Does ownership matter in private equity? The sources of variance in buyouts' performance
研究了私募股权公司对其投资的收购企业绩效的影响，发现私募股权公司效应显著（4.6%），且随时间增强，在价值增值策略、新兴经济体和经济衰退时更为重要。
We study the impact of ownership on firm performance in an unexplored governance context: private equity ( PE ) firms and the buyouts in which they invest. We employ a multiple‐membership, cross‐classified, multilevel model on a unique database of 6,950 buyouts realized by 255 PE firms between 1973 and 2008 in 77 countries. The results document a significant PE firm effect (4.6%), the importance of which grows as time passes. We then study three contingencies that increase the importance of the PE firm effect: (1) value addition vs. selection strategies; (2) developed vs. emerging economies; and (3) economic downturns. Our findings shed new light on the sources of variance in buyouts' performance . Copyright © 2014 John Wiley & Sons, Ltd.