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Private equity buyouts and firm exports: evidence from UK firms

Paul Lavery, Jose Maria Serena Garralda and Marina-Eliza Spaliara

No 961, BIS Working Papers from Bank for International Settlements

Abstract: 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
Date: 2021-08
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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