Examinando por Materia "Sectores productivos"

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    Private equity as a booster to industry internationalization : Evidence from emerging markets
    (Universidad EAFIT & Université Catholique de Louvain, 2024) Ortiz Hernández, Miguel Ángel; Téllez Falla, Diego Fernando; Herrera Echeverri, Hernán
    Global trade and financial capital flows across countries have undergone significant transformations throughout history. Extensive literature supports the assertion that the presence of private equity influences economic development through various channels, including new business creation, firm performance, innovation, and export performance. By estimating a panel data model with fixed effects using a comprehensive database spanning 45 developed and emerging markets and 15 aggregated industries from 1995 to 2021, our analysis reveals significant evidence of how PE investment stimulates industries' internationalization by differentiating its influence on emerging and developed markets. Furthermore, we demonstrate varied effects on industry trade flows based on PE fund type (buyout or venture capital) and foreign versus local investment, underscoring the nuanced effects of PE presence on global economic integration. The international trade theory and the agency theory support this effect. Our results offer insights into how PE presence stimulates internationalization processes and engagement with the global value chain