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How buyout leverage affects post-deal operating performance - a quantitative analysis of first-time private equity deals
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This study examines how leverage in private equity buyouts affects post-deal performance.
Using data on 295 first-time buyouts in Italy from 2000-2019, I track performance changes
for five years post-deal across profitability, revenue, and productivity. My findings reveal
nuanced effects across leverage metrics: the D/A ratio is linked negatively to EBITDA
margin and revenue, yet positively to ROA, where long-term debt relates more to profitability
and short-term debt more to revenue growth. D/EBITDA shows a positive influence on
productivity. This research advances the understanding of leverage in PE and offers insights
on capital structure decisions for both practitioners and academia.
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Agency theory Capital structure Corporate finance Debt Leverage Leveraged buyout Operating performance, Post-deal performance Private equity