We explore the extent to which differences in countries’ formal and informal institutions reduce cross‐border leveraged buyout transactions and the potential influence these same institutions have on how private equity (PE) investors choose to enter these transactions. Although institutional differences have frequently been viewed as barriers to cross‐border investment, we find evidence that these same differences may motivate a PE firm's decision to enter the transaction with a syndicate of firms rather than undertaking the transaction on their own. Cultural differences between a PE firm and the target nation are significantly related to the choice to enter the deal via a multinational syndicate. The varying nationalities within the syndicate contribute to enhanced familiarity, with average institutional distances between the syndicate and target firms being significantly lower than for single‐PE‐led deals. Overall, deals undertaken by syndicates are more likely to be successfully completed and require less time in negotiation. These results persist even after accounting for selection bias with regard to target country choice. We explore whether other features of the syndicate are responsible for improved deal outcomes, such as repeated transactions with the same partners, but find no evidence that this is the case.

中文翻译：

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机构对银团结构和跨境杠杆收购的影响

我们探讨了各国正式和非正式机构之间的差异在多大程度上减少了跨境杠杆收购交易，以及这些机构对私募股权投资人如何选择进行这些交易的潜在影响。尽管制度差异经常被视为跨境投资的障碍，但我们发现有证据表明，这些相同差异可能会促使私募股权公司决定与企业集团进行交易，而不是自己进行交易。私募股权公司与目标国家之间的文化差异与通过跨国集团进行交易的选择有很大关系。联盟中的国籍各异，有助于增进熟悉度，辛迪加与目标公司之间的平均机构距离明显低于单一私募股权主导的交易。总体而言，由集团进行的交易更有可能成功完成，并且谈判所需的时间更少。即使考虑了目标国家选择的选择偏见，这些结果仍然存在。我们探讨了该集团的其他功能是否有助于改善交易结果，例如与同一合作伙伴的重复交易，但没有发现这种情况的证据。