The Effect of Management Buyouts on Firm–level Technical Inefficiency: Evidence from a Panel of UK Machinery and Equipment Manufacturers
利用随机生产前沿方法分析英国制造业企业面板数据，发现管理层收购后四年内企业效率提升4%至7.5%，但第五年后优势消失。
The longer–term technical efficiency effects of management buyouts (MBOs) are evaluated using a stochastic production frontier approach on a panel of UK manufacturing firms. The results, based on the period 1986–1997, indicate that firms with the MBO governance structure: (1) have higher efficiency in the two years before the transaction but not prior to that; (2) have efficiency 7%, 7.5%, 4%, and 7% higher in each of the first four years post–buyout; (3) do not have superior efficiency beyond the fifth year post–buyout. This is consistent with MBOs creating managerial incentives that improve firm–level performance.