{"id":"https://openalex.org/W2082445366","doi":"https://doi.org/10.1002/smj.934","title":"Red and Blue: the relationship between the institutional context and the performance of leveraged buyout investments","display_name":"Red and Blue: the relationship between the institutional context and the performance of leveraged buyout investments","publication_year":2011,"publication_date":"2011-04-08","ids":{"openalex":"https://openalex.org/W2082445366","doi":"https://doi.org/10.1002/smj.934","mag":"2082445366"},"language":"en","primary_location":{"id":"doi:10.1002/smj.934","doi":"https://doi.org/10.1002/smj.934","is_oa":false,"landing_page_url":"https://doi.org/10.1002/smj.934","pdf_url":null,"source":{"id":"https://openalex.org/S102949365","display_name":"Strategic Management Journal","issn_l":"0143-2095","issn":["0143-2095","1097-0266"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Strategic Management Journal","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5075337869","display_name":"Aviad Pe\u2019er","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I57206974","display_name":"New York University","ror":"https://ror.org/0190ak572","country_code":"US","type":"education","lineage":["https://openalex.org/I57206974"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Aviad Pe'er","raw_affiliation_strings":["Stern School of Business, New York University, New York, New York, U.S.A"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Stern School of Business, New York University, New York, New York, U.S.A","institution_ids":["https://openalex.org/I57206974"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5015530258","display_name":"Oliver F. Gottschalg","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I83860666","display_name":"HEC Paris","ror":"https://ror.org/0423jsj19","country_code":"FR","type":"education","lineage":["https://openalex.org/I83860666"]}],"countries":["FR"],"is_corresponding":false,"raw_author_name":"Oliver Gottschalg","raw_affiliation_strings":["HEC School of Management, Paris, France"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"HEC School of Management, Paris, France","institution_ids":["https://openalex.org/I83860666"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5075337869"],"corresponding_institution_ids":["https://openalex.org/I57206974"],"apc_list":{"value":4250,"currency":"USD","value_usd":4250},"apc_paid":null,"fwci":9.0445,"has_fulltext":false,"cited_by_count":43,"citation_normalized_percentile":{"value":0.97283959,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"32","issue":"12","first_page":"1356","last_page":"1367"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.9746000170707703,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11903","display_name":"Private Equity and Venture Capital","score":0.9746000170707703,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.01720000058412552,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12225","display_name":"Political Influence and Corporate Strategies","score":0.005900000222027302,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/leveraged-buyouts","display_name":"leveraged buyouts","score":0.996999979019165},{"id":"https://openalex.org/keywords/institutional-context","display_name":"institutional environment","score":0.8629999756813049},{"id":"https://openalex.org/keywords/red-and-blue-states","display_name":"red and blue states","score":0.6710000038146973},{"id":"https://openalex.org/keywords/partisanship","display_name":"partisanship","score":0.7260000109672546},{"id":"https://openalex.org/keywords/private-equity-performance","display_name":"private equity performance","score":0.6510000228881836},{"id":"https://openalex.org/keywords/formal-and-informal-institutions","display_name":"formal and informal institutions","score":0.7879999876022339},{"id":"https://openalex.org/keywords/institutional-theory","display_name":"institutional theory","score":0.6919999718666077},{"id":"https://openalex.org/keywords/target-firms","display_name":"target firms","score":0.3409999907016754}],"concepts":[{"id":"https://openalex.org/C45971065","wikidata":"https://www.wikidata.org/wiki/Q1058381","display_name":"Leveraged buyout","level":3,"score":0.7881508469581604},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.606666624546051},{"id":"https://openalex.org/C138090074","wikidata":"https://www.wikidata.org/wiki/Q572079","display_name":"Ceteris paribus","level":2,"score":0.5953303575515747},{"id":"https://openalex.org/C206757995","wikidata":"https://www.wikidata.org/wiki/Q1665188","display_name":"Institutional investor","level":3,"score":0.5893406867980957},{"id":"https://openalex.org/C71110296","wikidata":"https://www.wikidata.org/wiki/Q476115","display_name":"Private equity","level":2,"score":0.559945285320282},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.45775070786476135},{"id":"https://openalex.org/C121955636","wikidata":"https://www.wikidata.org/wiki/Q4116214","display_name":"Accounting","level":1,"score":0.4293833374977112},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.4222258925437927},{"id":"https://openalex.org/C199728807","wikidata":"https://www.wikidata.org/wiki/Q2578557","display_name":"Equity (law)","level":2,"score":0.41929471492767334},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.3400208353996277},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.2444322109222412},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.21530884504318237},{"id":"https://openalex.org/C175444787","wikidata":"https://www.wikidata.org/wiki/Q39072","display_name":"Microeconomics","level":1,"score":0.18077656626701355},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.15834498405456543},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1002/smj.934","doi":"https://doi.org/10.1002/smj.934","is_oa":false,"landing_page_url":"https://doi.org/10.1002/smj.934","pdf_url":null,"source":{"id":"https://openalex.org/S102949365","display_name":"Strategic