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

• 成果类型: Article
• 署名作者: Castellaneta, Francesco; Gottschalg, Oliver
• 署名单位: Universidade Catolica Portuguesa; Hautes Etudes Commerciales (HEC) Paris
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.2336
• 发表日期: 2016
• 页码: 330-348
• 关键词: corporate effects; PRIVATE EQUITY; variance decomposition; MULTILEVEL ANALYSIS; firm performance

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.