Research from Arthur Andersen Corporate Finance reveals that the most common reasons for companies electing to go private in 1999 were "poor investor sentiment towards small-cap companies" and "share price under performance". Martin Kittcatt, partner and European private equity competency leader, says: "The analysis confirms public-to-private transactions are primarily driven by management discontent and private equity opportunism rather than a proactive desire on behalf of the institutional investors to exit."