Private equity buyouts and firm exports: evidence from UK firms

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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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: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
College of Social Sciences > Adam Smith Business School > Accounting and Finance
Publisher:Bank for International Settlements
Published Online:17 August 2021

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