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→Nadant and Perdreau 2015
Finds no evidence that ex-post innovation expenditure is lower for LBO targets than for comparable firms in France. Results suggest that buyouts have a positive effect on incremental innovation and that private equity firms help to make innovation spending more effective and more efficient.
Data:
Capital IQ (to isolate transactions), CIS 2006 and CIS 2004(for innovation data, community innovation surveys), DIANE (for financial statements)
1140 LBOs from Capital IQ from 1999 to 2005. Final sample reduced to 110 LBOs
Variables:
All below from Eurostat, see paper Table 5
*Product innovations
*Process innovations
*Organizational innovations
*marketing innovations
*patents and other protection methods
*factors hampering innovation activities
===Kaplan 1991===
