Abstracts
Abstract
Using Community Innovation Survey data from France, we provide an empirical analysis of the innovative efforts of a sample of manufacturing firms that underwent a leveraged buyout. We find no evidence that LBOs have a negative effect on firm level of innovation expenditure. In contrast, results suggest that buyouts have a positive effect on incremental innovation and that private equity firms help to make innovation spending more effective and even more efficient. It could be that private equity firms help the company to focus on its core innovative capabilities and bring innovative products to the market without increasing innovation spending.
Keywords:
- Agency Costs,
- Leveraged Buyouts,
- Innovation,
- Private Equity,
- Propensity Score Matching,
- Strategic Entrepreneurship
Résumé
À partir des données CIS pour la France, nous analysons les efforts d’innovation d’entreprises industrielles ayant fait l’objet d’un LBO. Nous ne trouvons pas d’effet négatif des LBO sur le niveau des dépenses d’innovation des entreprises concernées. En revanche, les résultats suggèrent que les buyouts ont un effet positif sur l’innovation incrémentale et que les capital-investisseurs aident les entreprises à rendre les dépenses d’innovation plus efficaces et même plus efficientes. Il est possible que les capital-investisseurs aident l’entreprise à se concentrer sur ses capacités d’innovation essentielles et à mettre des produits innovants sur le marché sans augmenter les dépenses d’innovation.
Mots-clés :
- Coûts d’Agence,
- Leveraged Buyouts,
- Innovation,
- Capital-Investissement,
- Appariement par Score de Propension,
- Entrepreneuriat Stratégique
Resumen
A partir de los datos CIS por Francia, se analizan los esfuerzos de innovación de empresas industriales que fueron objeto de un LBO. No se encuentran efectos negativos de los LBO sobre el nivel de los gastos de innovación de dichas empresas. Al contrario, los resultados sugieren que los buyouts tienen un efecto positivo sobre la innovación incremental y que los capital inversores ayudan a las empresas a hacer más eficaces y aún más eficientes los gastos de innovación. Es posible que los capital inversores ayuden a la empresa a concentrarse en sus capacidades de innovación esenciales y a lanzar productos innovadores al mercado sin aumentar los gastos de innovación.
Palabras clave:
- Costes de Agencia,
- Leveraged Buyouts,
- Capital inversión,
- Pareamiento por Puntaje de Propensión,
- Emprendimiento Estratégico
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Appendices
Biographical notes
Anne-Laure Le Nadant is an Associate professor and a member of NIMEC laboratory at the IAE of Caen (Normandie University, France). Her research interests in corporate finance include private equity, corporate governance, innovation, and franchising. Her research has appeared in journals such as Managerial and Decision Economics, Strategic Change, Economics Bulletin, Review of Accounting and Finance, Brussels Economic Review, Comptabilité Contrôle Audit and Economies et Sociétés.
Frédéric Perdreau is an Associate professor and a member of COACTIS laboratory at the Lyon Saint-Etienne University (France). His research interests include corporate finance and strategy, corporate governance, innovation, and franchising. His research has appeared in journals such as Managerial and Decision Economics, Strategic Change, Economics Bulletin, Review of Accounting and Finance, Finance Contrôle Stratégie and Economies et Sociétés.
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Appendices
Notes biographiques
Anne-Laure Le Nadant est Maître de Conférences habilitée à diriger des recherches et membre du laboratoire NIMEC à l’IAE de Caen (Normandie Université, France). Ses recherches en finance d’entreprise s’intéressent au capital-investissement, au gouvernement d’entreprise, à l’innovation et à la franchise. Ses recherches ont été publiées dans des revues telles que Managerial and Decision Economics, Strategic Change, Economics Bulletin, Review of Accounting and Finance, Brussels Economic Review, Comptabilité Contrôle Audit et Economies et Sociétés.
Frédéric Perdreau est Maître de Conférences membre du laboratoire COACTIS à l’Université de Lyon Saint-Etienne. Ses recherches en finance d’entreprise portent sur la stratégie, le gouvernement d’entreprise, l’innovation et les réseaux de franchise. Ses recherches ont été publiées dans des revues telles que Managerial and Decision Economics, Strategic Change, Economics Bulletin, Review of Accounting and Finance, Finance Contrôle Stratégie et Economies et Sociétés.
Appendices
Notas biograficas
Anne-Laure Le Nadant es profesora habilitada para dirigir investigaciones y miembro del laboratorio NIMEC en el IAE de Caen (Universidad de Normandía, Francia). Sus investigaciones se centran en el capital inversión, al gobierno de empresa, la innovación y en la franquicia. Sus investigaciones han sido publicadas en revistas como Managerial and Decision Economics, Strategic Change, Economics Bulletin, Review of Accounting and Finance, Brussels Economic Review, Comptabilité Contrôle Audit y Economies et Sociétés.
Frédéric Perdreau es profesor y de gestión y finanzas en el Universidad de Lyon Saint-Etienne (Francia). Su investigación se centra en la finanzas corporativas, la estrategia, el gobierno corporativo, la innovación y las redes de franquicia. Su investigaciones ha sido publicadas en revistas como Managerial and Decision Economics, Strategic Change, Economics Bulletin, Review of Accounting and Finance, Finance Contrôle Stratégie y Economies et Sociétés.