Private equity buyouts and firm exports: evidence from UK firms
Jose Maria Serena Garralda and
No 961, BIS Working Papers from Bank for International Settlements
This paper examines the impact of private equity buyouts on the export activity of target firms. We exploit data on UK firms over the 2004-2017 period, and use difference-in-differences estimations on matched target versus non-target firms. Following private equity buyouts, non-exporting firms are more likely to begin exporting, and target firms are likewise more likely to increase their value of exports and their export intensity. Evidence from split-sample analysis further suggests that these patterns are consistent with private equity investors relaxing financial constraints and inducing productivity improvements.
Keywords: private equity buyouts; exporting; financial constraints; transactions (search for similar items in EconPapers)
JEL-codes: G32 G34 (search for similar items in EconPapers)
Pages: 70 pages
New Economics Papers: this item is included in nep-bec, nep-cfn, nep-eur, nep-fdg, nep-fmk, nep-int, nep-isf and nep-sbm
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Persistent link: https://EconPapers.repec.org/RePEc:bis:biswps:961
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