Same owner, different impact: How responses to performance feedback differ across a private equity investor's portfolio firms

IF 5.4 2区管理学 Q1 BUSINESS

Strategic Entrepreneurship Journal Pub Date : 2023-11-13 DOI:10.1002/sej.1487

Veroniek Collewaert, Jeroen Neckebrouck, Tom Vanacker, Dries Bourgois, Sophie Manigart

引用次数: 0

Abstract

Private equity (PE) investors invest in a portfolio of firms, setting new, ambitious performance aspirations and providing monitoring and value-adding services to help management attain these aspirations. Integrating a behavioral theory of the firm and corporate governance perspective, this study investigates how portfolio firms respond to performance feedback, considering heterogeneity in PE investors' incentives and influence toward a given portfolio firm's strategic actions. Using unique data from a PE investor including direct aspirations measures, we find that (1) portfolio firms' performance relative to aspirations, and (2) the PE investor's relative investment amounts and experience of PE-appointed board members, interact to affect the distinct growth strategies (i.e., internal capital investments or external acquisitions) its portfolio firms pursue.

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同一个所有者，不同的影响:私募股权投资者投资组合公司对业绩反馈的反应如何不同

私募股权(PE)投资者投资于公司的投资组合，设定新的、雄心勃勃的业绩目标，并提供监控和增值服务，帮助管理层实现这些目标。结合公司行为理论和公司治理视角，本研究考察了投资组合公司对绩效反馈的反应，考虑了私募股权投资者激励的异质性以及对特定投资组合公司战略行动的影响。使用来自私募股权投资者的独特数据，包括直接抱负测量，我们发现(1)投资组合公司的业绩相对于抱负，(2)私募股权投资者的相对投资额和私募股权任命的董事会成员的经验，相互作用影响其投资组合公司追求的不同增长战略(即内部资本投资或外部收购)。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Strategic Entrepreneurship Journal Multiple-

CiteScore

11.10

自引率

1.60%

发文量

期刊介绍： The Strategic Entrepreneurship Journal is a research journal that publishes original work recommended by a developmental, double-blind review process conducted by peer scholars. Strategic entrepreneurship involves innovation and subsequent changes which add value to society and which change societal life in ways which have significant, sustainable, and durable consequences. The SEJ is international in scope and acknowledges theory- and evidence-based research conducted and/or applied in all regions of the world. It is devoted to content and quality standards based on scientific method, relevant theory, tested or testable propositions, and appropriate data and evidence, all replicable by others, and all representing original contributions. The SEJ values contributions which lead to improved practice of managing organizations as they deal with the entrepreneurial process involving imagination, insight, invention, and innovation and the inevitable changes and transformations that result and benefit society.