ABSTRACT We extend our worldwide research on private equity by studying the drivers of going private operating performance in emerging countries (Asia and Latin America). We select a large set of candidate drivers (financial, governance, macroeconomics, microeconomics, institutional variables) and we analyze their effects on performance over the short and long terms. To conduct our study, we use Capital IQ, Thomson One Banker, World Bank as databases. We contribute to the current literature by doing an investigation of the impact of macroeconomics factors and institutional drivers (political stability, rule of law and regulatory quality) on the buyout performance. Positive and significance results are obtained. We use a sample of 248 going private transactions, which occurred between 2000 and 2011. Our results show that GDP growth and political stability are important drivers that significantly contribute to generate performance in going private.

中文翻译：

---

新兴经济体的私人交易表现：拉丁美洲和亚洲的比较研究

摘要我们通过研究新兴国家（亚洲和拉丁美洲）私有化运营绩效的驱动因素，扩展了我们在全球私募股权领域的研究。我们选择了大量的候选驱动因素（财务，治理，宏观经济学，微观经济学，制度变量），并分析了它们对短期和长期绩效的影响。为了进行研究，我们使用Capital IQ，Thomson One Banker，世界银行作为数据库。我们通过调查宏观经济因素和制度驱动因素（政治稳定性，法治和监管质量）对收购绩效的影响，为当前文献做出了贡献。获得了积极和有意义的结果。我们使用了2000年至2011年之间的248个私有交易的样本。