Recent studies on leveraged buyouts document firm managers time the buyout to make the most of undervaluation or overvaluation of target firms while the literature on management buyouts (MBOs) in 1990s attributes the source of value enhancement to organizational change. This paper reexamines what better explains the reason of improved performance of MBOs during 1995 to 2012, adopting the methodology of Ofek (1994). We find that the organizational change through MBOs contributes to the enhancement of MBO performance, still consistent with Ofek (1994). In addition, the results also advocate the robustness of organizational change hypothesis regardless of the change in private equity (PE) industry and recent economic crisis.