Hernan Herrera-Echeverri , Debarshi K. Nandy , Daniel Fragua
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The role of private equity investments on exports: Evidence from OECD countries
We analyze the impact of private equity (PE) investments (both venture-backed and buyout deals) on export performance in a cross-country setting. Using a comprehensive database of 22 OECD countries and 12 aggregated industries, we find that PE has a positive effect on export density and export market share. We confirm this finding after controlling for potential endogeneity issues using an IV framework. This impact is deeper in industries with higher productivity, value-added, and infrastructure availability. The outcomes are similar when local and foreign PE activity are considered, although foreign PE activity shows greater capacity to generate exports in the host country. Moreover, foreign PE activity enhances the capability of local PEs to generate additional exports, showing a complementary effect. Finally, country-specific characteristics such as trade freedom and institutional quality have a greater impact in generating exports when PE activity is higher. Our results have policy implications regarding access to foreign VC and PE investment in emerging economies.
期刊介绍：
International trade, financing and investments have grown at an extremely rapid pace in recent years, and the operations of corporations have become increasingly multinationalized. Corporate executives buying and selling goods and services, and making financing and investment decisions across national boundaries, have developed policies and procedures for managing cash flows denominated in foreign currencies. These policies and procedures, and the related managerial actions of executives, change as new relevant information becomes available. The purpose of the Journal of Multinational Financial Management is to publish rigorous, original articles dealing with the management of the multinational enterprise. Theoretical, conceptual, and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • Foreign exchange risk management • International capital budgeting • Forecasting exchange rates • Foreign direct investment • Hedging strategies • Cost of capital • Managing transaction exposure • Political risk assessment • International working capital management • International financial planning • International tax management • International diversification • Transfer pricing strategies • International liability management • International mergers.
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