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http://www.sciencedirect.com/science/article/pii/088390269400024O Corporate entrepreneurship and financial performance: The case of management leveraged buyouts
===Zahra 1995===
@article{zahra1995corporate,
title={Corporate entrepreneurship and financial performance: The case of management leveraged buyouts},
author={Zahra, Shaker A},
journal={Journal of business venturing},
volume={10},
number={3},
pages={225--247},
year={1995},
publisher={Elsevier},
abstract={Leveraged buyouts (LBOs) have created much controversy in the literature, centering on their potential effect on a company's ability to innovate, engage in new ventures, and support entrepreneurial projects. Some believe that post-LBO debt reduces the financial resources available for entrepreneurial activities. Conversely, others argue that, despite the burden of debt, some LBOs provide executives with an opportunity to innovate and take risks (Malone 1989). However, past studies have focused primarily on changes in R&D spending and ignored other corporate entrepreneurship (CE) activities a firm might pursue. Additionally, these studies have not documented the changes in CE after a management-led LBO. Thus, past studies offer only a snapshot of the effect of LBOs on CE. Finally, earlier studies did not directly examine the association between changes in entrepreneurial activities after the LBO and changes in performance.},
filename={Zahra (2015) - Corporate Entrepreneurship and Financial Performance The Case of Management Leveraged Buyouts}
}
Results from this study suggest that a company's commitment to corporate entrepreneurship (measured through innovation and venturing) increase after an LBO. Results also show that post-LBO changes in corporate entrepreneurship are associated with, or accompanied by concurrent changes in company performance.
https://www.econstor.eu/handle/10419/109639 The impact of private equity on firms' innovation activity
