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

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Do Pe-Backed Firms Underperform in the Long-Run? :/
其他題名:	Evidence on the Post-Exit Operating Performance of Pe-Backed French Firms.
作者:	Moreira, Carlos Miguel Magalhaes.
面頁冊數:	1 online resource (84 pages)
附註:	Source: Masters Abstracts International, Volume: 85-07.
Contained By:	Masters Abstracts International85-07.
標題:	Finance. -
電子資源:	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:

559073
Finance.
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.
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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.
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