Wilson, N orcid.org/0000-0001-5250-9894, Amini, S orcid.org/0000-0003-2719-8267 and Wright, M (2022) Determining the Characteristics of the Private Equity Targets: UK Evidence. British Journal of Management, 33 (1). pp. 138-159. ISSN 1045-3172
Abstract
Academic research on private equity (PE) has been concerned with the management of PE funds, the returns to investors from investments in PE relative to the returns available in public equity markets and, more predominantly, the analysis of the post-investment performance of PE portfolio firms. There has been less research on how PE firms select their investments and the characteristics of their targeted firms. We derive hypotheses, from an agency perspective, on the firm-level characteristics of PE-targeted firms. Utilizing data on the population of private companies in the UK, we identify those firms that have received PE investment from the pool of potential investees within the population of private companies and known buyouts, and examine their pre-investment characteristics. Using panel logit regression, we estimate multivariate models determining the probability of PE acquisition and examine the multivariate profiles of targeted firms in relation to our hypotheses on PE selection.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2021 The Authors. British Journal of Management published by John Wiley & Sons Ltd on behalf of British Academy of Management. This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License, which permits use and distribution in any medium, provided the original work is properly cited, the use is non-commercial and no modifications or adaptations are made. |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Accounting & Finance Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 22 Apr 2021 15:43 |
Last Modified: | 25 Jun 2023 22:38 |
Status: | Published |
Publisher: | Wiley |
Identification Number: | 10.1111/1467-8551.12518 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:173295 |