Template-Type: ReDIF-Paper 1.0
Author-Name: Paul Lavery
Author-X-Name-First: Paul
Author-X-Name-Last: Lavery
Author-Name: José María Serena Garralda
Author-X-Name-First: José María
Author-X-Name-Last: Serena Garralda
Author-Name: Marina-Eliza Spaliara
Author-X-Name-First: Marina-Eliza
Author-X-Name-Last: Spaliara
Title: Private equity buyouts and firm exports: evidence from UK firms
Abstract: This paper examines the impact of private equity buyouts on the export activity of target firms. We exploit data on UK firms over the 2004-2017 period, and use difference-in-differences estimations on matched target versus non-target firms. Following private equity buyouts, non-exporting firms are more likely to begin exporting, and target firms are likewise more likely to increase their value of exports and their export intensity. Evidence from split-sample analysis further suggests that these patterns are consistent with private equity investors relaxing financial constraints and inducing productivity improvements.
Length: 70 pages
Creation-Date: 2021-08
File-URL: https://www.bis.org/publ/work961.pdf
File-Format: Application/pdf
File-Function: Full PDF document
File-URL: https://www.bis.org/publ/work961.htm
File-Format: text/html
Number: 961
Keywords: private equity buyouts, exporting, financial constraints, transactions
Classification-JEL: G34, G32
Handle: RePEc:bis:biswps:961