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Private Equity and Industry Performance in the Nordics: Can Private Equity investments affect the performance of its industry?
Linköping University, Department of Management and Engineering, Economics.
Linköping University, Department of Management and Engineering, Economics.
2017 (English)Independent thesis Basic level (degree of Bachelor), 10 credits / 15 HE creditsStudent thesisAlternative title
Private Equity och branchprestation i Norden : Kan Private Equity-investeringar påverka sin bransch prestation? (Swedish)
Abstract [en]

Private equity has many definitions and there are many perceptions of it. This study is inspired by a study from Bernstein, Lerner, Sorensen and Strömberg (2016), but with another geographic area, different set of measurements of performance and a different source of data. The main hypothesis is whether private equity investments can improve industry performance. This is tested using data from 162 industries in the Nordics and five financial ratios. Statistical significance tests are performed for all industries and together with an evaluation of the link between aggregated industry performance and private equity investments.

A large ratio of the significance tests conducted were able to reject its null hypothesis, which is that the mean of the financial ratio for the industry with the private equity investment is higher compared to the mean of the same industry in the other Nordic countries without any private equity investment. The test, used to determine if there is a relationship between the number of private equity investments and industry performance using a chi squared-test, could as well reject its null hypothesis. This implies that there is a reason to believe that private equity investments in fact has an effect on industry performance.

Abstract [sv]

Private equity har många definitioner och det finns minst lika många uppfattningar om det. Den här studien är inspirerad av en studie från Bernstein, Lerner, Sorensen and Strömberg (2016), men med annat geografisk område, andra jämförelsemått och med ett annat dataunderlag. Hypotesen är att private equity investeringar kan förbättra branschers prestation. Detta testas med data från 162 branscher i Norden och med fem utvalda finansiella mått på prestation. Statistiska signifikanstest utförs för alla branscher och tillsammans med en utvärdering om huruvida det finns ett samband mellan aggregerad branschprestation och private equity investeringar.

En stor andel av de genomförda signifikanstesten kunde förkasta sin nollhypotes, som var att medelvärdet för det finansiella nyckeltalet för en industri med private equity investeringar var högre jämfört med medelvärdet i samma industri i de övriga Nordiska länderna utan några private equity investeringar. Antagandet om att det finns ett samband mellan antalet private equity förvärv i en bransch och branschens prestation, som testas med ett chi-två test kunde även det förkasta sin nollhypotes. Detta implicerar att det finns anledning att anta att private equity investeringar faktiskt har en påverkan på branschers prestation.

Place, publisher, year, edition, pages
2017. , p. 43
National Category
Economics
Identifiers
URN: urn:nbn:se:liu:diva-138954ISRN: LIU-IEI-FIL-G--17/01765--SEOAI: oai:DiVA.org:liu-138954DiVA, id: diva2:1115534
Subject / course
Bachelor Thesis in Economics
Supervisors
Available from: 2017-08-30 Created: 2017-06-27 Last updated: 2017-08-30Bibliographically approved

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Private Equity and Industry Performance in the Nordics(489 kB)112 downloads
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CiteExportLink to record
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Citation style
  • apa
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