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| Author: | Achleitner, A-K. Betzer, A. Gider, J. |
| Title: | Do corporate governance motives drive hedge fund and private equity fund activities? |
| Journal: | European Financial Management
2010 : NOV, VOL. 16:5, p. 805-828 |
| Index terms: | finance corporate governance stakeholders property |
| Freeterms: | hedge funds private equity |
| Language: | eng |
| Abstract: | There is found empirical evidence that both hedge fund (HF) and private equity fund (PE) investments are driven by corporate governance improvements, yet addressing different types of agency conflicts. While HFs focus on firms without a controlling shareholder, especially family shareholders, PEs invest in firms with low managerial ownership. Both appear to address differently free cash flow problems. Aiming at increasing dividends, HFs tend to use commitment devices that can be implemented over a short horizon. PEs are inclined to longer-term strategies. |
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