This thesis intends to analyze value creation in LBOs from an equity investor point of view on investment level. According to the outlined research model and based upon a deal-by-deal, bottom-up calculation of Total Proceeds (TP), the empirical analysis provides novel insights in several respects. First, the decomposition of TP to equity investors on investment level into its various components as outlined in chapter III.A.2. Second, the separate analysis of factors driving the variation in identified dependent variables alongside the applied two-tier framework of an internal and external perspective. Third, the holistic, i.e. conjoint, consideration of relevant identified company- and transaction-specific as well as macroeconomic factors regarding the impact on value creation on investment level.
KeywordsCash Flow Total Proceeds Equity Investor Portfolio Company Revenue Growth
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