Lavery, P. , Serena, J.-M., Spaliara, M.-E. and Tsoukas, S. (2021) Private equity buyouts and firm exports: evidence from UK firms. Working Paper. Bank for International Settlements.
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Publisher's URL: https://www.bis.org/publ/work961.pdf
Abstract
This paper examines the impact of private equity buyouts on the export activity of target firms. We exploit data on UK firms over the 2004-2017 period, and use difference-in-differences estimations on matched target versus non-target firms. Following private equity buyouts, non-exporting firms are more likely to begin exporting, and target firms are likewise more likely to increase their value of exports and their export intensity. Evidence from split-sample analysis further suggests that these patterns are consistent with private equity investors relaxing financial constraints and inducing productivity improvements.
| Item Type: | Research Reports or Papers (Working Paper) |
|---|---|
| Additional Information: | BIS Working Paper series No 961. |
| Status: | Published |
| Refereed: | Yes |
| Glasgow Author(s) Enlighten ID: | Lavery, Dr Paul and Spaliara, Professor Marina Eliza and Tsoukas, Professor Serafeim |
| 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 > Accounting and Finance College of Social Sciences > Adam Smith Business School > Economics |
| Publisher: | Bank for International Settlements |
| Published Online: | 17 August 2021 |
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