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    When the going gets tough: Private equity firms' role as agents and the resolution of financial distress in buyouts

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    Publication type
    Vlerick strategic journal article
    Author
    Meuleman, Miguel
    Wilson, N.
    Wright, M.
    Neckebrouck, Jeroen
    Publication Year
    2022
    Journal
    Journal of Small Business Management
    Publication Volume
    60
    Publication Issue
    3
    Publication Begin page
    513
    Publication End page
    540
    
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    Abstract
    Previous research has focused on a private equity (PE) firm’s role as principal in its relationship with the investee, but few studies have looked into their role as agents to their investors. We examine how a PE firm’s relationship as agent toward limited partners (LPs) and banks influences its incentives to resolve financial distress in the investee. We examine the effect of PE fundraising reputation, PE fundraising activity, and PE bank affiliation on the likelihood of a financially distressed buyout ending in bankruptcy. We build a unique dataset of 338 distressed buyouts in the UK to test our hypotheses.
    Keyword
    Buyouts, Private Equity, Distress, Agency Theory, Signaling Theory
    Knowledge Domain/Industry
    Entrepreneurship
    DOI
    10.1080/00472778.2020.1717242
    URI
    http://hdl.handle.net/20.500.12127/6430
    ae974a485f413a2113503eed53cd6c53
    10.1080/00472778.2020.1717242
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