| Popis: |
We extend the research on private equity by studying the drivers of LBO operating performance in Asia. We consider a large set of candidate drivers (financial, governance, macroeconomic, cultural, microeconomic and industry variables) and study their effects on performance over the short- and long-term. Also, we contribute to the current literature by doing the first investigation of the impact of macroeconomic factors on the performance of LBOs in Asia. We use a sample of 156 LBO transactions which occurred between 2000 and 2009. Our results show that GDP growth, industry growth, and market return are important drivers that significantly contribute to create value in LBOs. |
