Lavery, P. , Serena, J.-M., Spaliara, M.-E. and Tsoukas, S. (2021) Private equity buyouts and firm exports: evidence from UK firms. Project Report. SUERF.
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Publisher's URL: https://www.suerf.org/suer-policy-brief/35293/private-equity-buyouts-and-firm-exports-evidence-from-uk-firms
Abstract
We assess the impact of private equity buyouts on the export behaviour of target firms exploiting data on UK firms over the 2004-2017 period. We provide evidence that following private equity (PE) buyouts, non-exporting firms are more likely to begin exporting relative to their non-PE backed counterparts and they are more likely to increase their value of exports and their export intensity. Further, when we perform a split-sample analysis, our results signal the importance of the credit constraints and the productivity channels. This suggests that PE investors add value to their portfolio firms by easing their financial constraints and improving their productivity.
Item Type: | Research Reports or Papers (Project Report) |
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Additional Information: | SUERF Policy Brief, No 212. |
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: | SUERF |
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