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Private equity investment tenure and financial performance: Evidence from European PIPE transactions
Vestnik of Saint Petersburg University. Management. 2022. Vol. 21. No. 3. P. 327–347.
I. V. Berezinets, Ilina Y. B., Burov A. N., Bobyleva A. Z.
The role of private equity investments in a modern economy is growing. Private equity funds, which operate in the industry, attract capital, and distribute it across a wide range of portfolio companies. These funds hold their stakes in target companies’ capital for different periods of time. Why would a private equity fund choose to invest in portfolio companies for a certain period of time and what would be the impact of such investments on a portfolio company? Is there any relationship between the tenure of investment and the performance of a target company? This paper examines the relationship between the tenure of private equity investments in public equity and financial performance of European companies. Performance is measured by cash flow growth and net debt to EBITDA ratios. Private investments in public equity transactions with public company targets located in Western European countries during a period from 2005 to 2016 were analyzed. The findings reveal the impact of private equity investor presence on the performance of target companies and confirm non-linear effects of the relationships. A nonlinear relationship between private investments in public equity investment tenure and target company’s performance have been found both in terms of its solvency and cash flow growth rate.
Автухова Е. Э., Larionov A., Плачинда К. Д., М.: Экономический факультет МГУ имени М. В. Ломоносова, 2026.
Данное методическое пособие разработано в соответствии с рабочей программой курса «Банковское дело», реализуемого на Экономическом факультете МГУ имени М. В. Ломоносова по специальности «Экономика» (бакалавриат), и может быть рекомендовано для подготовки к семинарским занятиям и самостоятельной работе студентов. ...
Added: October 4, 2026
Demidova O., Kazakova S., Applied Economics 2026 P. 1–14
This paper examines the nonlinear relationship between inflation and economic growth across Russian regions, contributing to the literature on the inflation-growth nexus by using subnational evidence from a large and economically heterogeneous country. Using panel data for 83 regions over the period 2015–2023, we estimate fixed-effects models with a quadratic specification of inflation. The growth-maximizing ...
Added: October 3, 2026
Tikhonova N. E., Karavay A., Социологическая наука и социальная практика 2026 Т. 14 № 3 С. 12–36
Drawing on data from the 2024 RLMS-HSE, the article shows that employmentrelated risks are increasingly being shifted onto workers in Russia, while employment differentiation already affects more than 40% of employed Russians, even without taking into account deviations from standard working hours, which are typical of most representatives of the mass social strata. Employment differentiation in Russia is characterized, ...
Added: October 2, 2026
Белов Б. П., Kocharian R., Самойлов И. А. et al., Стандарты и качество 2026 № 10 С. 105–109
Acceptance of enterprise AI search requires checking answer correctness and access controls, defining acceptable errors, and assessing whether testing is sufficient. A record for individual acceptance criteria was developed. Its eight fields link requirements and risks to system configuration, testing, and the acceptance decision. The fields are mapped to provisions in four Russian standards. The ...
Added: October 1, 2026
Пилюк Е. Р., Rozmainsky I. V., Журнал институциональных исследований 2026 Т. 18 № 3 С. 77–96
This paper analyzes the financial fragility оf cоmpanies in Saudi Arabia frоm 2012 tо 2025 based оn the Hyman Minsky’s financial instability hypоthesis and is the first attempt to apply this theory to a country dominated by Islamic banking. The authors test not only the relationship between the dynamics of financial fragility and the dynamics ...
Added: October 1, 2026
Klaro Ramires P. M., Veselova A., AlterEconomics (ранее - Журнал экономической теории) 2026 Т. 23 № 3 С. 699–718
As Russia transitions toward a green economy and reshapes its sustainable development agenda, understanding the external and internal factors influencing companies’ adoption of ESG principles is increasingly important. The study examines the relationships between external institutional pressure, internal organizational capabilities, and the effectiveness of corporate ESG practices. It focuses on external regulatory and non-regulatory mechanisms, ...
Added: October 1, 2026
Potanin B., Dolgikh S., Statistics and Probability Letters 2027 Article 110984
We derive bounds on the gradient and Hessian of the log-CDF, ln F(x), of the multivariate normal distribution. These bounds scale linearly and quadratically in ‖x‖ , respectively, with constants depending only on the covariance matrix. We demonstrate the usefulness of these bounds by proving asymptotic normality of the maximum-likelihood estimator of the multivariate probit ...
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Klochko O., Кузнецова М. П., Пространственная экономика 2026 Т. 22 № 3 С. 73–103
The article assesses China’s technological sovereignty in high-tech industries that form the ecosystem of physical artificial intelligence and its readiness to develop intelligent robotics. The aim of the study is to identify changes in China’s position in the global value chains of these industries through a comprehensive analysis of foreign value added used in production, ...
Added: October 1, 2026
Nikulina Y., Jamali Jaghdani T., Götz L. et al., / Series "Working Papers". 2026.
The impact of state subsidies on Russia's post-Soviet dairy output remains controversial; this study provides an empirical analysis of that relationship. Using an unbalanced panel dataset of 123 dairy enterprises in the Leningrad Region spanning the period from 2010 to 2023, we employ stochastic frontier analysis to assess these relationships. The results indicate that subsidies ...
Added: September 30, 2026
Nazarova A. G., Журнал Новой экономической ассоциации 2026 № 3(72) С. 87–104
The article explores how results of constructing aggregate national transfer accounts’ (NTA) estimates can be used for macroeconomic analysis and forecasts of current transfers in home economy. It presents the findings of the author’s study of their transfer modules over retrospective period of more than 10 years. The emphasis in the paper is focused on ...
