Résumés
Abstract
Using Community Innovation Survey data from France, we provide an empirical analysis of the innovative efforts of a sample of manufacturing firms that underwent a leveraged buyout. We find no evidence that LBOs have a negative effect on firm level of innovation expenditure. In contrast, results suggest that buyouts have a positive effect on incremental innovation and that private equity firms help to make innovation spending more effective and even more efficient. It could be that private equity firms help the company to focus on its core innovative capabilities and bring innovative products to the market without increasing innovation spending.
Keywords:
- Agency Costs,
- Leveraged Buyouts,
- Innovation,
- Private Equity,
- Propensity Score Matching,
- Strategic Entrepreneurship
Résumé
À partir des données CIS pour la France, nous analysons les efforts d’innovation d’entreprises industrielles ayant fait l’objet d’un LBO. Nous ne trouvons pas d’effet négatif des LBO sur le niveau des dépenses d’innovation des entreprises concernées. En revanche, les résultats suggèrent que les buyouts ont un effet positif sur l’innovation incrémentale et que les capital-investisseurs aident les entreprises à rendre les dépenses d’innovation plus efficaces et même plus efficientes. Il est possible que les capital-investisseurs aident l’entreprise à se concentrer sur ses capacités d’innovation essentielles et à mettre des produits innovants sur le marché sans augmenter les dépenses d’innovation.
Mots-clés :
- Coûts d’Agence,
- Leveraged Buyouts,
- Innovation,
- Capital-Investissement,
- Appariement par Score de Propension,
- Entrepreneuriat Stratégique
Resumen
A partir de los datos CIS por Francia, se analizan los esfuerzos de innovación de empresas industriales que fueron objeto de un LBO. No se encuentran efectos negativos de los LBO sobre el nivel de los gastos de innovación de dichas empresas. Al contrario, los resultados sugieren que los buyouts tienen un efecto positivo sobre la innovación incremental y que los capital inversores ayudan a las empresas a hacer más eficaces y aún más eficientes los gastos de innovación. Es posible que los capital inversores ayuden a la empresa a concentrarse en sus capacidades de innovación esenciales y a lanzar productos innovadores al mercado sin aumentar los gastos de innovación.
Palabras clave:
- Costes de Agencia,
- Leveraged Buyouts,
- Capital inversión,
- Pareamiento por Puntaje de Propensión,
- Emprendimiento Estratégico
Parties annexes
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