Agency, Strategic Entrepreneurship, and the Performance of Private Equity–Backed Buyouts
研究了代理理论与战略创业视角的互补性，分析不同类型收购的绩效差异，并考察私募股权公司参与对收购后企业绩效的影响，基于1993-2003年英国238个私募股权支持收购样本。
Agency theory has focused on buyouts as a governance and control device to increase profitability, organizational efficiency, and limited attention to growth. A strategic entrepreneurship view of buyouts incorporates upside incentives for value creation associated with growth as well as efficiency gains. In this paper, we develop the complementarity between agency theory and strategic entrepreneurship perspectives to examine the performance implications for different types of buyouts. Further, we study how the involvement of private equity (PE) firms is related to the performance of the post–buyout firm. These issues are examined for a sample of 238 PE–backed buyouts in the UK between 1993 and 2003. Implications for theory and practice are suggested.