(2018) ANDREA MARIA ACCIOLY FONSECA MINARDI; GUILHERME FOWLER DE AVILA MONTEIRO; Penno, Luiz
We investigate the different forms of entrepreneurial governance in private equity
investments in emerging markets. Our research design is a multi-case, inductive study that
uses field data to assess the full cycle of private equity investment in forty companies. We
find that private equity firms can adopt four distinct entrepreneurial governance structures
along two main dimensions: minority versus majority investments and active versus passive
investor role. We analyze the main characteristics of these governance structures and discuss
the main drivers that influence its adoption. Overall, our central contribution is enlarging the
study of private equity governance in fragile institutional environments.
