“…Until Fang and Leeds, 2008a, b). The international literature shows that active private equity ownership improves managerial behavior and accountability (Acharya et al, 2009;Kaplan and Stromberg, 2009, p. 131). Private equity owners are also more active in operational engineering -initiating operational and strategic change such as value creation plans, acquisitions, divestitures, strategic repositioning, new product development, and so forth (Acharya et al, 2009;Bernstein et al, 2009;Nikoskelainen and Wright, 2007).…”