EconStor >
Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI), Essen >
Ruhr Economic Papers, RWI >

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10419/29944
  

Full metadata record

DC FieldValueLanguage
dc.contributor.authorEngel, Dirken_US
dc.contributor.authorStiebale, Joelen_US
dc.date.accessioned2009-07-30en_US
dc.date.accessioned2010-02-12T15:25:37Z-
dc.date.available2010-02-12T15:25:37Z-
dc.date.issued2009en_US
dc.identifier.isbn978-3-86788-141-8en_US
dc.identifier.urihttp://hdl.handle.net/10419/29944-
dc.description.abstractThe welfare effects of private equity transactions are debated controversially. We analyze the impact of expansion financing and buyouts by private equity investors on investment of portfolio firms in the UK and France - two countries with different financial systems. Unobserved heterogeneity and the endogeneity of private equity transactions financed by venture capital companies are addressed using dynamic panel data techniques. In both countries we find that portfolio firms display higher investment levels and a lower dependence on internal funds after expansion financing. Buyouts financed by venture capital companies are neither associated with a decrease in investment spending nor with an increase in the dependence on internal finance. In contrary, private equity based buyouts in the UK outperform non-private equity backed British firms in terms of both indicators. Contrasting the notion of several policy makers,we cannot detect that private equity based buyout financing yields higher financial constraints on average.en_US
dc.language.isoengen_US
dc.publisherRWI Essenen_US
dc.relation.ispartofseriesRuhr economic papers 126en_US
dc.subject.jelG32en_US
dc.subject.jelD92en_US
dc.subject.jelG23en_US
dc.subject.ddc330en_US
dc.subject.keywordInvestmenten_US
dc.subject.keywordfinancial constraintsen_US
dc.subject.keywordprivate equityen_US
dc.subject.stwPrivate Equityen_US
dc.subject.stwÜbernahmeen_US
dc.subject.stwUnternehmensentwicklungen_US
dc.subject.stwInvestitionen_US
dc.subject.stwVerschuldungsrestriktionen_US
dc.subject.stwVergleichen_US
dc.subject.stwFinanzsektoren_US
dc.subject.stwGroßbritannienen_US
dc.subject.stwFrankreichen_US
dc.titlePrivate equity, investment and financial constraints: firm-level evidence for France and the United Kingdomen_US
dc.typeWorking Paperen_US
dc.identifier.ppn605642877en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Ruhr Economic Papers, RWI
Publikationen von Forscherinnen und Forschern des RWI

Files in This Item:
File Description SizeFormat
605642877.PDF207.43 kBAdobe PDF
No. of Downloads: Counter Stats
Show simple item record
Download bibliographical data as: BibTeX

Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.