国际化与私募股权合伙：法律渊源、异质性与基金绩效

IF 6.1 1区管理学 Q1 BUSINESS

International Business Review Pub Date : 2025-09-05 DOI:10.1016/j.ibusrev.2025.102509

Geoffrey Wood , Giorgos Papagiannakis , Marilou Ioakimidis , Jens Martin

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引用次数: 0

摘要

本研究探讨合伙人法律来源的异质性对私募股权（PE）基金绩效的影响。利用2000年至2016年3658起收购交易的数据集，我们发现，与单一法律制度下的私募股权合伙企业相比，国际化私募股权合伙企业的表现较差，其中有限合伙人（lp）和普通合伙人（gp）来自不同的法律制度。我们将这种影响归因于合同执行和监督方面的挑战。有趣的是，虽然普通合伙人的经历并没有减轻这种负面影响，但有限合伙人的经历似乎加剧了这种负面影响，可能是由于过度自信。我们进一步发现，拥有大陆法系普通合伙人和普通法有限合伙人的基金在内部收益率和MOIC方面表现更差，而相反的组合只显示MOIC下降。我们探讨了这些模式的潜在解释，包括制度差异的作用，并讨论了它们对PE国际化理论的影响和未来研究的途径。

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Internationalization and Private Equity Partnerships: Legal Origin Heterogeneity and Fund Performance

This study examines the impact of heterogeneity in legal origin between partners on the performance of Private Equity (PE) funds. Using a dataset of 3658 buyouts from 2000 to 2016, we show that internationalized PE partnerships, where Limited Partners (LPs) and General Partners (GPs) are from different legal systems, underperform compared to those within a single legal regime. We attribute this effect to challenges in contract enforcement and monitoring. Interestingly, while GP experience does not mitigate this negative effect, LP experience seems to intensify it, possibly due to overconfidence. We further find that funds with civil law GPs and common law LPs perform worse in terms of IRRs and MOIC, whereas the opposite combination only shows a decrease in MOIC. We explore potential explanations for these patterns, including the role of institutional differences, and discuss their implications for theories of PE internationalization and avenues for future research.

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来源期刊

International Business Review BUSINESS-

CiteScore

14.10

自引率

6.90%

发文量

审稿时长

62 days

期刊介绍： The International Business Review (IBR) stands as a premier international journal within the realm of international business and proudly serves as the official publication of the European International Business Academy (EIBA). This esteemed journal publishes original and insightful papers addressing the theory and practice of international business, encompassing a broad spectrum of topics such as firms' internationalization strategies, cross-border management of operations, and comparative studies of business environments across different countries. In essence, IBR is dedicated to disseminating research that informs the international operations of firms, whether they are SMEs or large MNEs, and guides the actions of policymakers in both home and host countries. The journal warmly welcomes conceptual papers, empirical studies, and review articles, fostering contributions from various disciplines including strategy, finance, management, marketing, economics, HRM, and organizational studies. IBR embraces methodological diversity, with equal openness to papers utilizing quantitative, qualitative, or mixed-method approaches.