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Long-Term Performance of Private Equ...

Costa, Johnny.

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Long-Term Performance of Private Equity Backed Companies.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Long-Term Performance of Private Equity Backed Companies./
作者:	Costa, Johnny.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2022,
面頁冊數:	74 p.
附註:	Source: Masters Abstracts International, Volume: 85-09.
Contained By:	Masters Abstracts International85-09.
標題:	COVID-19. -
電子資源:	https://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=30857597
ISBN:	9798381905892

Long-Term Performance of Private Equity Backed Companies.
Costa, Johnny.

Long-Term Performance of Private Equity Backed Companies. - Ann Arbor : ProQuest Dissertations & Theses, 2022 - 74 p.

Source: Masters Abstracts International, Volume: 85-09.

Thesis (M.M.)--Universidade Catolica Portuguesa (Portugal), 2022.

This thesis studies the post-exit long-term operational performance of previously PE-Backed across multiple dimensions using a country-agnostic sample of 133 observations matched against a control group on size, country and industry using a Propensity Score Match. Focusing on a timespan between 2012 and 2020, this project represents an attempt to improve the understanding of the impact of Private Equity funds in the long-term performance of portfolio companies. My main findings show mixed results regarding abnormal post-exit performance depending on the performance measured analyzed. Resorting on a Difference-in-Differences regression and the Wilcoxon Signed-Rank method, I found evidence of superior performance of EBITDA margin before and after exit (up until 3 years), although it steams off after 5 years, and even reverts if we consider EBIT margin. Regarding ROCE, ROA and ROS, PE-Backed firms systematically underperform after exit. On the other hand, against a common public opinion, I found strong evidence that PE-Backed firms grow their employee base faster and with bigger wages than not PE-Backed. Additionally, I found that previously PE-Backed firms: systematically underperform during Covid; perform better if not held for more than 4.6 years by PE funds; and overperform in the long-run if exited via IPO. My findings seem to be consistent with the deterioration of the positive PE mechanisms which might occur after not being held anymore by a Private Equity.

ISBN: 9798381905892Subjects--Topical Terms:

3554449
COVID-19.

Long-Term Performance of Private Equity Backed Companies.
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520 $a This thesis studies the post-exit long-term operational performance of previously PE-Backed across multiple dimensions using a country-agnostic sample of 133 observations matched against a control group on size, country and industry using a Propensity Score Match. Focusing on a timespan between 2012 and 2020, this project represents an attempt to improve the understanding of the impact of Private Equity funds in the long-term performance of portfolio companies. My main findings show mixed results regarding abnormal post-exit performance depending on the performance measured analyzed. Resorting on a Difference-in-Differences regression and the Wilcoxon Signed-Rank method, I found evidence of superior performance of EBITDA margin before and after exit (up until 3 years), although it steams off after 5 years, and even reverts if we consider EBIT margin. Regarding ROCE, ROA and ROS, PE-Backed firms systematically underperform after exit. On the other hand, against a common public opinion, I found strong evidence that PE-Backed firms grow their employee base faster and with bigger wages than not PE-Backed. Additionally, I found that previously PE-Backed firms: systematically underperform during Covid; perform better if not held for more than 4.6 years by PE funds; and overperform in the long-run if exited via IPO. My findings seem to be consistent with the deterioration of the positive PE mechanisms which might occur after not being held anymore by a Private Equity.
520 $a Esta tese estuda o desempenho operacional a longo prazo pos-saida de empresas financiadas anteriormente por Private Equity, em multiplas dimensoes, utilizando uma amostra universal de 133 observacoes comparadas com um grupo de controlo sobre tamanho, pais e industria, utilizando um Propensity Score Match. Concentrando-se num periodo entre 2012 e 2020, este projecto representa uma tentativa de melhorar a compreensao do impacto dos fundos de PE no desempenho a longo prazo das empresas. As minhas principais conclusoes mostram resultados heterogeneos relativamente ao desempenho anormal pos-saida, dependendo da metrica de desempenho analisada. Recorrendo a uma regressao Difference-in-Differences e ao metodo Wilcoxon-Signed-Rank, foram encontradas provas de um desempenho superior da margem EBITDA antes e depois da saida (ate 3 anos), embora esta desapareca apos 5 anos, e ate reverta se considerarmos a margem EBIT. Em relacao ao ROCE, ROA e ROS, as empresas PE-Backed apresentam sistematicamente um desempenho inferior apos a saida. Por outro lado, contra opiniao publica, encontrei fortes provas de que as empresas PE-Backed aumentam a sua base de empregados mais rapidamente e com salarios maiores do que os nao PE-Backed. Consequentement descobri que as empresas anteriormente PE-Backed: tem sistematicamente um desempenho inferior durante a Covid; tem um melhor desempenho se nao forem mantidas por mais de 4.6 anos por fundos de PE; e um desempenho superior a longo prazo se sairem atraves de IPO. As minhas conclusoes parecem ser consistentes com a deterioracao dos mecanismos positivos de PE que pode ocorrer depois de ja nao serem detidos por um PE.
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