Arbeitspapier
Private Equity, Investment and Financial Constraints – Firm-Level Evidence for France and the United Kingdom
The welfare effects of private equity transactions are debated controversially. We analyze the impact of expansion financing and buyouts by private equity investors on investment of portfolio firms in the UK and France - two countries with different financial systems. Unobserved heterogeneity and the endogeneity of private equity transactions financed by venture capital companies are addressed using dynamic panel data techniques. In both countries we find that portfolio firms display higher investment levels and a lower dependence on internal funds after expansion financing. Buyouts financed by venture capital companies are neither associated with a decrease in investment spending nor with an increase in the dependence on internal finance. In contrary, private equity based buyouts in the UK outperform non-private equity backed British firms in terms of both indicators. Contrasting the notion of several policy makers,we cannot detect that private equity based buyout financing yields higher financial constraints on average.
- ISBN
-
978-3-86788-141-8
- Sprache
-
Englisch
- Erschienen in
-
Series: Ruhr Economic Papers ; No. 126
- Klassifikation
-
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors
- Thema
-
Investment
financial constraints
private equity
Private Equity
Übernahme
Unternehmensentwicklung
Investition
Verschuldungsrestriktion
Vergleich
Finanzsektor
Großbritannien
Frankreich
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Engel, Dirk
Stiebale, Joel
- Ereignis
-
Veröffentlichung
- (wer)
-
Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
- (wo)
-
Essen
- (wann)
-
2009
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:42 MEZ
Datenpartner
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Engel, Dirk
- Stiebale, Joel
- Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI)
Entstanden
- 2009
Ähnliche Objekte (12)
Private Equity, Investment and Financial Constraints – Firm-Level Evidence for France and the United Kingdom
Exporters and credit constraints. A firm-level approach
Employment adjustment and financial constraints: Evidence from firm-level data
Equity market liberalization, credit constraints and income inequality
Financing Constraints, Home Equity and Selection into Entrepreneurship
Equity market liberalization, credit constraints and income inequality
Equity market liberalization, credit constraints and income inequality
Financial constraints in China: firm-level evidence
The COVID-19 shock and equity shortfall: firm-level evidence from Italy
The COVID-19 shock and equity shortfall: Firm-level evidence from Italy
The interplay between green policy, electricity prices, financial constraints and jobs: Firm-level evidence
On the Causes of Soft Budget Constraints: Firm-Level Evidence from Bulgaria and Romania
Private Equity, Investment and Financial Constraints – Firm-Level Evidence for France and the United Kingdom
Exporters and credit constraints. A firm-level approach
Employment adjustment and financial constraints: Evidence from firm-level data
Equity market liberalization, credit constraints and income inequality
Financing Constraints, Home Equity and Selection into Entrepreneurship
Equity market liberalization, credit constraints and income inequality
Equity market liberalization, credit constraints and income inequality
Financial constraints in China: firm-level evidence
The COVID-19 shock and equity shortfall: firm-level evidence from Italy
The COVID-19 shock and equity shortfall: Firm-level evidence from Italy
The interplay between green policy, electricity prices, financial constraints and jobs: Firm-level evidence
On the Causes of Soft Budget Constraints: Firm-Level Evidence from Bulgaria and Romania
Private Equity, Investment and Financial Constraints – Firm-Level Evidence for France and the United Kingdom
Exporters and credit constraints. A firm-level approach
Employment adjustment and financial constraints: Evidence from firm-level data
Equity market liberalization, credit constraints and income inequality
Financing Constraints, Home Equity and Selection into Entrepreneurship
Equity market liberalization, credit constraints and income inequality
Equity market liberalization, credit constraints and income inequality
Financial constraints in China: firm-level evidence
The COVID-19 shock and equity shortfall: firm-level evidence from Italy
The COVID-19 shock and equity shortfall: Firm-level evidence from Italy
The interplay between green policy, electricity prices, financial constraints and jobs: Firm-level evidence