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  • 見吉 英彦
    組織学会大会論文集
    2015年 4 巻 1 号 126-131
    発行日: 2015/07/31
    公開日: 2015/07/31
    ジャーナル フリー
    In recent years, the "Private type MBO" has been noted in Japanese companies. "Private type MBO" means that the company exits from the stock market in order to realize the management of a long-term perspective and shift its fundamental Corporate Strategy. Also, amount of private type MBO has been increasing year by year, as can be seen in previous studies of MBO, which focus on how to influence stock prices and corporate values after MBO (DeAngelo et al, 1984; Kaplana, 1989; Wright et al, 2007); and on the problem of arbitrary profit adjusted by management (DeAngelo, 1986; Perry & Williams, 1994; Wu, 1997; Fisher and Louis, 2008; Tsukioka, 2011). This extensive literature that analyzes the overall trend of the economic effects of MBO, however, does not discuss the differences in MBO types. Therefore, the purpose of this paper is to clarify the impact of the relationship between the management team and funds from the point of view of business content and outcome after MBO. As a result of the analysis, "Private type MBO" can be classified into three types. First, the “Performance-led type”, whose funds have strong influences, and puts emphasis on short-term profits, but its management does not take initiative on business. Second, the “Efficiency-led type”, which takes place when the management team is focused on medium- and long-term performance improvement, and on efficiency improvement of existing businesses. They have advantage over existing businesses, so they take initiative on business. Third, the “Innovation-led type”, which puts strength in the short-term perspective, creating a scenario where innovation activities may result in a decrease of the efficiency, while, by cooperative relationship based on the long-term perspective, management and fund build new strengths together.
  • 見吉 英彦
    組織学会大会論文集
    2014年 3 巻 1 号 87-92
    発行日: 2014/08/25
    公開日: 2014/08/28
    ジャーナル フリー
    In recent years, the number of MBO (management buy-out) of listed companies in Japan has been increasing year by year. MBO is a form of acquisition where a company's existing managers acquire a large part or all of the company from either the parent company or from the private owners. In the previous studies of MBO, focusing on the improvement of management performance and changes in the ownership structure of post MBO (Smith 1990,Kaplan 1989,Tsukioka 2011). In many previous studies, however, it has not been observed in detail schemes and processes, or what problems occurred after MBO of each company. Therefore, the purpose of this paper is to clarify the issues and realities of MBO in Japanese companies, and to show the way of MBO strategy in the future by comparison case analysis. As a result of the analysis, the concept of "non-continuity and continuity" has been revealed as the key factors of success of MBO. In the case of a failure, in spite of MBO, executives did not carried out most of the buy-back of shares, and "mismatch of ownership and management" has occurred. In other words, "ownership and management" has become discontinuous relationship. Therefore, the President was swayed by the intention of the fund, and could not manage as desired. On the other hands, in the case of successful, executives buy-back of the shares of all, and realized the management that does not depend on the intention of the fund. Therefore, the firm and fund were able to build a cooperative and continuous relationship. In conclusion, this paper showed that after the MBO, firms and funds continue to eliminate the non-continuity is the key to success.
  • 奥西 好夫
    イノベーション・マネジメント
    2019年 16 巻 177-180
    発行日: 2019/03/29
    公開日: 2020/03/31
    ジャーナル フリー
  • フードシステム研究
    2006年 12 巻 3 号 70-76
    発行日: 2006/02/28
    公開日: 2010/12/16
    ジャーナル フリー
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