Author
Listed:
- Katharina Fellnhofer
- Philipp Thiele
Abstract
Der Markt für das private Beteiligungskapital Private Equity (PE) hat in den letzten Jahren trotz Krisen signifikant an Bedeutung gewonnen. Unbekannt war bisher, ob agierende Investoren die Entscheidungsfaktoren in diesem Zusammenhang regional signifikant unterschiedlich gewichten. Die vorliegende Arbeit ging von der Annahme aus, dass es solche regionale Differenzierungen der Marktteilnehmer geben müsse. Der Forschungsschwerpunkt ist ein regionaler Vergleich von ausgewählten Faktoren, welche mittels schriftlicher Umfrageergebnisse von 88 Investoren verglichen wurden. Hierbei wurden die Regionen Westeuropa (WE), Zentral- und Osteuropa (CEE) und die Gemeinschaft unabhängiger Staaten (CIS) betrachtet. Diese Untersuchung untermauert, dass PE-Markteilnehmer nur einige wenige Faktoren abhängig von der Region identifizieren. Abgesehen davon konnte nachgewiesen werden, dass CEE und CIS im Vergleich zu entwickelten Regionen wie WE attraktivere Investmentregionen für PE darstellen, wobei die Indikatoren der Attraktivität regional unterschiedlich gewichtet werden. / Over the last decade, the importance of the alternative asset class PE has increased significantly. This work presents the basis comprising existing knowledge as ground for comparison and empirical investigation as evidence to provide a critical debate regarding the deciding factors which market participants use to evaluate performance expectations of PE firms and their portfolio companies in emerging regions. The aim of this paper is to regionally identify and compare the factors of attractiveness that lie at the heart of managing firms of the alternative investment class. The paper analyzes the regional differences in these factors between the region of WE, CEE and the CIS. Within an empirical web-based survey of 1,000 market participants of CEE and the CIS statistical results of 88 survey participants are compared. Overall, CEE appears to be more attractive than WE and CIS for PE investments. However, this work is not able to fully underline the assumption that PE market participants appear to adjust their practices to the specific investment environments in which they operate. In brief, the results present some evidence consistent with the assumptions that individual essential PE factors may be adapted to the region of action.
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