Vol. 41 (Issue 27) Year 2020. Art. 12
Received: 19/04/2020 • Approved: 03/07/2020 • Published 23/07/2020
ARTECHE, Laura1
PRADO, Camilo 2
FERNÁNDEZ, Antonio3
Abstract
Private equity (“PE”) is mostly invested in established firms, of which family firms (“FFs”) are the dominant form. Since the study of the PE activity in FFs is still in its infancy, the authors suggest a regression model to identify the factors determining the value creation in PE-backed FFs. This paper shows that: (i) PE participation increases public middle-market FF’s valuation, and; (ii) the quotation on stock exchanges has a positive effect on the valuation of the PE-backed FFs.
Key words: Family firms, Private equity, Small and medium-sized enterprises, Value creation
Resumen
Como el estudio de la actividad del capital riesgo (“CR”) en empresas familiares (“EEFF”) todavía está en estadios iniciales, proponemos un modelo de regresión para identificar los factores que determinan la creación de valor en EEFF participadas por el CR. Este artículo muestra que: (i) la participación del CR aumenta la valoración de las EEFF pequeñas y medianas cotizadas, y; (ii) la cotización en bolsa tiene un efecto positivo en la valoración de las EEFF participadas por el CR.
Palabas clave: Empresas familiares, Capital riesgo, Pequeñas y medianas empresas, creación de valor
1. International PhD Candidate. Department of Enterprise. Rey Juan Carlos University. Contact e-mail: l.arteche.2017@alumnos.urjc.es.
2. Professor. Department of Enterprise. Rey Juan Carlos University. Contact e-mail: camilo.prado.roman@urjc.es.
3. Professor. Department of Financial Economics and Accounting. University of Extremadura. Contact e-mail: antoniofp@unex.es.
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