The real effects of private equity buyouts : a meta-analysis
- Author
- Jeroen Verbouw (UGent) , Miguel Meuleman (UGent) and Sophie Manigart (UGent)
- Organization
- Project
- Abstract
- Using a meta-analytical approach, this study reviews the fragmented and contradictory empirical literature on the real effects of private equity (PE) on their portfolio companies, focusing on post-buyout operating performance and employment. Based upon 330 samples including 403,820 firms, we find a positive PE effect on operating performance in the medium-to-long term, but no effect on employment. Interestingly, performance gains are stronger in private-to-private buyouts compared to public-to-private buyouts. Countries with strong investor protection laws or with individualistic cultures facilitate larger operating performance gains, while employees are better off in countries with more stringent employee protection laws or with collectivistic cultures.
- Keywords
- private equity, real effects, growth, efficiency, employment, meta-analysis
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Citation
Please use this url to cite or link to this publication: http://hdl.handle.net/1854/LU-8736864
- MLA
- Verbouw, Jeroen, et al. “The Real Effects of Private Equity Buyouts : A Meta-Analysis.” ACADEMY OF MANAGEMENT ANNUAL MEETING PROCEEDINGS, vol. 2021, no. 1, 2021, doi:10.5465/AMBPP.2021.14309abstract.
- APA
- Verbouw, J., Meuleman, M., & Manigart, S. (2021). The real effects of private equity buyouts : a meta-analysis. ACADEMY OF MANAGEMENT ANNUAL MEETING PROCEEDINGS, 2021(1). https://doi.org/10.5465/AMBPP.2021.14309abstract
- Chicago author-date
- Verbouw, Jeroen, Miguel Meuleman, and Sophie Manigart. 2021. “The Real Effects of Private Equity Buyouts : A Meta-Analysis.” In ACADEMY OF MANAGEMENT ANNUAL MEETING PROCEEDINGS. Vol. 2021. https://doi.org/10.5465/AMBPP.2021.14309abstract.
- Chicago author-date (all authors)
- Verbouw, Jeroen, Miguel Meuleman, and Sophie Manigart. 2021. “The Real Effects of Private Equity Buyouts : A Meta-Analysis.” In ACADEMY OF MANAGEMENT ANNUAL MEETING PROCEEDINGS. Vol. 2021. doi:10.5465/AMBPP.2021.14309abstract.
- Vancouver
- 1.Verbouw J, Meuleman M, Manigart S. The real effects of private equity buyouts : a meta-analysis. In: ACADEMY OF MANAGEMENT ANNUAL MEETING PROCEEDINGS. 2021.
- IEEE
- [1]J. Verbouw, M. Meuleman, and S. Manigart, “The real effects of private equity buyouts : a meta-analysis,” in ACADEMY OF MANAGEMENT ANNUAL MEETING PROCEEDINGS, online, 2021, vol. 2021, no. 1.
@inproceedings{8736864,
abstract = {{Using a meta-analytical approach, this study reviews the fragmented and contradictory empirical literature on the real effects of private equity (PE) on their portfolio companies, focusing on post-buyout operating performance and employment. Based upon 330 samples including 403,820 firms, we find a positive PE effect on operating performance in the medium-to-long term, but no effect on employment. Interestingly, performance gains are stronger in private-to-private buyouts compared to public-to-private buyouts. Countries with strong investor protection laws or with individualistic cultures facilitate larger operating performance gains, while employees are better off in countries with more stringent employee protection laws or with collectivistic cultures.}},
articleno = {{14309}},
author = {{Verbouw, Jeroen and Meuleman, Miguel and Manigart, Sophie}},
booktitle = {{ACADEMY OF MANAGEMENT ANNUAL MEETING PROCEEDINGS}},
issn = {{0065-0668}},
keywords = {{private equity,real effects,growth,efficiency,employment,meta-analysis}},
language = {{eng}},
location = {{online}},
number = {{1}},
pages = {{39}},
title = {{The real effects of private equity buyouts : a meta-analysis}},
url = {{http://doi.org/10.5465/AMBPP.2021.14309abstract}},
volume = {{2021}},
year = {{2021}},
}
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