When the going gets tough: Private equity firms' role as agents and the resolution of financial distress in buyouts

被引：5

作者：

Meuleman, Miguel ^{[1
,2
,3
]}

Wilson, Nick ^{[4
]}

Wright, Mike ^{[5
]}

Neckebrouck, Jeroen ^{[6
]}

机构：

[1] Vlerick Business Sch, Ctr Entrepreneurship, Ghent, Belgium

[2] Imperial Coll, Business Sch, Dept Innovat & Entrepreneurship, London, England

[3] Univ Ghent, Accounting & Finance, Ghent, Belgium

[4] Univ Leeds, Business Sch, Credit Management Res Ctr, Leeds, W Yorkshire, England

[5] Imperial Coll, Business Sch, Ctr Management Buy Out Res, London, England

[6] IESE, Entrepreneurship Dept, Barcelona, Spain

来源：

JOURNAL OF SMALL BUSINESS MANAGEMENT | 2022年 / 60卷 / 03期

关键词：

Private equity; buyouts; distress; agency theory; signaling theory; CORPORATE GOVERNANCE; LEVERAGED BUYOUTS; RISK-MANAGEMENT; PERFORMANCE; DEBT; REPUTATION; OWNERSHIP; BANKING; FUTURE; COSTS;

D O I：

10.1080/00472778.2020.1717242

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Previous research has focused on a private equity (PE) firm's role as principal in its relationship with an investee, but few studies have looked into their role as agents for their investors. We examine how a PE firm's relationship as agent for limited partners (LPs) and banks influences its incentives to resolve financial distress in the investee. We examine the effect of PE fundraising reputation, PE fundraising activity, and PE bank affiliation on the likelihood of a financially distressed buyout ending in bankruptcy. We build a unique data set of 338 distressed buyouts in the United Kingdom to test our hypotheses.

引用

页码：513 / 540

页数：28

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