Private equity activity and corporate governance’s spillover

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dc.contributor.authorHerrera-Echeverri, Hernán
dc.contributor.authorCueto, Diego
dc.contributor.authorGaitan, Sandra
dc.contributor.authorFragua, Daniel
dc.date.accessioned2026-04-13T21:58:07Z
dc.date.issued2025-12-01
dc.description.abstractPurpose: We examine the impact of private equity on corporate governance across industries and countries. Design/methodology/approach: We gathered data from 15 countries and 16 industries spanning the period from 2005 to 2015 to construct an average corporate governance index and track private equity deals across both industries and countries. We analyze a country-industry-year panel dataset and address endogeneity issues. Findings: The results indicate a strong and significant relationship between private equity activity and corporate governance quality. When the private equity investment begins earlier, it is more relevant to the corporate governance quality. Foreign private equity investment seems to complement domestic private equity to improve corporate governance in settings with low domestic private equity activity. The experience of the fund that originates the private equity activity is also a determinant of the quality of the corporate governance spillover. Practical implications: Governments and institutions should promote private equity by creating a regulatory environment that attracts investment funds to countries or sectors that lack robust governance frameworks. Investors can design more effective governance practices according to the specific needs of their industries and countries. Shareholders would better understand how private equity corporate governance practices complement the company’s long-term strategies. Finally, the market would benefit from the confidence in private equity investors that promote international corporate governance practices that are valuable to the stakeholders. Originality/value: This research expands our understanding of the benefits of private equity activity on corporate governance quality across industries. We posit the importance of foreign private equity investors complementing domestic private equity activity and fund characteristics such as their experience in boosting corporate governance.
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dc.identifier.citationHerrera-Echeverri, H., Cueto, D., Gaitan, S., & Fragua, D. (2025). Private equity activity and corporate governance’s spillover. Journal of Economics, Finance and Administrative Science, 30(60), 232–249. Retrieved from https://revistas.esan.edu.pe/index.php/jefas/article/view/889
dc.identifier.doihttps://doi.org/10.1108/JEFAS-03-2024-0075
dc.identifier.urihttps://hdl.handle.net/20.500.12640/4931
dc.languageInglés
dc.language.isoeng
dc.publisherUniversidad ESAN
dc.publisher.countryPE
dc.relation.ispartofurn:issn:2218-0648
dc.relation.urihttps://revistas.esan.edu.pe/index.php/jefas/article/view/889/853
dc.rightshttps://purl.org/coar/access_right/c_abf2
dc.subjectPrivate equityen_EN
dc.subjectEarly stage investmenten_EN
dc.subjectCorporate governanceen_EN
dc.subjectCapital privadoes_ES
dc.subjectInversión en fase iniciales_ES
dc.subjectGobierno corporativoes_ES
dc.subject.ocdehttps://purl.org/pe-repo/ocde/ford#5.02.04
dc.titlePrivate equity activity and corporate governance’s spillover
dc.typehttps://purl.org/coar/resource_type/c_6501
dc.type.otherArtículo
dc.type.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
local.acceso.esanAcceso abierto
oaire.citation.endPage249
oaire.citation.issue60
oaire.citation.startPage232
oaire.citation.titleJournal of Economics, Finance and Administrative Science
oaire.citation.volume30

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JEFAS Vol. 30 Nº 60 (2025)