Do the effects of private equity investments on firm performance persist over time?

Meles, Antonio; Monferrà, Stefano; Verdoliva, Vincenzo

doi:10.1080/09603107.2013.872758

Cited by 11 publications

(14 citation statements)

References 50 publications

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“…in Column 4 the coefficient is À0.304 and t is À5.68) between a firm's leverage and its IC performance, consistent with the findings reported by several empirical studies on firm operating performance (e.g. Meles et al, 2014) and according to the theoretical prediction that higher leverage leads to higher agency costs because of the conflicting interests between shareholders and debt-holders (Jensen and Meckling, 1976;Myers, 1977).…”

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confidence: 87%

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Does location in a science park really matter for firms’ intellectual capital performance?

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Meles

Verdoliva

et al. 2014

Journal of Intellectual Capital

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Purpose – The purpose of this paper is to investigate the effect of being located in a science park (SP) on the level of a firm's intellectual capital (IC) performance. Design/methodology/approach – Using a sample of 183 Italian firms (i.e. 61 tenant and 122 non-tenant firms), and through the GLS technique, the authors regress the firms’ IC performance across various explicative variables including a dummy that discriminates tenant and non-tenant firms. Findings – Consistently with expectations, the results show that the location of a firm in a SP leads to improved IC performance. Moreover, the authors find that some other firm characteristics, such as size, age, and leverage, are important predictors of its IC-based performance. Research limitations/implications – The sample is small and the impact on performance might be biased by factors related to the regional context (e.g. level of industrialization, quality of education, and science system). Practical implications – Implications for policy makers: support the growth of firms in SPs especially in those industries full of firms with scarce performance in IC. Implications for SP managers: they could “sell” (in terms of marketing) to both entrepreneurs to attract and policy makers this result. Implications for institutional investors: they should look at SPs with greater interest to find high-quality firms and improve their screening activity. Originality/value – This paper aims to extend literature about factors explaining the level of a firm's IC performance and the current understanding of the impact of SPs at firm level.

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confidence: 87%

“…They include a number of "firm-specific" characteristics commonly used in the analysis on a firm's performance as controls (e.g. El-Bannany, 2008;Meles et al, 2014). Firm size is calculated as the natural logarithm of a firm's total assets (Size).…”

Section: Independent Variablesmentioning

confidence: 99%

Does location in a science park really matter for firms’ intellectual capital performance?

Schiavone

Meles

Verdoliva

et al. 2014

Journal of Intellectual Capital

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“…In sum, selection and value-adding activities by PE investor usually improve the capabilities of the target firm, leading to an increased performance of funded firms during the investment period (e.g. Guo et al, 2011;Meles et al, 2014;Megginson et al, 2016). Indeed, most of the empirical studies confirm a positive relation between PE investments and firm's performance (e.g.…”

Section: The Role Of Pe Investor For Firms' Performancementioning

confidence: 99%

“…We include a number of "firm-specific" characteristics widely used in the analysis of operating performance as controls (e.g. Dushnitsky and Lenox, 2006;Meles et al, 2014). TA is the natural logarithm of the total asset, Age is the natural logarithm of a firm's age, CR is…”

Section: Firm's Performance Indicatormentioning

confidence: 99%

Does the private equity financing improve performance in family SMEs?

Salerno

2019

JFBM

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Purpose The purpose of this paper is to explore the relation between family involvement in ownership and the performance of private equity (PE)-backed SMEs. Design/methodology/approach Using a sample of 533 European PE-backed SMEs (i.e. 107 PE-backed family SMEs and 426 PE backed non-family SMEs), the author estimate the OLS model where a firms operating performance is a function of the presence or not of family shareholders, various other firm-specific characteristics, the experience of PE investor and a dummy for the financial crisis. To control the robustness of results, the author restrict the analysis to those firms that are incorporated in one of the 15 old member states of the European Union and the author include among the independent variables the one-year lagged values of the dependent variable. Findings The results show that PE-backed family SMEs outperform non-family PE-backed SMEs over the post-investment period. Originality/value This paper aims to extend literature about the link between PE backing and the involvement of family in ownership, considering European countries.

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“…Seven studies report no changes due to PE ownership (e.g. Cohn et al 2014;Goergen et al 2011Goergen et al , 2014Jelic & Wright 2011;Meles et al 2014;Wilson & Wright 2013;. We now highlight some variables of financial performance more precisely: profitability, efficiency, bankruptcy, and financial management.…”

Section: Ethical Issuesmentioning

confidence: 89%

Corporate Kangaroos in Care Strategy and performance of for-profit and private equity-owned care organizations

Bos¹

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Table of contents 5 tABle of Contents 1 introduction 1.1 Study background: neoliberalism 1.2 Commercialization of public service delivery 1.3 Multidimensional performance and strategy 1.4 Research questions and study outline 2 financial performance, employee well-being, and client wellbeing in for-profit and not-for-profit nursing homes: A systematic review Abstract 2.1 Introduction 2.2 Theoretical framework 2.3 Method 2.4 Results 2.5 Conclusions and implications 3 Just another business? Private equity in health services Abstract 3.1 Introduction 3.2 Conceptual framework 3.3 What we (do not) know about private equity in health services 3.4 Conclusions and future research opportunities 4 For-profit nursing homes in the Netherlands: what factors explain their rise? Abstract 4.1 Introduction 4.2 Theoretical framework 4.3 Institutional background 4.4 Methods and data 4.5 Results 4.6 Discussion and conclusions 5 What Happens to a nursing Home Chain when Private equity takes over? A longitudinal Case study Abstract 5.1 Introduction 6 Table of contents 5.2 Methods 5.3 Results 5.4 Conclusion 6 What happens when private equity takes over? two case studies in social care organizations Abstract 6.1 Introduction 6.2 Literature 6.3 Methods 6.4 Results 6.5 Conclusions and discussion 7 Conclusions and discussion 7.1 Introduction 7.2 Research model and study background 7.3 Answering the research questions 7.4 Main conclusions 7.5 Limitations of the study 7.6 Implications for theory and practicereferences Appendices Appendix A -Quality assessment of the studies (chapter 2) Appendix B -PRISMA checklist (chapter 2) Appendix C -Systematic review private equity literature (chapter 4) Appendix D -Golden Living chart (chapter 5) Appendix E -Operationalization performance dimensions Appendix F -Author contributions per chapter nederlandse samenvatting (Dutch summary) Dankwoord (acknowledgements in Dutch) About the author Public organizations acting business-likeFor public services, New Public Management (NPM) ideas became relevant in the 1980s. Neoliberalism formed the ideological and theoretical foundation for this NPM paradigm (Petersen & Hjelmar 2014). Efficiency, results orientation, customer orientation and value for money were placed on the agenda of administrative reform (e.g. Hood 1991;Hood & Peters 2004;Pollitt 2000). The traditional paradigm of public administration was regarded too weak and bureaucratic in its service provision (O'Flynn 2007;Pollitt & Bouckaert 2004). In their bestseller Reinventing Government. How the Entrepreneurial Spirit is Transforming the Public Sector, Osborne and Gaebler (1992) introduced a new style of government organizations using apparently universal business techniques.

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Do the effects of private equity investments on firm performance persist over time?

Cited by 11 publications

References 50 publications

Does location in a science park really matter for firms’ intellectual capital performance?

Does location in a science park really matter for firms’ intellectual capital performance?

Does the private equity financing improve performance in family SMEs?

Corporate Kangaroos in Care Strategy and performance of for-profit and private equity-owned care organizations

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