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. 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)
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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