When the going gets tough: Private equity firms’ role as agents and the resolution of financial distress in buyouts
研究了私募股权公司作为有限合伙人和银行的代理人时，其募资声誉、募资活动和银行关联如何影响被投资公司财务困境的解决方式，特别是破产的可能性。基于338个英国困境收购案例的数据分析。
Previous research has focused on a private equity (PE) firm’s role as principal in its relationship with an investee, but few studies have looked into their role as agents for their investors. We examine how a PE firm’s relationship as agent for limited partners (LPs) and banks influences its incentives to resolve financial distress in the investee. We examine the effect of PE fundraising reputation, PE fundraising activity, and PE bank affiliation on the likelihood of a financially distressed buyout ending in bankruptcy. We build a unique data set of 338 distressed buyouts in the United Kingdom to test our hypotheses.