A Bibliometric Analysis of the Leveraged Buyouts Concept: Evidence from the Web of Science Database

OpenAlex İngilizce

Leveraged buyouts are a financial strategy usually implemented by private equity firms or investment funds, whereby the acquisition of a company is financed with a high degree of leverage (borrowing). This method is based on three fundamental elements. First, the investor finances the acquisition by obtaining the necessary funds through loans from third parties or financial institutions. Second, the investor acquires an ownership stake sufficient to obtain full control of the company. Finally, the loan used for the acquisition is secured largely by the assets of the target firm. The aim of this study is to examine, through a bibliometric analysis, the academic evolution and development of the concept of leveraged buyouts, its emergence and how it is positioned particularly in the fields of finance and economics. Within the scope of the study, 468 publications indexed in SSCI, SCI-Expanded and ESCI in the Web of Science (WoS) database and published up to the end of 2023 were analyzed. The data obtained were visualized using the R Studio software through bibliometric networks, linkage maps and tables. The findings indicate that LBO research has evolved into a relatively mature field, with publications an d citations clustering around themes such as performance, corporate governance, management buyouts and value creation. The study reveals four dominant thematic clusters in the LBO literature—performance, corporate governance, management buyouts and value creation—demonstrating how research on leveraged buyouts has evolved and structured itself across the field.