アーンアウト条項は情報の非対称性による逆選抜を回避する手段である : 広告業界の場合

学位記番号 : 博人社甲第10号博士の専攻分野の名称 : 博士(経営学) 学位授与年月日 : 平成30年9月21日textapplication/pdfthesi

地域イノベーションと現場改善

departmental bulletin pape

The Summary of the 6th Conference of the Tottori University Association for Regional sciences

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Observation of B+→pp̅π+, B0→pp̅K0, and B+→pp̅K*+

journal articl

研究速報 : A note Possible Natural Frequencies of In-plane Swing of a Hanging Chain

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GENERALIZED MODELS FOR INTUITIONISTIC AND CLASSICAL PREDICATE CALCULI

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ΔP at point T5 on the tunnel wall with and without an airshaft.

ΔP at point T5 on the tunnel wall with and without an airshaft.</p

Private equity (PE) and governance in secondary buyouts

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Computational domain and mesh.

Computational domain and mesh.</p

Sustaining the buyout governance model: inside secondary management buyout boards

We examine the impact of private equity (PE) directors and their human capital on operating performance in a unique hand collected sample of 200 secondary management buyouts (SMBOs) during 2000-2015. We show that PE directors’ human capital tends to play statistically and economically important role in performance. Financial (rather than operational) experience of PE directors in acquiring PE firms tends to have a substantial impact on post-SMBO profitability while high level business education is especially important in post-SMBO growth performance enhancement. Complementary expertise, provided by directors in buying and selling PE firms, plays an important role only in post-SMBO growth improvements. Overall, our results provide evidence that governance benefits of the buyout model tend not to be exhausted in the primary buyout stage but the effects in the secondary buyout phase depend on the nature of PE directors’ human capital resource, notably in respect of the balance between board monitoring and advisory roles. Our study therefore adds to growing evidence on how ownership and life-cycle nature of firms affect sustainability of boards fulfilling their roles. The results are robust to sample selection bias, different types of PE firms and different measures of human capital