Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/334008 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
ETLA Report No. 168
Verlag: 
The Research Institute of the Finnish Economy (ETLA), Helsinki
Zusammenfassung: 
Growth in employment and productivity is concentrated in private equity-backed business groups and, to a lesser degree, in foreign-owned ones. No corresponding impact is observed for domestic ownership. Given that both private equity and foreign ownership are relatively uncommon, it is crucial to account for selection effects - that is, whether these investors are simply adept at picking superior targets. Nevertheless, our analysis indicates that these ownership changes themselves cause growth. This points to the role of active and engaged ownership, driven by exceptionally skilled individuals with strong financial incentives to pursue growth. When developing Finland's business finance ecosystem, greater emphasis should be placed on the quality of ownership, not merely on capital availability or the number of owners. In light of these findings, policies that incentivize business angels and private equity investors, as well as those that foster the accumulation of private wealth and its channeling into high-growth enterprises, appear prudent.
Schlagwörter: 
Firm growth
Corporate finance
Equity finance
Ownership structure
Private equity
JEL: 
G24
G32
G34
L25
Dokumentart: 
Research Report

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