The influence of initial sponsor backing on post‐IPO acquisition activity
研究了风险投资或私募股权支持对刚上市公司收购策略的影响，发现私募股权支持的公司收购活动远多于风险投资支持或无支持的公司，且收购是私募股权的主要增长策略。
Abstract We investigate the impact of financial sponsor backing [venture capital (VC) or private equity (PE)] on post‐initial public offerings (IPO) acquisition strategies of newly public companies. We find that PE‐backed newly public firms undertake nearly three times more acquisitions than VC‐backed ones and almost twice as many as non‐backed firms, indicating that acquisitions are a primary growth strategy for PEs. This result remains robust after addressing potential endogeneity concerns. Additionally, PE syndicate‐backed firms engage in transformative acquisitions, proxied by size, while VC‐backed firms prioritise organic growth through R&D spending. Moreover, PE‐backed acquirers experience significant positive long‐run post‐IPO stock returns, unlike VC‐backed acquirers.