Added: September 30, 2026
Kapeliushnikov R., / Высшая школа экономики. Серия WP3 "Проблемы рынка труда". 2026. № WP3/2026/02.
The paper is the first attempt in the Russian literature to assess returns to platform employment in the Russian labor market. The theory offers no clear predictions regarding its impact on workers’ earnings: there might be both a premium and a penalty. We distinguish three groups of workers: employees; self-employed using internet-platforms; self-employed not using ...
Added: September 28, 2026
Kossov V. V., НИЦ Инфра-М, 2026.
В книге собраны воспоминания автора, занимавшего высокие государственные посты в управлении экономикой СССР и России, внесшего значительный вклад в отечественную экономическую науку и в подготовку экономистов. В воспоминаниях охвачен протяженный период истории страны, от предвоенных лет и ранее до наших дней. Перед читателем предстают яркие моменты экономического развития страны, процессов принятия решений на высочайшем государственном ...
Added: September 28, 2026
Мухаметшин Р. И., Скрыпник Д. В., Экономическая политика 2026 Т. 21 № 4 С. 94–109
The study quantitatively assesses the impact of sanctions on the Russian economy from 2022 to 2024 by estimating the losses due to sanctions and identifying the factors that shaped GDP during this period. The assessment is based on a vector autoregressive model with exogenous variables (VARX). The model examines GDP and its key components: gross fixed ...
Added: September 27, 2026
М.: КДУ, 2026.
В сборник, подготовленный при финансовой поддержке Высшей школы современных социальных наук МГУ им М.В.Ломоносова, вошли статьи участников 2-й Международной научно-практической конференции «Современные проблемы управления: исследования, диагностика, решения», организованной высшей школой современных социальных наук МГУ им. М.В. Ломоносова 9-10 октября 2025 г. в Москве. Авторы статей, вошедших в сборник, являются как опытными исследователями в области менеджмента ...
Added: September 26, 2026
Reshetnikova K., Решетников А. К., Маркетинг в России и за рубежом 2025 № 4 С. 69–77
Tourism as an industry became prominent only in recent decades, however it plays an important role in soft power as a diplomacy tool that can shape an image of a country in order to attract visitors and boost its economy. In today's digital age, the Internet plays a key role in shaping travelers’ perceptions of ...
Added: September 26, 2026
Volpe V., Palladino R., Storlazzi A., British Food Journal 2026 P. 1–27
Purpose
The application of digital technologies in food information is profoundly transforming how consumers access, interpret and use nutritional information. This paper systematically reviews digital technologies integrated into food labelling systems and evaluates their impact on consumer behaviour, transparency and informed decision-making.
Design/methodology/approach
A systematic literature review (SLR) was conducted following the PRISMA protocol, covering peer-reviewed studies published ...
Added: September 25, 2026
Bo S., Christofi M., Battisti E. et al., Technological Forecasting and Social Change 2026 Vol. 2028 P. 1–13
In the face of rising sustainability expectations and limited resources, startups must balance financial objectives with ESG (environmental, social, and governance) goals under uncertainty. This study examines how ESG behavior influences external resource acquisition, financing choices, and strategic outcomes in early-stage enterprises. Drawing on the entrepreneurial learning perspective, we argue that startups refine ESG strategies ...
Added: September 25, 2026
Sergey Grishunin, Naumova E., Pishalkina I. et al., International Journal of Technology 2022 Vol. 13 No. 7 P. 1412–1421
Currently, many large established companies which perform digital transformation use corporate venturing. It is the practice of directly investing corporate funds into external start-up companies. One of the strategies of such venture companies is the “buy and build” approach or using a platform company that makes sequential add-on acquisitions of smaller companies. However, there is controversial ...
Added: June 6, 2023
Berezinets I., Ilina Y., Studies in Economics and Finance 2022 Vol. 39 No. 2 P. 193–218
Purpose – This paper aims to deal with the issue of shareholder activism of private equity investors in public companies. The study identifies characteristics of target firms and investors related to the likelihood of private equity activism. The research also examines whether shareholder activism strategy of private equity investors is associated with the better performance ...
Added: May 17, 2022
Makushina E., Корпоративные финансы 2016 Т. 3 № 39 С. 83–99
The aim of this research is to propose the definition of «venture capital investments» consistent with their economic substance and to examine the relevant Russian regulations to provide possible solutions for their improvement.
In order to accomplish this goal the following issues were raised and solved: identifying the three approaches for defining venture capital investments, analyzing ...
Added: December 6, 2016
Petrikova I. V., Актуальные проблемы гуманитарных и естественных наук 2015 Т. 82 № 11(часть VI) С. 124–126
В статье определены общие положения финансовой грамотности населения, финансовых рисков, а также взаимозависимости улучшения финасового благполучия личности и общества. ...
Added: February 18, 2016
Makushina E., Аудит и финансовый анализ 2013 № 6 С. 259–266
This article examines some of the factors that hold back economic diversification in Russia hence hindering the transition from raw-material to innovation-driven economy. The author puts forward the idea that venture capital market could be one of the driving forces behind economic diversification. Moreover, the article analyzes the advantages of
the venture capital investments on macro and ...
Added: January 10, 2014
Kokorev D., Корпоративные финансы 2009 Т. 11 № 3 С. 102–104
В данной статье представлен обзор ключевых докладов и выступлений на российском конгрессе Private Equity, прошедшем 29 октября 2009 года и организованном агентством CBond, журналом Russian Private Equity и Группой ММВБ. ...
Added: November 13, 2012