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Private equity, investment and financial constraints firm-level evidence for France and the United Kingdom / Eng

By: Engel, Dirk

Material type: Article

ArticlePublisher: 2014Description: 197-212Subject(s): Financial Constraints | Investment | Private Equity In: Small Business EconomicsSummary: This paper analyses the effects of private equity firms on the investments and financial constraints of their portfolio firms. We use dynamic panel data techniques to account for unobserved firm heterogeneity and endogeneity of private equity backed buyouts and expansion financing, and apply our framework to a large panel data set of firms in the UK and France. In both countries, we find that portfolio firms are characterized by higher investment levels and fewer financial constraints after expansion financing. In the UK, private equity backed buyouts outperform non-private equity backed firms in terms of both indicators.

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Item type	Current location	Call number	Vol info	Status	Date due	Barcode
Articles	Ahmedabad (HO)	(Browse shelf)	Vol. 43, Issue. 1	Available		018043

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This paper analyses the effects of private equity firms on the investments and financial constraints of their portfolio firms. We use dynamic panel data techniques to account for unobserved firm heterogeneity and endogeneity of private equity backed buyouts and expansion financing, and apply our framework to a large panel data set of firms in the UK and France. In both countries, we find that portfolio firms are characterized by higher investment levels and fewer financial constraints after expansion financing. In the UK, private equity backed buyouts outperform non-private equity backed firms in terms of both indicators.

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