Drivers of LBO Operating Performance: An Empirical Investigation in Asia

Aurélie Sannajust () and Alain Chevalier ()
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Aurélie Sannajust: COACTIS
Alain Chevalier: Finance Department-ESCP Europe

Chapter Chapter 3 in Handbook of Recent Advances in Commodity and Financial Modeling, 2018, pp 41-67 from Springer

Abstract: Abstract We extend our worldwide research on private equity by studying the drivers of LBO operating performance in Asia. We consider a large set of candidate drivers (financial, governance, macroeconomic, cultural, microeconomics and industry variables) and study their effects on performance over the short- and long-terms. To conduct our study, we use Capital IQ as a data base as well as a hand collected dataset covering LBOs in Asia. We contribute to the current literature by doing an investigation of the impact of macroeconomic factors on the performance of LBOs in Asia. We use a sample of 156 LBO transactions which occurred between 2000 and 2010. Our results show that GDP growth, industry growth, and market return are important drivers that significantly contribute to create value in LBOs.

Keywords: Asia; Going private; Delisting; Drivers; Central state ownership; Macroeconomic variables (search for similar items in EconPapers)
JEL-codes: G24 G34 (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:spr:isochp:978-3-319-61320-8_3

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DOI: 10.1007/978-3-319-61320-8_3

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