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

被引：27
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
收藏
页码：330 / 348
页数：19
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