Productivity Growth in Private–Equity–Backed Family Firms
研究了家族企业为何不愿接受私募股权（PE）投资，以及PE对家族企业绩效的影响。分析了257家PE支持的家族企业，发现接受PE的家族企业在首次PE轮次前生产率增长较低，尤其是创始人控制的企业，而PE参与对这类企业的生产率增长有积极影响。
We study the reluctance of family firms to accept private equity (PE) investors and the impact of PE on family firms’ performance. We analyze the productivity growth in a sample of 257 PE–backed family firms, 143 of which were run by the founding generation. We compare these firms with both non–PE–backed family firms and non family PE–backed firms. We find that family firms accessing PE show lower productivity growth before the initial PE round, which is driven by an imbalance between inputs and output, especially in founder–controlled firms. Our results also confirm the positive impact of PE involvement on productivity growth in founder–controlled firms.