Lavery, P., Serena, J.-M., Spaliara, M. E. and Tsoukas, S. (2021) Private Equity Buyouts, Credit Constraints, and Firm Exports. Working Paper. EconPapers.
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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) |
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Status: | Published |
Glasgow Author(s) Enlighten ID: | 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 > Economics |
Publisher: | EconPapers |
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