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2014 | OriginalPaper | Buchkapitel

2. Data

verfasst von : Mark Broere

Erschienen in: Decision-Making in Private Equity Firms

Verlag: Springer Fachmedien Wiesbaden

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Abstract

This part of the thesis examines the quality of the survey data and presents descriptive statistics for the sample of private equity firms. The study employed a cross-sectional survey design to collect data on key determinants and rules of decision-making in private equity firms. Following a preparatory phase, which included expert interviews as well as an online pilot test, a selfadministered, standardised questionnaire was made available to more than 2,300 private equity firms located in the United States of America, Canada, and eleven countries in Europe. The field phase of the survey lasted a little over two months, during the course of which each addressee received up to two reminder notifications. After screening returned questionnaires for completeness and verifying the eligibility of responding private equity firms, the final sample consisted of 134 complete, and 2 partially complete survey questionnaires.

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Vorheriges Kapitel Introduction

Nächstes Kapitel Objectives and Minimum Return Requirements

This excludes specific statistics relating to online participation, for which no guidelines were available

A table with more detail on the final disposition codes of the sample frame is available in Appendix D

The calculation of mean duration is based on the data of 85 online survey participants who completed the questionnaire in one session

This, of course, only applies to surveys in which the recipients are conscious of the sample frame size (as in the survey in this thesis)

The outcome of the test remains unchanged when using critical values of the Spearman rank order correlation coefficients for small sample sizes specified by zar (1972): r _{s crit} (n = 16, alpha = .01, two-tailed) = .635

A scatter-plot of regression residuals showed increased variance for sample frame sizes below 250 (heteroscedasticity). This suggests that the sample frame size is a less reliable predictor of response rates in small-scale surveys

A regression of the data excluding the present survey led to results of similar strength; the response rate of the present survey lies within the 95% confidence band of such a model

A small number of recipients declined to partake in the survey, stating that they participate only in surveys of particular industry associations

Conversely, local university patronage could explain the comparatively high survey response rate in Germany

Johnson and Owens (2003) identified large inconsistencies in reporting standards in professional literature. After studying 95 journal articles in social sciences and health sciences, they observe that response rates without definition “can mean anything, particularly in the absence of any additional information regarding sample disposition” (p. 130) and that they “have yet to encounter any case in which a response rate has been underestimated (vis-á-vis AAPOR standard formulas)” (p. 132). A cursory review of the private equity mail surveys referred to in Figure 3 shows that only Matz (2002) provides information on disposition status (though without reporting a response rate); none of the studies specify, for example, whether the reported rates include partial responses

The table of correlations between predictor variables (see Appendix F) shows no sign of excessive correlation (multicollinearity)

One exception is a minimal increase in the average value of funds raised from respondents without reminder to respondents with one reminder (this goes along with high standard deviation)

In Table 8, the results of Mann-Whitney U-tests are only shown where they differ materially from the results of the independent samples t-tests

Table 8 shows that a non-parametric Mann-Whitney U-test using simple IRRs leads to the same outcome

The antilog of the arithmetic mean difference between the logarithm-transformed values yields the geometric mean. In this particular case, the ratio of geometric mean IRRs also roughly reflects the relation between the respective median IRRs, because the distributions of ln IRR are largely symmetric

Titel: Data
verfasst von: Mark Broere
Verlag: Springer Fachmedien Wiesbaden
Buch: Decision-Making in Private Equity Firms
Print ISBN: 978-3-658-03779-6

Electronic ISBN: 978-3-658-03780-2

Copyright-Jahr: 2014
DOI: https://doi.org/10.1007/978-3-658-03780-2_2