ABSTRACT

Value creation of private equity (PE) firms in portfolio companies has received much attention in research. This systematic literature study aims to review, evaluate, and organize the empirical studies conducted in this field during the last four decades. Our findings from an in-depth analysis of 110 empirical papers reveal that the current understanding is incomplete, inconsistent, and unbalanced. Currently no consensus exists regarding a taxonomy or framework that encompasses all relevant dimensions and structures in the field. To guide future research, the study proposes a framework for value creation inputs, outcomes, and context factors. Constructed on a theoretical basis of agency and resource-based theory, we define distinct roles PE firms take in portfolio companies and specify an underlying typology of value creation levers that are applied. Additionally, we discuss the current research on outcomes of PE value creation efforts, and we identify and structure currently underrepresented context factors that influence value creation. Finally, we highlight potential avenues for future research, focusing on influential context factors and levers that catalyze growth in portfolio companies.

摘要

投资组合公司中私募股权（PE）公司的价值创造在研究中受到了广泛关注。这项系统的文献研究旨在回顾、评估和组织过去四年在该领域进行的实证研究。我们对 110 篇实证论文的深入分析表明，目前的理解是不完整的、不一致的和不平衡的。目前，关于包含该领域所有相关维度和结构的分类或框架尚无共识。为了指导未来的研究，该研究提出了价值创造投入、结果和背景因素的框架。建立在代理和资源基础理论的理论基础上，我们定义了私募股权公司在投资组合公司中的不同角色，并指定了所应用的价值创造杠杆的基本类型。此外，我们讨论了当前关于 PE 价值创造工作成果的研究，我们确定并构建了当前影响价值创造的未被充分代表的背景因素。最后，我们强调了未来研究的潜在途径，重点关注有影响力的背景因素和促进投资组合公司增长的杠杆。