Search results for "Private Equity"
showing 10 items of 23 documents
The Influence of Institutionally Embedded Ownership on Anglo-American Corporate Governance Migration into Emerging Economy IPO Firms
2017
We argue that the corporate governance of emerging economy IPO firms is influenced by firm-specific institutionally embedded block ownership groups. Applying an extended institutional logic perspective and using a mixed-effects ordered probit model, our findings from 190 IPO-firms from 22 African countries 2000‒2016, support the notion that five major block owner categories (corporate, private equity, non-executive, business group, state) exerts very different influence on African firms’ degree of adoption of Anglo-American corporate governance measures. We find that the influence from the various block owner groups is significantly moderated by institutional quality and tribalism, but to d…
The Institutional Determinants of Private Equity Involvement in Business Groups: The Case of Africa
2018
This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered institutional-theoretic perspective in rationalizing institutional voids and the advantages of maintained governance by both business angels (BA) and venture capital (VC) private equity. Our findings reveal private equity retain higher post-IPO ownership in business group constituents compared to unaffiliated firms and that this is inversely moderated in the context of improving institutional quality – w…
El préstamo participativo, ¿tiene el mismo impacto que el capital riesgo en el crecimiento de la pequeña y mediana empresa?
2014
ResumenEl préstamo participativo y el capital riesgo tienen distinta naturaleza, pues mientras el primero es un recurso ajeno, el capital riesgo es un fondo propio. Sin embargo, los profesionales de ambos sectores no encuentran, desde una perspectiva cualitativa, diferencias entre estos instrumentos.Con el objetivo de sustentar cuantitativamente esta percepción, el presente trabajo aborda el análisis estadístico comparativo del efecto que cada uno de estos recursos tiene en 11 variables representativas del crecimiento empresarial, de modo que podamos determinar las posibles analogías entre el impacto que ejercen el préstamo participativo y el capital riesgo sobre el crecimiento de la pequeñ…
Access, Equity, and Regional Development
2014
All over the world, the transition from elite to mass, and in many cases, universal higher education (Trow & Burrage, 2010) has resulted in a new set of policy dilemmas regarding the governance of higher education (HE) systems in general (Amaral, Jones, & Karseth, 2002), as well as attempts to steer access to HE in particular (Pinheiro, Charles, & Jones, 2013; Pinheiro & Antonowicz, forthcoming).
The euro–dollar exchange rate and equity flows
2009
Abstract I examine equity flows between the US and the euro area and their impact on the euro–dollar exchange rate. I explain equity flows by examining the behavior of an international investor who maintains a minimum variance portfolio. An excess of euro area equity returns over US equity returns generates a flow of equity from the euro area to the US. The equity flow, the purchase of US equities by the euro-area residents, causes appreciation (depreciation) of the dollar (euro), while the purchase of euro area equities by US residents causes appreciation (depreciation) of the euro (dollar).
The Institutional Determinants of Private Equity Involvement in Business Groups The Case of Africa
2015
This study examines the governance attributes of post-IPO (initial public offering) retained ownership of private equity in business group constituent firms in contrast to their unaffiliated counterparts, in 202 newly listed firms in 22 emerging African economies. We adopt an actor centered institutional-theoretic perspective in rationalizing institutional voids and the advantages of maintained governance by both business angels (BA) and venture capital (VC) private equity. Our findings reveal private equity retain higher post-IPO ownership in business group constituents compared to unaffiliated firms and that this is inversely moderated in the context of improving institutional quality. Ou…
: Difficulties ans risks of interSME cooperation : solutions provided by private-equity firms
2016
L’article analyse les difficultés et risques auxquels font face les petites et moyennes entreprises (PME) lors de la formation de coopérations interfirmes, et les rôles joués par les sociétés de capital-investissement dans leur diminution. Les PME font principalement face à une asymétrie informationnelle et une incertitude accrues en comparaison aux entreprises plus grandes. Les sociétés de capital-investissement permettent de réduire ces deux facteurs et d’instaurer une situation de confiance entre les futurs cocontractants, ce qui évite l’échec de la transaction. Une étude de cas multiples à visée infirmationniste menée sur le marché français du capital-investissement détaille ces princip…
Private Equity Firms : Their Rôle in the Formation of Strategic Alliances
2018
International audience; This work analyzes the role of private equity firms (SCIs) in forming strategic alliances in the French private equity market. The subject is important because the formation of alliances and, more generally, the networking of SMEs, could be an alternative to the lack of medium-sized companies in France. For French SCIs, which are increasingly in a competitive situation, assistance in forming alliances for their holdings may represent a new activity and be a source of competitive advantage. The work is positioned transversally, touching the areas of corporate governance, entrepreneurial finance and strategy.
The impact of private equity on firms in emerging markets : evidence from Ghana
2017
Master's thesis Business Administration BE501 - University of Agder 2017 In the last decade, most emerging markets have been associated with new investment opportunities and some growth prospects that attract private equity (hereafter, PE) investors. Regions with growing interest of PE investments include Africa and Asia. Research on PE impact on recipient firms in developed economies are voluminous and has proven that PE plays a remarkable role in firms’ success. Until now, such performance implications on firms in emerging markets are limited in study. Our study focuses on the impact of PE funding on financial performance of firms in emerging markets using Ghana as a case. Using data from…
Le scelte strategiche ed operative delle banche locali nelle regioni dei distretti tecnologici italiani alla luce della crisi finanziaria internazion…
2011
Questo lavoro di ricerca si inserisce nell’ambito degli studi sui sistemi regionali di innovazione ed in particolare cerca di approfondire il ruolo che la finanza innovativa può esercitare nei distretti tecnologici. La natura intangibile dei fattori di sviluppo dei distretti tecnologici e la mancanza di asset fisici per garantire linee di credito richiedono necessariamente una trasformazione delle tradizionali fonti di finanziamento delle imprese distrettuali. Gli asset intangibili comportano un incremento delle asimmetrie informative nel rapporto banca-impresa e di conseguenza la necessità di ricercare nuove tecniche finanziarie capaci di garantire una copertura adeguata dei maggiori risch…