Private Equity Buyouts, Credit Constraints, and Firm Exports

Lavery, P. , Serena, J.-M., Spaliara, M. E. and Tsoukas, S. (2021) Private Equity Buyouts, Credit Constraints, and Firm Exports. Working Paper. EconPapers.

Full text not currently available from Enlighten.

Publisher's URL: https://econpapers.repec.org/RePEc:gla:glaewp:2021_06

Abstract

We analyse the impact of private equity buyouts on firm exports, on a panel of UK non-financial firms over 2004-2017. Using difference-in-differences estimations, we show that private equity ownership increases the probability of exporting, the value of exports, and the export to sales ratio. We further show that the positive impact of private equity ownership on exports holds only after private-to-private buyouts, or acquisitions of small or young target firms. Our findings suggest that private equity investors mitigate the credit constraints faced by their portfolio companies, hence boosting their exports.

Item Type:Research Reports or Papers (Working Paper)
Status:Published
Glasgow Author(s) Enlighten ID:Spaliara, Professor Marina Eliza and Tsoukas, Professor Serafeim and Lavery, Dr Paul
Authors: Lavery, P., Serena, J.-M., Spaliara, M. E., and Tsoukas, S.
Subjects:H Social Sciences > HG Finance
College/School:College of Social Sciences > Adam Smith Business School > Economics
Publisher:EconPapers

University Staff: Request a correction | Enlighten Editors: Update this record