The Ethics of Leveraged Management Buyouts Revisited  

Oleh:

Jones, Thomas M. ; Reed O. Hunt, III

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Journal of Business Ethics vol. 10 no. 11 (Nov. 1991), page 833-840.
Topik: Ethics

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: BB27.14 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Although previous ethical analyses of management buyouts have presented useful insights, they have been flawed in three major ways. First, they define the transaction too narrowly, emphasizing the "going private" aspect and ignoring the "leveraged"aspect. Leveraging alters the nature of the transaction substantially and warrants additional ethical analysis. Second, these previous analyses ignore the impact of buyouts on no-stockholder constituents of the firm, an omission which renders their implicit utilitarian approach incomplete. Third, these analyses do not include Rawlsian, libertarian, or Kantian perspectives on ethics. This paper addresses these shortcomings and finds the ethical status of leveraged management buyouts to be highly suspect.

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