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Innovation in Private Equity Leveraged Buyouts

The objective of this paper is to illustrate the main theories and survey the empirical evidence on the impact of private equity leveraged buyouts (LBOs) on innovative activity at target companies. I illustrate how the theoretical lenses through which LBOs are described have adapted to the changing characteristics of these transactions. I also describe how most of the literature has focused on a relatively narrow type of innovation (i.e. technological innovation), and has instead paid less attention to hard-to-measure yet important components of the innovation process (e.g., managerial innovation). Finally, I present some directions for future research on this topic.