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Agency theory, potential for operati...

Chaddad, Fernando Ribas.

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Agency theory, potential for operational engineering and buyout activity.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Agency theory, potential for operational engineering and buyout activity./
Author:	Chaddad, Fernando Ribas.
Published:	Ann Arbor : ProQuest Dissertations & Theses, : 2009,
Description:	112 p.
Notes:	Source: Dissertations Abstracts International, Volume: 70-12, Section: A.
Contained By:	Dissertations Abstracts International70-12A.
Subject:	Studies. -
Online resource:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3352864
ISBN:	9781109111804

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

Agency theory, potential for operational engineering and buyout activity. - Ann Arbor : ProQuest Dissertations & Theses, 2009 - 112 p.

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

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

.

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.

ISBN: 9781109111804Subjects--Topical Terms:

3433795
Studies.
Subjects--Index Terms:

Agency theory

Agency theory, potential for operational engineering and buyout activity.
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020 $a 9781109111804
035 $a (MiAaPQ)AAI3352864
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100 1 $a Chaddad, Fernando Ribas. $3 3770734
245 1 0 $a Agency theory, potential for operational engineering and buyout activity.
260 1 $a Ann Arbor : $b ProQuest Dissertations & Theses, $c 2009
300 $a 112 p.
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.
506 $a .
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.
590 $a School code: 0153.
650 4 $a Studies. $3 3433795
653 $a Agency theory
653 $a Buyout
653 $a Corporate governance
653 $a Firm performance
653 $a Operational engineering
690 $a 0454
710 2 $a The University of North Carolina at Chapel Hill. $b Business. $3 1020767
773 0 $t Dissertations Abstracts International $g 70-12A.
790 $a 0153
791 $a Ph.D.
792 $a 2009
793 $a English
856 4 0 $u https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3352864