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dc.contributor.authorMeuleman, Miguel
dc.contributor.authorWilson, N.
dc.contributor.authorWright, M.
dc.contributor.authorNeckebrouck, Jeroen
dc.date.accessioned2020-02-12T14:30:34Z
dc.date.available2020-02-12T14:30:34Z
dc.date.issued2020en_US
dc.identifier.doi10.1080/00472778.2020.1717242
dc.identifier.urihttp://hdl.handle.net/20.500.12127/6430
dc.description.abstractPrevious 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.
dc.description.sponsorshipThe paper has benefited from feedback received at the Academy of Management meetings, at Babson College Entrepreneurship Research Conference, and at a research seminar at St. Gallen University. We would like to acknowledge Bart Van Hoe who contributed to the data collection.
dc.language.isoenen_US
dc.publisherWileyen_US
dc.subjectBuyoutsen_US
dc.subjectPrivate Equity
dc.subjectDistress
dc.subjectAgency Theory
dc.subjectSignaling Theory
dc.titleWhen the going gets tough: Private equity firms' role as agents and the resolution of financial distress in buyoutsen_US
dc.identifier.journalJournal of Small Business Managementen_US
dc.source.volume60
dc.source.issue3
dc.contributor.departmentIESE Business Schoolen_US
dc.identifier.eissn1540-627X
vlerick.knowledgedomainEntrepreneurshipen_US
vlerick.typearticleVlerick strategic journal articleen_US
vlerick.vlerickdepartmentEGSen_US
vlerick.vlerickdepartmentCMAB
dc.identifier.vperid58266en_US
dc.identifier.vperid153754en_US


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