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Die Entwicklung von MBO-Unternehmen

Die Entwicklung von MBO-Unternehmen

          
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About the Book

Der Markt für Management-Buy-Outs (MBOs) ist ein Wachstumsmarkt in Deutschland. Zwischen 1995 und 2000 wuchs sein Volumen exponentiell von 1,14 auf 15,1 Milliarden Euro. Spektakuläre MBOs - wie z.B. beim Verkauf des Pay-TV-Senders PREMIERE im Frühjahr 2003 - beweisen, dass das Thema trotz der Konjunktur- und Börsenkrisen noch immer sehr aktuell ist. Der MBO beginnt in der deutschen Wirtschaft eine ähnlich wichtige Rolle einzunehmen wie in den USA und Großbritannien. Die meisten (kurzfristigen) Untersuchungen schreiben dem MBO überdurchschnittliche Performance-Steigerungen zu, was hauptsächlich mit der Principal-Agent-Theorie begründet wird. Der MBO wird demnach als überlegenes institutionelles Arrangement angesehen, da er die Interessen von Management und Eigentümern besser vereint als andere Organisationsformen. Kritiker hingegen halten den MBO für ein kurzlebiges Umverteilungskonstrukt, bei dem sich die Eigentümer auf Kosten des Fiskus, der Altaktionäre und der Mitarbeiter bereichern können. Aufgrund dieser Diskussion stellt sich die Frage, ob durch MBOs wirklich langfristiges Wachstum generiert werden kann. Aufbauend auf einer Einleitung, die Grundbegriffe, Motive und Voraussetzungen von MBOs darstellt, gibt der Verfasser einen Überblick über den aktuellen Stand der MBO-Forschung. Anschließend führt er eine eigene, langfristig orientierte Analyse von MBOs in Deutschland durch. Er vergleicht die Entwicklung verschiedener Bilanzpositionen und Kennzahlen von MBOs mit den entsprechenden Branchendurchschnittswerten über einen Zeitraum von sieben Jahren. Damit lässt sich zum einen die angebliche überdurchschnittliche Entwicklung von MBO-Unternehmen anhand eines deutschen Panels nachprüfen, zum anderen wird ein wichtiger Beitrag zur Klärung der Nachhaltigkeit von MBOs geliefert.


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Product Details
  • ISBN-13: 9783828886803
  • Publisher: Tectum - Der Wissenschaftsverlag
  • Binding: Paperback
  • Language: German
  • Returnable: N
  • Spine Width: 6 mm
  • Width: 148 mm
  • ISBN-10: 3828886809
  • Publisher Date: 15 Jul 2011
  • Height: 210 mm
  • No of Pages: 98
  • Series Title: German
  • Weight: 140 gr


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