188
Views
0
CrossRef citations to date
0
Altmetric
Research Article

Determinants of the performance of private equity backed SMEs: an empirical analysis at the European level

ORCID Icon, &
Article: 2271058 | Received 28 Dec 2021, Accepted 02 Oct 2023, Published online: 23 Apr 2024

References

  • Acharya, V., Gottschalg, O., Hahn, M., & Kehoe, C. (2013). Corporate governance and value creation: Evidence from private equity. The Review of Financial Studies, 26(2), 368–402.
  • Achleitner, A-K., Betzer, A., & Gider, J. (2010). Do corporate governance motives drive hedge fund and private equity fund activities? European Financial Management, 16(5), 805–828. https://doi.org/10.1111/j.1468-036X.2010.00557.x
  • Achleitner, A.‐K., Schraml, S., & Tappeiner, F. (2008). Private equity minority investments in large family firms: What influences the attitude of family firm owners? SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1299573
  • Arteche, L., Prado, C., & Fernandez, A. (2020). Value creation in Private Equity-backed family firms: A regression analysis. Revista Espacios. Available at: https://www.revistaespacios.com/a20v41n27/a20v41n27p12.pdf
  • Bain & Company. (2021). Global private equity report. Bain & Company.
  • Bansraj, D., Smit, H., & Volosovych, V. (2020). Can private equity funds act as strategic buyers? Evidence from buy-and-build strategies. SSRN Working Paper. Retrieved from https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3646984
  • Baporikar, N. (2015). Role of Entrepreneurship in the Networked Indian Economy, in Technological Solutions for Sustainable Business Practice in Asia, Pablos, P. (eds), IGT Global, USA.
  • Battistin, E., Bortoluzzi, P., Buttignon, F., & Vedovato, M. (2017). Minority and majority private equity investments: Firm performance and governance. Journal of Management & Governance, 21(3), 659–684. https://doi.org/10.1007/s10997-016-9364-2
  • Bena, J., & Ortiz-Molina, H. (2013). Pyramidal ownership and the creation of new firms. Journal of Financial Economics, 108(3), 798–821. https://doi.org/10.1016/j.jfineco.2013.01.009
  • Bernstein, S., Lerner, J., Sorensen, M., & Stromberg, P. (2010). Private equity and industry performance. SSRN Electronic Journal. Private equity and industry performance, NBER Working Paper 15632, (Harvard Business School).
  • Bernstein, S., & Sheen, A. (2016). The operational consequences of private equity buyouts: Evidence from the restaurant industry. Review of Financial Studies, 29(9), 2387–2418. https://doi.org/10.1093/rfs/hhw037
  • Berrone, P., Cruz, C., & Gomez-Mejia, L. R. (2012). Socioemotional wealth in family firms: Theoretical dimensions, assessment approaches, and agenda for future research. Family Business Review, 25(3), 258–279. https://doi.org/10.1177/0894486511435355
  • Brettel, M., Breuer, W., Espel, P., & Abedin, A. (2009). Private equity for SME: A behavioural model of the demand-side perspective. Available at: https://ssrn.com/abstract=1141068
  • Caselli, S., & Negri, G. (2021). Private equity and venture capital in Europe: Markets, techniques, and deals (3rd ed.). Elsevier BV. ISBN: 9780323854016.
  • Croce, A., & Marti, J. (2016). Productivity growth in private equity-backed family firms. Entrepreneurship: Theory and Practice, 40(3), 657–683. https://ssrn.com/abstract=2488415
  • Croce, A., Marti, J., & Murtinu, S. (2013). The impact of venture capital on the productivity growth of European entrepreneurial firms: ‘Screening’ or ‘value added’ effect? Journal of Business Venturing, 28(4), 489–510. https://doi.org/10.1016/j.jbusvent.2012.06.001
  • Dawson, A. (2011). Private equity investment decisions in family firms: The role of human resources and agency costs. Journal of Business Venturing, 26(2), 189–199. https://doi.org/10.1016/j.jbusvent.2009.05.004
  • Dushnitsky, G., & Lenox, M. (2006). When does corporate venture capital investment create firm value? Journal of Business Venturing, 21(6), 753–772. https://doi.org/10.1016/j.jbusvent.2005.04.012
  • Dyck, A., & Pomorski, L. (2016). Investor scale and performance in private equity investments. Review of Finance, 20(3), 1081–1106. https://doi.org/10.1093/rof/rfv030
  • Henn, M., & Lutz, E. (2017). Private equity in family firms: Drivers of the willingness to cede control. The Journal of Entrepreneurial Finance, 18(2), 1–28. https://doi.org/10.57229/2373-1761.1293
  • Holderness, C. G., & Sheehan, D. P. (1998). Journal of Financial Economics, 20(1-2), 317–346.
  • Jensen, M. (1989). The eclipse of the public corporation. Harvard Business Review.
  • Kaplan, S., & Stromberg, P. (2009). Leverage buyouts and private equity. Journal of Economic Perspectives, 23(1), 121–146. https://doi.org/10.1257/jep.23.1.121
  • Lahmann, A., Stranz, W., & Velamuri, V. (2017). Value creation in SME private equity buy-outs. Qualitative Research in Financial Markets, 9(1), 2–33. https://doi.org/10.1108/QRFM-01-2016-0004
  • Marti, J., Menendez-Requejo, S., & Rottke, O. (2013). The impact of venture capital on family businesses: Evidence from Spain. Journal of World Business, 48(3), 420–430. https://doi.org/10.1016/j.jwb.2012.07.025
  • Meles, A., Monferrà, S., & Verdoliva, V. (2014). Do the effects of private equity investments on firm performance persist over time? Applied Financial Economics, 24(3), 203–218. https://doi.org/10.1080/09603107.2013.872758
  • Modigliani, F., & Miller, M. H. (1963). Corporate income taxes and the cost of capital: A correction. The American Economic Review, 53, 433–443.
  • PWC. (2021). Private equity trend report. Retrieved from https://www.pwc.de/de/private-equity/private-equity-trend-report-2021.html
  • Rajan, R. G., & Zingales, L. (1998). Financial dependence and growth. The American Economic Review, 88(3), 559–586
  • Salerno, D. (2019). Does the private equity financing improve performance in family SMEs? Journal of Family Business Management, 9(1), 110–124. https://doi.org/10.1108/JFBM-12-2017-0046
  • Shepherd, D., & Zacharakis, A. (2002). Venture capitalists expertise: A call for research into decision aids and cognitive feedback. Journal of Business Venturing, 17(1), 1–20. https://doi.org/10.1016/S0883-9026(00)00051-3
  • Shepherd, D.A., Zacharakis, A., & Baron, R.A. (2003). VCs’ decision processes: evidence suggesting more experience may not always be better. Journal Bus Venturing, 18(2003), 381–401.