Determinants of International Buyout Investments

Serdar Aldatmaz, Greg W. Brown and Asli Demirguc-Kunt

Journal of Financial and Quantitative Analysis, 2023, vol. 58, issue 2, 875-913

Abstract: Using a proprietary data set on international private equity activity, we study the determinants of buyout investments across 61 countries and 19 industries over the period of 1990 to 2017. We find that countries with cyclically strong economies, more active stock and credit markets, and better rule of law experience more buyout activity. Countries also receive more buyout capital following investor protection and contract enforcement reforms. The set of determinants we identify appear somewhat unique to buyout investments, because other forms of investment such as foreign direct investment, gross capital formation, investments in R&D, and M&A activity do not respond similarly to these factors.

Date: 2023
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Working Paper: Determinants of International Buyout Investments (2020)
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