{"id":56737,"date":"2023-07-08T08:09:04","date_gmt":"2023-07-08T08:09:04","guid":{"rendered":"https:\/\/jums.academy\/v-heinrich\/"},"modified":"2023-07-08T09:46:52","modified_gmt":"2023-07-08T09:46:52","slug":"v-heinrich","status":"publish","type":"page","link":"https:\/\/jums.academy\/en\/v-heinrich\/","title":{"rendered":"V. Heinrich"},"content":{"rendered":"<p><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 hundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-overflow:visible;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#000000;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-unboxed\" id=\"accordion-56737-1\"><div class=\"fusion-panel panel-default panel-227199d1f242a8ed8 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_227199d1f242a8ed8\"><a aria-expanded=\"false\" aria-controls=\"227199d1f242a8ed8\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-56737-1\" data-target=\"#227199d1f242a8ed8\" href=\"#227199d1f242a8ed8\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">All published articles sorted by issues<\/span><\/a><\/h4><\/div><div id=\"227199d1f242a8ed8\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_227199d1f242a8ed8\"><div class=\"panel-body toggle-content fusion-clearfix\">\n<ul style=\"list-style-type: none;\">\n<!--li><a href=\"https:\/\/jums.academy\/en\/v10i4-3\/\">Junior Management Science, Volume 11, Issue 1, March 2026<\/a><\/li-->\n<li><a href=\"https:\/\/jums.academy\/en\/v10i4\/\">Junior Management Science, Volume 10, Issue 4, December 2025<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v10i3\/\">Junior Management Science, Volume 10, Issue 3, September 2025<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v10i2\/\">Junior Management Science, Volume 10, Issue 2, June 2025<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v10i1\/\">Junior Management Science, Volume 10, Issue 1, March 2025<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v9i4\/\">Junior Management Science, Volume 9, Issue 4, December 2024<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v9i3\/\">Junior Management Science, Volume 9, Issue 3, September 2024<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v9i2\/\">Junior Management Science, Volume 9, Issue 2, June 2024<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v9i1\/\">Junior Management Science, Volume 9, Issue 1, March 2024<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v8i4\/\">Junior Management Science, Volume 8, Issue 4, December 2023<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v8i3\/\">Junior Management Science, Volume 8, Issue 3, September 2023<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v8i2\/\">Junior Management Science, Volume 8, Issue 2, June 2023<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v8i1\/\">Junior Management Science, Volume 8, Issue 1, March 2023<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i5\/\">Junior Management Science, Volume 7, Issue 5, December 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i4\/\">Junior Management Science, Volume 7, Issue 4, September 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i3\/\">Junior Management Science, Volume 7, Issue 3, July 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i2\/\">Junior Management Science, Volume 7, Issue 2, June 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v7i1\/\">Junior Management Science, Volume 7, Issue 1, March 2022<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i4\/\">Junior Management Science, Volume 6, Issue 4, December 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i3\/\">Junior Management Science, Volume 6, Issue 3, September 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i2\/\">Junior Management Science, Volume 6, Issue 2, June 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v6i1-2\/\">Junior Management Science, Volume 6, Issue 1, March 2021<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i4\/\">Junior Management Science, Volume 5, Issue 4, December 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i3\/\">Junior Management Science, Volume 5, Issue 3, September 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i2\/\">Junior Management Science, Volume 5, Issue 2, June 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v5i1\/\">Junior Management Science, Volume 5, Issue 1, March 2020<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i4\/\">Junior Management Science, Volume 4, Issue 4, December 