Consider the value creation framework (table 6.4). Why are changes in the external market not included?

180 Chapter 6 After the Money Arrives Table 6.4 Value Creation Framework Governance Internal Indirectly Increase Operational Effectiveness External Directly Increase Operational Effectiveness brage Engineering Reduction Repositioning Scale Scope Recruitment Alignment Cost Strategic Increased Increased Management Increased noure Mdapted from Achim Berg and Oliver Gotichlag, "Sources of Value Generation in Buyouts," Journal of Restructuring Finance 2 1 (2005): 13