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Private equity,investment and financial constraints: firm-level evidence for France and the United Kingdom |
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| Authors: | Dirk Engel Joel Stiebale |
| Affiliation: | 1. University of Applied Sciences Stralsund, Stralsund, Germany 3. Rheinisch-Westf?lisches Institut für Wirtschaftsforschung (RWI), Essen, Germany 2. Nottingham University Business School, University of Nottingham, Jubilee Campus, South Building, Wollaton Road, Nottingham, NG8 1BB, UK 4. Nottingham Centre for Research on Globalisation and Economic Policy (GEP), University of Nottingham, Nottingham, UK |
| Abstract: | 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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