Unbundling the effects of institutions on firm resources: The contingent value of being local in emerging economy private equity
Abstract
How do host country institutions influence the value of a firm's local resources? Using a novel dataset on the performance of 47 private equity (PE) firms in 49 emerging economies, we show evidence that the answer depends on the type of institution. Focusing on conditions at the time of initial investment, we find that PE firms with local origins and foreign PE firms with local experience performed better when contract enforcement institutions...
Paper Details
Title
Unbundling the effects of institutions on firm resources: The contingent value of being local in emerging economy private equity
Published Date
Sep 4, 2014
Journal
Volume
36
Issue
12
Pages
1845 - 1865
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