國立虎尾科技大學 |

Do Pe-Backed Firms Underperform in the Long-Run? : = Evidence on the Post-Exit Operating Performance of Pe-Backed French Firms.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Do Pe-Backed Firms Underperform in the Long-Run? :/
Reminder of title:	Evidence on the Post-Exit Operating Performance of Pe-Backed French Firms.
Author:	Moreira, Carlos Miguel Magalhaes.
Description:	1 online resource (84 pages)
Notes:	Source: Masters Abstracts International, Volume: 85-07.
Contained By:	Masters Abstracts International85-07.
Subject:	Engineering. -
Online resource:	click for full text (PQDT)
ISBN:	9798381266238

Do Pe-Backed Firms Underperform in the Long-Run? : = Evidence on the Post-Exit Operating Performance of Pe-Backed French Firms.
Moreira, Carlos Miguel Magalhaes.

Do Pe-Backed Firms Underperform in the Long-Run? :Evidence on the Post-Exit Operating Performance of Pe-Backed French Firms. - 1 online resource (84 pages)

Source: Masters Abstracts International, Volume: 85-07.

Thesis (Master's)--Universidade Catolica Portuguesa (Portugal), 2013.

Includes bibliographical references

We study the post-exit performance of formerly PE-Backed firms using a novel hand collected sample of 90 French firms with exits either through trade sale or IPO in the period between 2001 and 2010. This study represents an attempt to improve the understanding of the long-term impact of Private Equity investments in portfolio companies. Our main finding is of a comparable to slightly worse operating performance measured by EBITDA Margin, ROIC and ROA relative to an industry and size matched control group of firms never PE-Backed in the three years post-exit. We find evidence suggesting that the decline in performance is higher for trade sales, for secondary buy-outs and for smaller firms. The relative poor performance seems to be driven by a deteriorating working capital management and rising material costs in percentage of sales. In addition, we find little support for previous criticism that Private Equity firms increase their returns at the expenses of the long-term value of portfolio companies as illustrated by the lack of significant change in sales growth adjusted by our control group. Our findings are more consistent with an erosion of Private-Equity mechanisms of improved governance, monitoring and operational efficiency.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2024

Mode of access: World Wide Web

ISBN: 9798381266238Subjects--Topical Terms:

561152
Engineering.
Index Terms--Genre/Form:

554714
Electronic books.

Do Pe-Backed Firms Underperform in the Long-Run? : = Evidence on the Post-Exit Operating Performance of Pe-Backed French Firms.
LDR:04010ntm a22004097 4500 001 1149085
005 20240930130043.5
006 m o d
007 cr bn ---uuuuu
008 250605s2013 xx obm 000 0 eng d
020 $a 9798381266238
035 $a (MiAaPQ)AAI30794822
035 $a (MiAaPQ)Portugal104001416779
035 $a AAI30794822
040 $a MiAaPQ $b eng $c MiAaPQ $d NTU
100 1 $a Moreira, Carlos Miguel Magalhaes. $3 1475228
245 1 0 $a Do Pe-Backed Firms Underperform in the Long-Run? : $b Evidence on the Post-Exit Operating Performance of Pe-Backed French Firms.
264 0 $c 2013
300 $a 1 online resource (84 pages)
336 $a text $b txt $2 rdacontent
337 $a computer $b c $2 rdamedia
338 $a online resource $b cr $2 rdacarrier
500 $a Source: Masters Abstracts International, Volume: 85-07.
500 $a Advisor: Bunkanwanicha, Pramuan.
502 $a Thesis (Master's)--Universidade Catolica Portuguesa (Portugal), 2013.
504 $a Includes bibliographical references
520 $a We study the post-exit performance of formerly PE-Backed firms using a novel hand collected sample of 90 French firms with exits either through trade sale or IPO in the period between 2001 and 2010. This study represents an attempt to improve the understanding of the long-term impact of Private Equity investments in portfolio companies. Our main finding is of a comparable to slightly worse operating performance measured by EBITDA Margin, ROIC and ROA relative to an industry and size matched control group of firms never PE-Backed in the three years post-exit. We find evidence suggesting that the decline in performance is higher for trade sales, for secondary buy-outs and for smaller firms. The relative poor performance seems to be driven by a deteriorating working capital management and rising material costs in percentage of sales. In addition, we find little support for previous criticism that Private Equity firms increase their returns at the expenses of the long-term value of portfolio companies as illustrated by the lack of significant change in sales growth adjusted by our control group. Our findings are more consistent with an erosion of Private-Equity mechanisms of improved governance, monitoring and operational efficiency.
520 $a Cette etude concerne la performance a long terme des entreprises acquises par des fonds de Private Equity. Avec un nouvel echantillon de 90 entreprises Francaises qui ont sortie le portefeuille des fonds de Private Equity entre 2001 et 2010, nous essayons d'ameliorer la comprehension de cette problematique. Nous constatons qu'apres la sortie des fonds de Private Equity, les entreprises de notre echantillon ont une evolution comparable ou legerement plus faible en termes d'EBITDA Margin, ROIC et ROA par rapport a un groupe de control d'entreprises dans la meme industrie et avec taille comparable qui n'avaient jamais ete acquises par un fond Private Equity. La reduction de performance est la plus grande pour les investissements sortis par trade sale, les entreprises qui ont ete rachetees par des fonds de Private Equity plus qu'une fois et aussi les plus petites entreprises. De plus, nous avons trouve evidence que la baisse de performance est causee par une plus faible gestion des fonds de roulement et par l'augmentation des couts de materiaux. Pour conclure, nous fournissons evidence que la reduction de performance est mieux expliquee par l'erosion des mecanismes superieures introduits par des entreprises de Private Equitypendant la periode de « buy-out » que par une exploitation opportuniste des entreprises de son portefeuille.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2024
538 $a Mode of access: World Wide Web
650 4 $a Engineering. $3 561152
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0537
690 $a 0272
690 $a 0310
690 $a 0508
690 $a 0629
690 $a 0454
690 $a 0338
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a Universidade Catolica Portuguesa (Portugal). $3 1469780
773 0 $t Masters Abstracts International $g 85-07.
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30794822 $z click for full text (PQDT)