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==LBO Innovation==
→Variable List
=Variable List=
==LBO==
===Compustat===
===Nonnon-Compustat=== *secondary exit - an LBO backed firm subsequently sold to another private equity fund*IPO - an lbo backed firm subsequently going public*trade sale - an lbo backed firm sbusequently being acquired by a strategic buyer*bankruptcy - an lbo backed firm subsequently filing for bankruptcy *event year - indicator variables that equal one for the given year in event time (the base year is year 0)*post - an indicator variable that equals one for event years 1 and forward *post plus one - an indicator variable that equals one for event years 2 and forward *share of firm's preinvestment patents in class - the fraction of the firms' pretransaction patents that are in the same industry class*change in firm's patents in class - an indicator for whether the difference in the share of patents in the class between the pre- and posttransaction periods is positive*post x share - an interaction between post and share of firm's pre-investment patents in class*post x change - an interaction between post and change in firm's patents in class *Innovation**R&D Spending**R&D Focus (types, i.e. basic, applied, or developmental)**radical product innovation**product modification**commercialization**use of external R&D sources**improving R&D staff quality**increasing R&D staff size *Venturing**percent of revenue from new businesses or industries which showed a company's ability to expand operations to achieve profitability**the number of new businesses the company has entered that showed an increase in the emphasis on redefining the company's business concept**the number of new market segments served by the company that gauged the increase in the scope of operations *company performance**employee productivity**sales-to-beginning assets, shows the company's ability to use its assets effectively**return on investment**earnings before interest and tax to assets ratio *control variables**technological opportunities, size, age, and level of debt *outcome variables**patent applications**patent applications weighted by forward citations i.e. changes in innovation stocks over time *conditioning variables**firm size (the log of sales)**labour productivity (the log of sales per employee)**exporting (an exporter dummy)**skill intensity (the log of the average wage)**debt (liabilities divided by equity, i.e. leverage)**profitability (profit divided by sales)**age (log firm age) *Product innovations*Process innovations*Organizational innovations*marketing innovations*patents and other protection methods*factors hampering innovation activities *Patent citations used as proxy for quality (which might not be optimal)*They do adjust for overall average of non-LBO firms*Uses Seagate as a case study ==LBO==
Activity and performance:
*FCF/TR “Free cash flows” (1) divided by turnover
==Innovation==
===Compustat===
===Non-Compustat===
=LBO Effects on Innovation Papers=
