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Erschienen in:
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2014 | OriginalPaper | Buchkapitel

1. Introduction

verfasst von : Mark Broere

Erschienen in: Decision-Making in Private Equity Firms

Verlag: Springer Fachmedien Wiesbaden

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Abstract

This thesis explores determinants and rules of decision-making in private equity firms. Private equity has evolved within a few decades from a marginal phenomenon into a global industry with measurable impact on the economies of nations. Recent research has found, for example, that private equity stimulates the development of new products and services, improves the productivity of companies, and accelerates industry growth (Bernstein, Lerner, Sørensen, & Strömberg, 2009; Boucly, Sraer & Thesmar, 2011; Davis, Haltiwanger, Jarmin, Lerner, & Miranda, 2009; Lerner, Sørensen, & Strömberg, 2008; Romain & van Pottelsberghe, 2004). Despite the dramatic fall in private equity activity since the beginning of the recent financial crisis, the sector’s control of financial and entrepreneurial resource is gigantic: Industry organisations currently estimate private equity assets under management (funds invested plus funds available for investment) at around $2.5 trillion, world-wide (Preqin, 2011, p. 15; TheCityUK, 2011, p. 3).

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Nächstes Kapitel Data
Fußnoten
1
Around 16% of this amount relates to real estate funds (Preqin, 2011, p. 15)
 
2
It should be noted that a related branch of research, which is concerned with the quantification of private equity performance, raises some fundamental issues of performance measurement in private equity (see, e.g. Chiampou & Kallett, 1989; Jones & Rhodes-Kropf, 2003; Ljungqvist & Richardson, 2003a; Peterson, Kasarda, & Grier, in press; Phalippou, 2009; Reyes, 2003)
 
3
Gompers and Lerner (2004) define venture capital as “independently managed, dedicated pools of capital that focus on equity or equity-linked investments in privately held, high-growth companies“ (p. 17)
 
4
Incidentally, some private equity firms (i.e. leveraged buyout firms) are often criticised for burdening their investee companies with too much debt
 
5
It should be noted, that these private equity firms typically calculate their multiples and IRRs on the basis of comprehensive cash flow models under varied market scenarios
 
6
See Lakatos (1989) for a concise presentation and discussion of Popper’s ideas
 
7
Unlike the research understanding in the early period of inductivism, the conclusions of inductive reasoning are here regarded as starting point for future theory building and testing, not as ‘scientific truths’ (see Lakatos,1989, pp. 103–105 on inductivism)
 
8
An overview of the hypotheses tested in this thesis is presented in Appendix A
 
9
Today, Preqin estimates the “total number of active fund managers in the [private equity] industry” at approximately 4,130, world-wide (Preqin, 2011, p. 18)
 
10
Practical considerations included the advertised regular maintenance and update of the database, and the ease with which multiple firm profiles containing respective contact persons’ details could be searched for and extracted online
 
11
Adequate (random) sample sizes for statistical inference are dependent on a number of factors, such as the distribution of measured attributes in a population, the type of parameters under study, the methods of statistical inference, the type of research, and the desired levels of certainty and precision (Bortz & Döring, 2006, pp. 419–423, 604–605, and 627–635; Emory, 1985, pp. 283–301; Groves et al., 2004, pp. 99–102; Israel, 1992). In mail surveys, the actual sample size is also dependent on the response rate. Various back-of-theenvelope calculations suggested that a sample of at least 100 private equity firms would be adequate for most of the envisioned statistical analyses
 
12
An early version of the survey form by this author was kindly made available for the preparation of this research in January 2008
 
13
The European Private Equity and Venture Capital Association (EVCA) was unfortunately not available for an interview before the field phase of the survey began
 
14
All letters were classified as airmail, excepting those addressed to recipients in Germany
 
15
A small number of follow-up telephone calls with private equity firms were also undertaken. This endeavour was abandoned after around 50 calling attempts due to disproportionate time requirements
 
16
The eligibility of the responding person was not separately verified. Although the survey was conducted as a personalised survey, not all forms returned were necessarily completed by the senior managers to whom the survey forms were addressed. This is not seen as a major concern for the quality of data in this study, as lowerlevel professionals can be expected to be sufficiently familiar with most of the information requested in the survey
 
17
All edits and data additions are documented and available from the author upon request
 
18
Much of the statistical analysis was completed using current versions of IBM SPSS Statistics, MS Excel, and G*Power
 
Metadaten
Titel
Introduction
verfasst von
Mark Broere
Copyright-Jahr
2014
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_1