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- catalog abstract "Using field evidence obtained from one particular LBO firm, Clayton, Dubilier & Rice, Inc. (CD&R), this paper concludes that, as a model of relational investing, traditional LBOs are an attractive transitional form of ownership and control for many corporations, but not a viable steady state for most. However, in its present configuration, CD&R apears to represent a distinctive variant among established LBO firms - what we label an "operating" (as compared to predominantly "financial") LBO firm. Its unusual attributes enable it to engineer buyouts across a wide array of target businesses and to function as a so-called relational investor in these targets. This capability arises from the presence of a core of "operating" partners in CD&R, and the significant voice exercised by this group. This capability enhances CD&R's effectiveness as a corporate governor by extending the range of circumstances in which it can constructively intervene to relax the rigid, rule-based governance imposed by debt in favor of negotiated, discretionary governance afforded by equity. CD&R's ability to do this is critically dependent on the existence of strong trust relationships between it and the management of the companies in which it invests, and between it and the lenders that provide debt financing to CD&R's portfolio companies.".
- catalog contributor b8562396.
- catalog contributor b8562397.
- catalog created "1993.".
- catalog date "1993".
- catalog date "1993.".
- catalog dateCopyrighted "1993.".
- catalog description "Includes bibliographical references (p. [5]).".
- catalog description "Using field evidence obtained from one particular LBO firm, Clayton, Dubilier & Rice, Inc. (CD&R), this paper concludes that, as a model of relational investing, traditional LBOs are an attractive transitional form of ownership and control for many corporations, but not a viable steady state for most. However, in its present configuration, CD&R apears to represent a distinctive variant among established LBO firms - what we label an "operating" (as compared to predominantly "financial") LBO firm. Its unusual attributes enable it to engineer buyouts across a wide array of target businesses and to function as a so-called relational investor in these targets. This capability arises from the presence of a core of "operating" partners in CD&R, and the significant voice exercised by this group. This capability enhances CD&R's effectiveness as a corporate governor by extending the range of circumstances in which it can constructively intervene to relax the rigid, rule-based governance imposed by debt in favor of negotiated, discretionary governance afforded by equity. CD&R's ability to do this is critically dependent on the existence of strong trust relationships between it and the management of the companies in which it invests, and between it and the lenders that provide debt financing to CD&R's portfolio companies.".
- catalog extent "37, [5] p. ;".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; HBS 94-017.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 94-017".
- catalog issued "1993".
- catalog issued "1993.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "The LBO association as a relational investment regime : clinical evidence from Clayton, Dubilier & Rice, Inc. / by W. Carl Kester, Timothy A. Allen.".
- catalog type "text".