndustryThis CollectionPublication DateAuthorsTitlesSubjectsKnowledge Domain/Industry

    My Account

    LoginRegister

    Contact & Info

    ContactVlerick Journal ListOpen AccessVlerick Business School

    Statistics

    Display statistics

    The paradox of stakeholder power in leveraged buyout financing: A multiple-agency perspective

    • CSV
    • RefMan
    • EndNote
    • BibTex
    • RefWorks
    Publication type
    Conference Presentation
    Author
    Divakaruni, Anantha Krishna
    Meuleman, Miguel
    Wright, Mike
    Publication Year
    2015
    
    Metadata
    Show full item record
    Abstract
    Previous studies have relied predominantly on agency theory to understand relationships among stakeholders (actors) involved in a leveraged buyout transaction and explain inherent characteristics of LBO debt financing. However, traditional agency theory overlooks structural characteristics like dependencies and power-differentials between principals and agents. Using a multiple-agency framework on a sample of 6,609 LBO loan tranches that were issued during the period 1986-2012, we examine how power dynamics impact contractual outcomes among LBO participants. Our analysis highlights the asymmetric nature of power among agency partners. Agency conflicts are lower when lenders (principals) have a dependence advantage over PE- sponsors (agents) and higher when the latter possess more power in the relationship.
    Keyword
    Accounting & Finance, Entrepreneurship, Small and Medium sized Enterprises (SMEs)
    Knowledge Domain/Industry
    Accounting & Finance
    Entrepreneurship
    URI
    http://hdl.handle.net/20.500.12127/5231
    Collections
    Conference Presentations

    entitlement

     
    DSpace software (copyright © 2002 - 2022)  DuraSpace
    Quick Guide | Contact Us
    Open Repository is a service operated by 
    Atmire NV
     

    Export search results

    The export option will allow you to export the current search results of the entered query to a file. Different formats are available for download. To export the items, click on the button corresponding with the preferred download format.

    By default, clicking on the export buttons will result in a download of the allowed maximum amount of items.

    To select a subset of the search results, click "Selective Export" button and make a selection of the items you want to export. The amount of items that can be exported at once is similarly restricted as the full export.

    After making a selection, click one of the export format buttons. The amount of items that will be exported is indicated in the bubble next to export format.