Private equity företagens styrning av sina portföljbolag.: Två fallstudier av relationen mellan private equity företag och portföljbolag.

Sammanfattning: The purpose of this thesis is to examine and analyze the characteristics of the management control system private equity firms use to manage their portfolio companies. The thesis takes a share holder value perspective, and it is assumed that the goal of the management control system is to increase the shareholder value in the portfolio company. In a qualitative study two private equity firms and two portfolio companies, one for each private equity firm, were studied in detail. In total, nine in debt interviews were completed. The results from this study suggest that the characteristics of the control system are dependent on the surrounding context; the focus on shareholder value and the specific characteristics of the private equity industry shape the characteristics of the management control system. Moreover, the ownership structure creates agent-principal problems that in turn are negatively affected by the focus on the shareholder value and the specific characteristics of the private equity industry. In total, this study has identified seven groups of characteristics of the management control system: focus on increasing shareholder value, clear allocation of roles, top-down control, management by deviation, extensive reports and close contact, monetary rewards system, and trust as a result of the formal control system.