LBOs’ effects on innovation: evidence from France

Efectos de los LBO en la innovación: el caso de Francia

Anne-Laure Le Nadant and Frédéric Perdreau ()
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Frédéric Perdreau: COACTIS - COnception de l'ACTIon en Situation - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet - Saint-Étienne, Université de Lyon

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Abstract: Using Community Innovation Survey data from France, we provide an empirical anal- ysis of the innovative efforts of a sample of manufacturing firms that underwent a leveraged buyout. We find no evidence that LBOs have a negative effect on firm level of innovation expenditure. In contrast, results suggest that buyouts have a positive effect on incremental innovation and that private equity firms help to make innovation spending more effective and even more efficient. It could be that private equity firms help the company to focus on its core innovative capabilities and bring innovative products to the market without increasing innovation spending.

Keywords: Agency Costs; Leveraged Buy-outs; Private Equity; Propensity Score Matching; Strategic Entrepreneurship; Costes de Agencia; Leveraged Buyouts; Capital inversión; Pareamiento por Puntaje de Propensión; Emprendimiento Estratégico; Coûts d’Agence; Leveraged Buyouts; Innovation; Capital-Investissement; Appariement par Score de Propension; Entrepreneuriat Stratégique (search for similar items in EconPapers)
Date: 2015
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Published in Management international = International management = Gestión internacional, 2015, 19 (3), pp.184-200

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01721922

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