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LBOs’ effects on innovation: evidence from France
[Efectos de los LBO en la innovación: el caso de Francia]

Author

Listed:
  • Anne-Laure Le Nadant

    (UNICAEN - Université de Caen Normandie - NU - Normandie Université, NIMEC - Normandie Innovation Marché Entreprise Consommation - UNICAEN - Université de Caen Normandie - NU - Normandie Université - ULH - Université Le Havre Normandie - NU - Normandie Université - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université - IRIHS - Institut de Recherche Interdisciplinaire Homme et Société - UNIROUEN - Université de Rouen Normandie - NU - Normandie Université)

  • Frédéric Perdreau

    (COACTIS - COnception de l'ACTIon en Situation - UL2 - Université Lumière - Lyon 2 - UJM - Université Jean Monnet - Saint-Étienne, Université de Lyon)

Abstract

Using Community Innovation Survey data from France, we provide an empirical anal- ysis 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.

Suggested Citation

  • Anne-Laure Le Nadant & Frédéric Perdreau, 2015. "LBOs’ effects on innovation: evidence from France [Efectos de los LBO en la innovación: el caso de Francia]," Post-Print halshs-01721922, HAL.
    • Handle: RePEc:hal:journl:halshs-01721922
    as

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