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Corporate Restructuring and Leveraged Buyouts in the Asia Pacific 1980–2010
Author(s) -
Fleming Grant
Publication year - 2018
Publication title -
australian economic history review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.493
H-Index - 16
eISSN - 1467-8446
pISSN - 0004-8992
DOI - 10.1111/aehr.12165
Subject(s) - restructuring , leveraged buyout , asia pacific , business , financial system , finance , international trade , private equity
Leveraged buyout markets in the Asia Pacific have grown substantially since the 1980s and now play an important role in the market for corporate control. This paper undertakes an international comparative analysis of the emergence and growth of leveraged buyout firms in the Asia Pacific and their role in corporate restructuring, with a focus on Australia, Japan and South Korea. Three distinct periods in the development of these markets are identified. The paper highlights the importance of state involvement and changes in domestic economic policy around financial crises, where governments created new rules to facilitate buyouts as an organisational restructuring solution to distressed companies.