The influence of divestment by the initial public offering on the financial distress of the private equity funds portfolio companies
Journal Title: Zarządzanie i Finanse - Year 2013, Vol 11, Issue 2
Abstract
The main aim of this paper is to examine relationships between the private equity funds divestment process by initial public offering and financial distress of portfolio companies. The result of the private equity fund divestment process is the loss by portfolio company a strong business partner, which has been supported the growth of the firm value by financial capital, as well as in management. This situation can be reflected in the financial condition of such company. The observed own-ership transformations and corporate governance changes in divestment process can be the potential source of financial distress risks of these companies. The presented in this paper results of the empirical studies seem to confirm the hypothesis that the initial public offering of private equity divested companies have a higher level of financial distress in comparison to other companies. The empirical studies have been carried out on a group of companies which first listing on the Warsaw Stock Exchange in 2002-2010. The financial distress assessment of investigated companies has taken IPO year and three next years.
Authors and Affiliations
Tomasz Sosnowski
Keywords
Related Articles
- EP ID EP115984
- DOI -
- Views 33
- Downloads 0
Praca jako determinanta jakości życia człowieka
Celem artykułu była identyfikacja i analiza potencjalnych zależności pomiędzy pracą a jakością życia. Przedstawiono ewolucję pracy, jej istotę i sens. Następnie zaprezentowano sposób ujmowania jakości życia. Dokonano ana...
The contemporary impact of state policy on the development of tourism-related businesses (especially with regard to changes resulting in economic crisis, increasing globalization and international regulations)
The aims of this paper is to systematize the approaches to the problems of contemporary changes in the impact of state policy on the development of tour-ism-related businesses. This analysis tries to explain what the sta...
Znaczenie ryzyka długowieczności dla stabilności systemów emerytalnych
Z roku na rok ludzie żyją coraz dłużej. Zwiększa się średnia oczekiwana długość życia od momentu narodzin w krajach wysoko rozwiniętych, przede wszystkim po przekroczeniu granicy 65 lat. Ryzyko długowieczności, w t...
Narodowa strategia CSR w Niemczech
Celem artykułu jest analiza narodowej strategii społecznej odpowiedzialności przedsiębiorstw, którą wprowadzono w Niemczech. Plan działania zawiera konkretne koncepcje i projekty adresowane do trzech grup podmiotów...
CG and CSR – connections and interrelationships
CSR and CG are separate concepts and generally were recognized and ex-amined independently. However they have many common premises discussed in the first part of this paper. Moreover, joint CSR and CG assessment gi...