Skip to Main content Skip to Navigation
Conference papers

LBOs and innovation: the French case

Abstract : A long-standing controversy is whether LBOs generate economic efficiencies through a superior governance framework, or whether LBO funds are driven by short-term profit motives and sacrifice long-term growth to boost short-term performance. Using a propensity score methodology, this paper provides an empirical analysis of the innovative efforts of a sample of 89 French manufacturing firms that underwent a buyout between 2001 and 2005. The matching estimates (average treatment on the treated, ATT) of the effect of LBOs on firm level of innovation expenditures in 2006 show no significant differences between LBO targets and comparable companies that did not go through an LBO. In contrast, we find significant effects of LBOs on both service innovation and marketing innovations in design and packaging and product promotion.
Document type :
Conference papers
Complete list of metadata

Cited literature [23 references]  Display  Hide  Download

https://halshs.archives-ouvertes.fr/halshs-00669910
Contributor : Frédéric Perdreau Connect in order to contact the contributor
Submitted on : Tuesday, February 14, 2012 - 10:50:50 AM
Last modification on : Tuesday, October 19, 2021 - 11:34:06 PM
Long-term archiving on: : Tuesday, May 15, 2012 - 2:30:30 AM

Files

LBOs_and_Innovation.pdf
Files produced by the author(s)

Identifiers

  • HAL Id : halshs-00669910, version 1

Citation

Anne-Laure Le Nadant, Frédéric Perdreau. LBOs and innovation: the French case. RENT conference, Nov 2011, Bodo, Norway. ⟨halshs-00669910⟩

Share

Metrics

Record views

217

Files downloads

234