Management Journal","issn_l":"0143-2095","issn":["0143-2095","1097-0266"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Strategic Management Journal","raw_type":"journal-article"},{"id":"pmh:oai:HAL:hal-00631579v1","doi":null,"is_oa":false,"landing_page_url":"https://hec.hal.science/hal-00631579","pdf_url":null,"source":{"id":"https://openalex.org/S4306402512","display_name":"HAL","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I4405252976","host_organization_name":"Centre pour la Communication Scientifique Directe","host_organization_lineage":["https://openalex.org/I4405252976"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Strategic Management Journal, 2011, 32 (12), pp.1356-1367. &#x27E8;10.1002/smj.934&#x27E9;","raw_type":"info:eu-repo/semantics/article"}],"best_oa_location":null,"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/16","score":0.8046000003814697,"display_name":"Peace, justice, and strong institutions"}],"study_designs":[],"awards":[],"funders":[{"id":"https://openalex.org/F4320325041","display_name":"Fondation HEC","ror":"https://ror.org/055jvqb21"}],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":51,"referenced_works":["https://openalex.org/W41931414","https://openalex.org/W1162105221","https://openalex.org/W1559377018","https://openalex.org/W1684540946","https://openalex.org/W1969519191","https://openalex.org/W1973275355","https://openalex.org/W1973308529","https://openalex.org/W1994771258","https://openalex.org/W2009952860","https://openalex.org/W2040284309","https://openalex.org/W2043159738","https://openalex.org/W2052802022","https://openalex.org/W2064688508","https://openalex.org/W2068420591","https://openalex.org/W2072529732","https://openalex.org/W2074517752","https://openalex.org/W2088508036","https://openalex.org/W2101921536","https://openalex.org/W2103182897","https://openalex.org/W2119644075","https://openalex.org/W2123968322","https://openalex.org/W2124621825","https://openalex.org/W2131876936","https://openalex.org/W2141273954","https://openalex.org/W2142831770","https://openalex.org/W2152000158","https://openalex.org/W2152784824","https://openalex.org/W2154685728","https://openalex.org/W2160860931","https://openalex.org/W2170461829","https://openalex.org/W2319775520","https://openalex.org/W2333049154","https://openalex.org/W2484854508","https://openalex.org/W2889570252","https://openalex.org/W2890829820","https://openalex.org/W3024765151","https://openalex.org/W3121131820","https://openalex.org/W3121156466","https://openalex.org/W3121259908","https://openalex.org/W3121515318","https://openalex.org/W3121944685","https://openalex.org/W3122537419","https://openalex.org/W3123093985","https://openalex.org/W3124076488","https://openalex.org/W3125313683","https://openalex.org/W4231405904","https://openalex.org/W4243246718","https://openalex.org/W4246489760","https://openalex.org/W4253239325","https://openalex.org/W4256499879","https://openalex.org/W4298413470"],"related_works":["https://openalex.org/W2156707958","https://openalex.org/W753321900","https://openalex.org/W2946918134","https://openalex.org/W574548205","https://openalex.org/W7207569104","https://openalex.org/W159102367","https://openalex.org/W2980248890","https://openalex.org/W567398285","https://openalex.org/W393211274","https://openalex.org/W2737720147"],"abstract_inverted_index":{"Abstract":[0],"This":[1],"paper":[2],"advances":[3],"the":[4,7,16,19,29,41,49,70,141],"debate":[5],"concerning":[6],"relationship":[8],"between":[9,133],"politics":[10],"and":[11,31,92,139,146],"business":[12],"conduct":[13],"by":[14,40,69,110,115],"investigating":[15],"influence":[17],"of":[18,86,99,129,143,149],"institutional":[20,76,137],"context":[21,34,62,138],"on":[22],"leveraged":[23,54],"buyout":[24,55,87,102,144],"investments.":[25],"We":[26,95],"propose":[27],"that":[28],"formal":[30],"informal":[32],"institution":[33],"in":[35,64,89,104],"\u2018red\u2019":[36],"states":[37,66,91],"(those":[38,67],"dominated":[39,68],"U.S.":[42,101],"Republican":[43],"Party)":[44],"is":[45,63],"more":[46,135],"aligned":[47,136],"with":[48],"principal":[50],"strategies":[51],"through":[52],"which":[53],"investors":[56],"create":[57],"value":[58],"than":[59],"such":[60],"a":[61,83,97,130,134],"\u2018blue\u2019":[65],"Democratic":[71],"Party).":[72],"Therefore,":[73],"according":[74],"to":[75,122],"theory,":[77],"one":[78],"would":[79],"expect,":[80],"ceteris":[81],"paribus,":[82],"higher":[84],"likelihood":[85],"transactions":[88],"red":[90],"vice":[93],"versa.":[94],"analyze":[96],"sample":[98],"10,746":[100],"investments":[103],"4,633":[105],"distinct":[106],"target":[107],"companies":[108],"made":[109],"2,396":[111],"different":[112,147],"funds":[113],"managed":[114],"1,300":[116],"private":[117],"equity":[118],"firms":[119],"from":[120],"1980":[121],"2003.":[123],"The":[124],"results":[125],"indicate":[126],"strong":[127],"evidence":[128],"positive":[131],"association":[132],"both":[140],"volume":[142],"activity":[145],"measures":[148],"performance":[150],"for":[151],"these":[152],"buyouts.":[153],"Copyright":[154],"\u00a9":[155],"2011":[156],"John":[157],"Wiley":[158],"&":[159],"Sons,":[160],"Ltd.":[161]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":4},{"year":2024,"cited_by_count":2},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":2},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":2},{"year":2018,"cited_by_count":7},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":3},{"year":2015,"cited_by_count":5},{"year":2014,"cited_by_count":2},{"year":2013,"cited_by_count":5},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-30T12:39:25.321706","created_date":"2016-06-24T00:00:00"}