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i3\/\">Junior Management Science, Volume 4, Issue 3, September 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i2\/\">Junior Management Science, Volume 4, Issue 2, June 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v4i1\/\">Junior Management Science, Volume 4, Issue 1, March 2019<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i4\/\">Junior Management Science, Volume 3, Issue 4, December 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i3\/\">Junior Management Science, Volume 3, Issue 3, September 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i2\/\">Junior Management Science, Volume 3, Issue 2, June 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v3i1\/\">Junior Management Science, Volume 3, Issue 1, March 2018<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v2i3\/\">Junior Management Science, Volume 2, Issue 3, December 2017<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v2i2\/\">Junior Management Science, Volume 2, Issue 2, September 2017<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v2i1\/\">Junior Management Science, Volume 2, Issue 1, June 2017<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v1i2\/\">Junior Management Science, Volume 1, Issue 2, December 2016<\/a><\/li>\n<li><a href=\"https:\/\/jums.academy\/en\/v1i1\/\">Junior Management Science, Volume 1, Issue 1, June 2016<\/a><\/li>\n<\/ul>\n<\/div><\/div><\/div><\/div><\/div>\n<div class=\"fusion-title title fusion-title-1 sep-underline sep-solid fusion-title-text fusion-title-size-five\" style=\"--awb-margin-top-small:0px;--awb-margin-right-small:0px;--awb-margin-bottom-small:20px;--awb-margin-left-small:0px;--awb-sep-color:#000000;\"><h5 class=\"fusion-title-heading title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:18;--minFontSize:18;line-height:1.38;\"><\/h5><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-2 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-background-position:left top;--awb-border-sizes-top:0px;--awb-border-sizes-bottom:0px;--awb-border-sizes-left:0px;--awb-border-sizes-right:0px;--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-padding-top:0px;--awb-padding-bottom:0px;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-1 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div class=\"fusion-text fusion-text-1\"><p><a name=\"A4\"><\/a><\/p>\n<h5 style=\"text-align: left;\">Private Equity Transactions: Value Creation through Operational Engineering \u2013 Evidence from Europe<\/h5>\n<p>Victor Heinrich, Technische Universit\u00e4t M\u00fcnchen (Masterarbeit)<br \/>\nJunior Management Science 8(3), 2023, 634-657<\/p>\n<\/div><div class=\"accordian fusion-accordian\" style=\"--awb-border-size:1px;--awb-icon-size:13px;--awb-content-font-size:16px;--awb-icon-alignment:left;--awb-hover-color:#f9f9f9;--awb-border-color:#cccccc;--awb-background-color:#ffffff;--awb-divider-color:#e0dede;--awb-divider-hover-color:#e0dede;--awb-icon-color:#ffffff;--awb-title-color:#333333;--awb-content-color:#333333;--awb-icon-box-color:#333333;--awb-toggle-hover-accent-color:#447c4d;--awb-title-font-family:&quot;Roboto Slab&quot;;--awb-title-font-weight:300;--awb-title-font-style:normal;--awb-title-font-size:16px;--awb-content-font-family:&quot;Roboto Slab&quot;;--awb-content-font-style:normal;--awb-content-font-weight:400;\"><div class=\"panel-group fusion-toggle-icon-boxed\" id=\"accordion-56737-2\"><div class=\"fusion-panel panel-default panel-4ba480cd34d14c801 fusion-toggle-no-divider\" style=\"--awb-title-color:#333333;--awb-content-color:#333333;\"><div class=\"panel-heading\"><h4 class=\"panel-title toggle\" id=\"toggle_4ba480cd34d14c801\"><a aria-expanded=\"false\" aria-controls=\"4ba480cd34d14c801\" role=\"button\" data-toggle=\"collapse\" data-parent=\"#accordion-56737-2\" data-target=\"#4ba480cd34d14c801\" href=\"#4ba480cd34d14c801\"><span class=\"fusion-toggle-icon-wrapper\" aria-hidden=\"true\"><i class=\"fa-fusion-box active-icon awb-icon-minus\" aria-hidden=\"true\"><\/i><i class=\"fa-fusion-box inactive-icon awb-icon-plus\" aria-hidden=\"true\"><\/i><\/span><span class=\"fusion-toggle-heading\">Read abstract<\/span><\/a><\/h4><\/div><div id=\"4ba480cd34d14c801\" class=\"panel-collapse collapse \" aria-labelledby=\"toggle_4ba480cd34d14c801\"><div class=\"panel-body toggle-content fusion-clearfix\"><span data-sheets-value=\"{\" data-sheets-userformat=\"{\">This paper investigates private equity value creation strategies through