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→Amess et al 2015
The results show that PE-backed LBOs have a positive causal effect on both patenting and quality-adjusted patents measured by forward citations. This implies an increase in innovation activity rather than an increase in strategic patenting. The impact is predominantly driven by private to private LBO transactions. The findings are consistent with PE firm involvement relaxing financial constraints in firms, facilitating their investment in innovation activity.
*outcome variables
**patent applications
**patent applications weighted by forward citations i.e. changes in innovation stocks over time
*conditioning variables
**firm size (the log of sales)
**labour productivity (the log of sales per employee)
**exporting (an exporter dummy)
**skill intensity (the log of the average wage)
**debt (liabilities divided by equity, i.e. leverage)
**profitability (profit divided by sales)
**age (log firm age)
===Nadant and Perdreau 2006===
