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    Agency Costs, Reputation and Collaboration: Syndication in the UK Market for Private Equity

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    Publication type
    Conference Proceeding
    Author
    Meuleman, Miguel
    Wright, Mike
    Manigart, Sophie
    Lockett, Andy
    Publication Year
    2007
    Book
    EFA 2007 Ljubljana Meetings Paper
    
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    Abstract
    Syndicates are a form of inter-firm alliance in which two or more private equity firms co-invest in an investee firm and share a joint pay-off, and are an enduring feature of the private equity industry. This study examines the relationship between syndication and agency costs at the level of the investee, and the extent to which the reputation and social embeddedness of the lead investor mediates this relationship. We examine this relationships using a sample of 732 buyout investments by 64 private equity companies in the UK between 1993 and 2001. Our findings show that where agency costs are highest, and hence ex-post monitoring by the lead investor is more important, syndication is less likely to occur. The negative relationship between agency costs and syndication, however, is mediated by the reputation and social embeddedness of the lead investor firm. That is, the reputation and social embeddedness of the lead investor helps to alleviate the costs associated with a syndicate arrangement. The results further highlight potential problems of adverse selection in the market for syndication.
    Keyword
    Equity, Financing, Syndication, Agency Theory
    Knowledge Domain/Industry
    Accounting & Finance
    Entrepreneurship
    URI
    http://hdl.handle.net/20.500.12127/6201
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