Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/29944 
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dc.contributor.authorEngel, Dirken
dc.contributor.authorStiebale, Joelen
dc.date.accessioned2009-07-30-
dc.date.accessioned2010-02-12T15:25:37Z-
dc.date.available2010-02-12T15:25:37Z-
dc.date.issued2009-
dc.identifier.isbn978-3-86788-141-8en
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
dc.language.isoengen
dc.publisher|aRheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI) |cEssenen
dc.relation.ispartofseries|aRuhr Economic Papers |x126en
dc.subject.jelG32en
dc.subject.jelD92en
dc.subject.jelG23en
dc.subject.ddc330en
dc.subject.keywordInvestmenten
dc.subject.keywordfinancial constraintsen
dc.subject.keywordprivate equityen
dc.subject.stwPrivate Equityen
dc.subject.stwÜbernahmeen
dc.subject.stwUnternehmensentwicklungen
dc.subject.stwInvestitionen
dc.subject.stwVerschuldungsrestriktionen
dc.subject.stwVergleichen
dc.subject.stwFinanzsektoren
dc.subject.stwGroßbritannienen
dc.subject.stwFrankreichen
dc.titlePrivate Equity, Investment and Financial Constraints – Firm-Level Evidence for France and the United Kingdom-
dc.typeWorking Paperen
dc.identifier.ppn605642877en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:zbw:rwirep:126en

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