THE IMPACT OF OWNERSHIP AND CAPITAL STRUCTURE ON MANAGERIAL MOTIVATION AND STRATEGY IN MANAGEMENT BUY‐OUTS: A CULTURAL ANALYSIS
从文化视角研究英国八家管理层收购案例，发现所有者控制和债务控制对管理者动机、决策及成本削减有积极影响，但对战略根本变革和收购有消极影响，且管理者更看重集体所有权的赋能作用而非财富激励。
ABSTRACT This study examines, from a cultural perspective, owner‐managers’and other stakeholders’interpretations of the partial fusion of ownership and control through high leverage in eight UK management buy‐outs (MBOs). Owner‐control and debt‐control are interpreted as having positive effects on managerial motivation, organizational decision‐making processes and implementation of cost reduction strategies and negative ones on fundamental changes in strategy and acquisition. These interpretations accord broadly with agency theory propositions but show that owner‐managers place less emphasis on wealth incentive effects and more emphasis on the enabling and facilitating roles of collective ownership and the freedom it gives from inappropriate corporate control.