The impact of private equity on firms׳ patenting activityTools Amess, Kevin and Stiebale, Joel and Wright, Mike (2015) The impact of private equity on firms׳ patenting activity. European Economic Review, 86 . pp. 147-160. ISSN 0014-2921 Full text not available from this repository.AbstractThe paper analyses the impact of private equity (PE) backed leveraged buyouts (LBOs) on innovative output (patenting). Using a sample of 407 UK deals we find that LBOs have a positive causal effect on patent stock and quality-adjusted patent stock. Our results imply a 6% increase in quality-adjusted patent stock three years after the deal. The increase in innovative activity is concentrated among private-to-private transactions with a 14% increase in the quality-adjusted patent stock. We also find evidence suggesting that PE firms facilitate the relaxation of financial constraints. In sum, our findings suggest that PE firms do not promote short-term cost-cutting at the expense of entrepreneurial investment opportunities with a long-term pay-off.
Actions (Archive Staff Only)
|
From the 1st Oct 2021, the research publications and student eTheses of University of Nottingham Ningbo China authors will be handled through the UNNC Research Information System (RIS).
If you are a UNNC author, please login to the UNNC RIS in order to deposit articles and etheses after this date, or contact Library@nottingham.edu.cn if you have any enquiries in regard to this change.
If you are a UNNC author, please login to the UNNC RIS in order to deposit articles and etheses after this date, or contact Library@nottingham.edu.cn if you have any enquiries in regard to this change.
Tools
Tools
