English, Article, Journal or magazine article edition: Private Equity Investments and Disclosure Policy C. BEUSELINCK; M. DELOOF; S. MANIGART

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Bookmark: http://trove.nla.gov.au/version/15472
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Private Equity Investments and Disclosure Policy
Author
  • C. BEUSELINCK
  • M. DELOOF
  • S. MANIGART
Physical Description
  • preprint
Notes
  • We investigate whether a firm’s disclosure policy is affected by the changing corporate setting and intensified corporate governance associated with private equity (PE) investments. For a unique sample of unquoted PE backed firms we observe a significant switch to increased financial disclosure in the pre-investment year, consistent with the hypothesis that entrepreneurs attempt to reduce information asymmetries inherent to the PE application by increasing their disclosure levels. Further, we document that the governance and professionalization impact of PE investors affects their portfolio firms’ financial disclosure positively. Finally, differentiating on investor type (government versus non-government related) reveals no overall effect on disclosure, both in the pre- as in the post-investment years. Results are robust to various sensitivity checks.
  • Disclosure, private equity, unlisted firms, monitoring, corporate governance
  • RePEc:rug:rugwps:05/​287
Language
  • English
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