Private Equity Diversity and Talent: Do They Matter for Acquisitive Growth?
基于战略创业视角和高层梯队理论，研究私募股权团队的功能性人力资本和社会人口多样性对收购增长策略成功的影响，发现性别和年龄多样性以及金融背景显著加速首次和后续收购。
Building on the strategic entrepreneurship perspective and upper echelon theory, we examine the importance of private equity (PE) functional human capital and socio-demographic diversity for the success of the acquisitive growth strategy. Our focus is on the buyout lead partner team rather than on human capital at the collective PE firm (or fund) level. The results of our panel data survival models suggest that gender and age diversity, as well as the financial background, significantly accelerate both first and subsequent add-on acquisitions. The results are robust to alternative proxies, model specifications, and endogeneity checks.