operational engineering. To examine this, I define a KPI framework typically favored by private equity firms. I apply propensity score matching to a dataset of European PE transactions compared to non-PE backed companies to study value creation. By applying a Difference and Difference regression setting and thereby controlling for two-way fixed effects, I can find strong evidence on PE value creation through operational engineering. This paper adds new insights to academia as (a) there are only few contributions using propensity score matching to examine PE value creation and (b) this paper is the first, to the best of my knowledge, to combine the approach of propensity score matching and Difference in Difference regressions, yielding highly significant results on the relevance of EBITDA margin improvement. <\/span><\/div><\/div><\/div><\/div><\/div><div class=\"fusion-text fusion-text-2\"><p><em>Keywords: Private equity; Value creation; Operational engineering; Propensity score matching.<\/em><\/p>\n<\/div><div class=\"fusion-text fusion-text-3\"><p><em>DOI: <a href=\"https:\/\/doi.org\/10.5282\/jums\/v8i3pp634-657\">https:\/\/doi.org\/10.5282\/jums\/v8i3pp634-657<\/a><\/em><\/p>\n<\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-1 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2023\/07\/MA_Heinrich.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read article<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-2 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/jums.academy\/wp-content\/uploads\/2023\/07\/A_Heinrich.pdf\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Read Appendix<\/span><\/a><\/div><div class=\"fusion-alignright\"><a class=\"fusion-button button-flat fusion-button-default-size button-custom fusion-button-default button-3 fusion-button-default-span fusion-button-default-type\" style=\"--button_accent_color:#ffffff;--button_accent_hover_color:#ffffff;--button_border_hover_color:#96c346;--button_gradient_top_color:#447c4d;--button_gradient_bottom_color:#447c4d;--button_gradient_top_color_hover:#96c346;--button_gradient_bottom_color_hover:#96c346;\" target=\"_blank\" rel=\"noopener noreferrer\" href=\"https:\/\/doi.org\/10.5282\/jums\/v8i3pp634-657\"><span class=\"fusion-button-text awb-button__text awb-button__text--default\">Cite article<\/span><\/a><\/div><div class=\"fusion-text fusion-text-4\" style=\"--awb-line-height:0.1;\"><p style=\"text-align: right; margin-top: 25px;\"><a href=\"https:\/\/jums.academy\/v-heinrich\/\">Zur Artikel-Seite<\/a><\/p>\n<\/div><div style=\"width: 2px; height: 20px;\"><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-separator fusion-full-width-sep\" style=\"margin-left: auto;margin-right: auto;width:100%;\"><div class=\"fusion-separator-border sep-single sep-solid\" style=\"--awb-height:20px;--awb-amount:20px;border-color:#e0dede;border-top-width:1px;\"><\/div><\/div><div class=\"fusion-sep-clear\"><\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div>\n<\/div><\/div><div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-3 hundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"--awb-border-radius-top-left:0px;--awb-border-radius-top-right:0px;--awb-border-radius-bottom-right:0px;--awb-border-radius-bottom-left:0px;--awb-overflow:visible;--awb-flex-wrap:wrap;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-2 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last fusion-column-no-min-height\" style=\"--awb-bg-size:cover;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\"><div style=\"width: 350px; height: 120px; \">\r\n\r\n<\/div><div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div><\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":4895,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-56737","page","type-page","status-publish","hentry"],"jetpack_shortlink":"https:\/\/wp.me\/P7lBbr-eL7","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/56737","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/users\/4895"}],"replies":[{"embeddable":true,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/comments?post=56737"}],"version-history":[{"count":1,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/56737\/revisions"}],"predecessor-version":[{"id":56738,"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/pages\/56737\/revisions\/56738"}],"wp:attachment":[{"href":"https:\/\/jums.academy\/en\/wp-json\/wp\/v2\/media?parent=56737"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}