8. DISCUSSION OF RESULTS AND CONCLUSIONS
8.4 Limitations and suggestions for future research
The limitations of this study are highly centralized on the data and its availability and suitability. The data available from private equity deals and investments has always been narrow and not covering all the made transactions. This issue comes even bigger in the
case of Finland, as the markets are small and the reliable data from private equity deals is provided by industry association, whose data covers the numbers that are provided by the members of the association. The chosen industry creates also its own limits. Finding suitable case companies with available data proved to be more difficult than first expected.
The results from this study cannot be fully generalized to cover the whole machine building nor private equity industry as only three case companies were studied. Secondly, as only four interviews were conducted, it provides rather limited view of the topic. Furthermore, as the interviews were conducted based on voluntarism, it can be that some information was left undisclosed.
For future research, more case companies could be studied and interviewees could be more closely related to the case companies. An interesting aspect would also be to study companies that are in the portfolio of one private equity investor, and study the similarities and differences in managing and changing the business.
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Appendix 1. List of interview questions.
1. How would you describe the current situation of Finnish private equity markets? How has is developed during the past years?
2. How would you describe the current exit options and possibilities?
3. What is the outlook for Finnish private equity markets and for machine building industry from the perspective of an investor?
4. Is the Finnish private equity markets differing from the Nordics or global markets? How?
5. Before making an investment, what are the factors that private equity investor is looking in a machine building target company?
6. What are the factors that are followed during the portfolio company’s holding period?
7. What are the value adding means by which private equity investor affects in a portfolio company?
8. What are the special features of the machine building industry from private equity investor’s view point?
APPENDICES