Corporate governance in private equity : do boards really matter? : an empirical study of Norwegian private equity

摘要

We examine how private equity funds a↵ect corporate governance in Norwegian portfoliocompanies. We find that general partners do not prioritize the board as long as everythingis going according to plan. We also find that when a company is taken private CEOturnover during the first year after the buyout is a matter of control change. Key factorsof keeping the sitting CEO is thus highly based on information not directly tied to performance.Moving past this period into the monitoring period we find that performancebecomes important. However, general partners do not seem to influence decisions aboutthe CEO directly from the board. Furthermore, our findings suggest that the board isbeing neglected and interaction between general partners and management is conductedin alternative ways.