دانلود رایگان مقاله لاتین استراتژی رشد و تکامل مدل تجاری خصوصی سهام از سایت الزویر
عنوان فارسی مقاله:
استراتژی های رشد و تکامل مدل کسب و کار خصوصی سهام
عنوان انگلیسی مقاله:
Inorganic growth strategies and the evolution of the private equity business model
سال انتشار : 2017
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بخشی از مقاله انگلیسی:
2 Theoretical background and related literature
2.1 Determinants of add-on acquisitions A portfolio company’s development under PE ownership is a function of the PE sponsor’s investment strategy including the way the PE sponsor intends to create value. In the following, we review the most important determinants that are likely to affect whether PE sponsors implement inorganic growth strategies. We focus on four sets of factors: buyout characteristics, portfolio firm characteristics, PE sponsor characteristics, and industrial and economic conditions. 2.1.1 Impact of buyout characteristics Public-to-private buyouts. Previous literature on public-to-private buyouts allows for competing hypotheses regarding the relationship to add-on acquisitions. The traditional life cycle perspective of the firm, on the one hand, suggests that firms go public to realize growth opportunities (Lowry, 2003) and benefit from the market for corporate control (Brau and Fawcett, 2006). Financing of acquisitions should also be relatively easy as a public firm because of access to capital (Celikyurt et al., 2010). Thus, at the time of the public-to-private buyout, the portfolio firm may have realized inorganic growth already, which should reduce the probability for add-on acquisitions. This line of argumentation is consistent with Boucly et al. (2011), who find that public-to-private buyouts do not spur growth. On the other hand, there is empirical evidence that firms go private if they cannot sufficiently benefit from the market for corporate control (Bharath and Dittmar, 2010) because of, e.g., lack of financial visibility (Mehran and 9 ACCEPTED MANUSCRIPT ACCEPTED MANUSCRIPT Peristiani, 2010) and high agency costs (Renneboog et al., 2007). Going private through PE may therefore be a reasonable option to relieve such growth constraints and facilitate inorganic growth. Financial buyouts. We expect that add-on acquisition probability in financial buyouts is contingent to the value creation strategy of the previous PE owner. Recent findings by Degeorge et al. (2016) provide evidence for complementary skill sets between the buyer and seller in subsequent buyouts. Accordingly, if the primary buyout relies on an inorganic growth strategy, then it would be reasonable to assume that the secondary buyout focuses on different value creation measures and vice versa. In contrast, it is also possible that secondary buyouts continue the inorganic growth strategy of a primary buyout if the primary buyout’s PE sponsor does not fully exploit the platform’s potential for add-on acquisitions (Wang, 2012). A PE sponsor in the primary buyout may face a trade-off between realizing the full add-on potential and exiting the investment quickly because too many add-ons in a single buyout likely prolong the holding period and are thus costly (Bacon et al., 2012). The PE sponsor in the primary buyout has therefore an incentive to not exploit the full add-on potential and leave over acquisitions to a subsequent buyout.
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کلمات کلیدی:
IB2-Business-p5 - 1.7 Growth and Evolution https://ib2-business-p5.wikispaces.com/1.7+Growth+and+Evolution External (Inorganic) Growth, a.k.a. Amalgamation: business growth through mergers ... Evaluate internal and external growth strategies as methods of business ... Transcontinental Strategies for Industrial Development and Economic ... https://books.google.com/books?isbn=1522521615 Christiansen, Bryan, Koc, Gulsah - 2017 - Business & Economics ... globally as a mode of foreign market entry and inorganic growth”. MNE 'Evolution' Built on Mathews' (2006) “linkage, leverage, and learning” framework, ... Knowledge, Organizational Evolution, and Market Creation: The ... https://books.google.com/books?isbn=1848441495 Gita Sud de Surie - 2008 - Business & Economics It will be a combination of both [organic and inorganic growth strategies]'. Thus, revision of rules for processing information and making decisions included ...
