DOES OWNERSHIP MATTER IN PRIVATE EQUITY? THE SOURCES OF VARIANCE IN BUYOUTS' PERFORMANCE

被引：24

作者：

Castellaneta, Francesco ^{[1
]}

Gottschalg, Oliver ^{[2
]}

机构：

[1] Catolica Lisbon Sch Business & Econ, P-1946023 Lisbon, Portugal

[2] HEC Paris, Dept Strategy & Business Policy, Paris, France

来源：

STRATEGIC MANAGEMENT JOURNAL | 2016年 / 37卷 / 02期

关键词：

corporate effects; private equity; variance decomposition; multilevel analysis; firm performance; BUSINESS SEGMENT PERFORMANCE; RESOURCE-BASED VIEW; INSTITUTIONAL DEVELOPMENT; ENVIRONMENTAL JOLTS; INDUSTRY; CORPORATE; FIRM; PERSISTENCE; MARKET; COSTS;

D O I：

10.1002/smj.2336

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We study the impact of ownership on firm performance in an unexplored governance context: private equity (PE) firms and the buyouts in which they invest. We employ a multiple-membership, cross-classified, multilevel model on a unique database of 6,950 buyouts realized by 255 PE firms between 1973 and 2008 in 77 countries. The results document a significant PE firm effect (4.6%), the importance of which grows as time passes. We then study three contingencies that increase the importance of the PE firm effect: (1) value addition vs. selection strategies; (2) developed vs. emerging economies; and (3) economic downturns. Our findings shed new light on the sources of variance in buyouts' performance. Copyright (C) 2014 John Wiley & Sons, Ltd.

引用

页码：330 / 348

页数：19

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