Private equity investment in family firms: The role of stake size and deal syndication
Bibliographic record
Abstract
Private equity (PE) firms are increasingly investing in family firms, as these organizations look to grow and deal with ownership succession. In this study we contribute to the developing entrepreneurship literature on PE investment by addressing the heterogeneity of PE firms. We distinguish between private independent and captive PE firms in order to understand whether different types of PE firms select different (i.e. family- vs. non-family) firms as their target. We also look at whether the relationship between the type of PE firm and likelihood of investing in a family firm (vs. a non-family firm) is moderated by two factors, which are related to risk reduction in PE deals, namely size of equity stake and deal syndication. Our analysis of all 902 private equity deals that took place in Canada between 2009 and 2014 indicates that family firms are not the preferred investment choice for private independent private equity firms, although taking a minority stake positively moderates this relationship.
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How this classification was reachedexpand
Full frame distilled prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.
Codex and Gemma teacher scores by category
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.001 | 0.000 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.001 | 0.001 |
| Scholarly communication | 0.000 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.000 |
| Insufficient payload (model declined to judge) | 0.000 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one teacher head, not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".