The employment consequences of private equity acquisitions: The case of institutional buy outs

European Economic Review - Tập 71 - Trang 67-79 - 2014
Marc Goergen1, Noel O׳Sullivan2, Geoffrey Wood3
1Cardiff Business School, Cardiff University, Colum Drive, Cardiff CF10 3EU, UK and European Corporate Governance Institute, Brussels, Belgium
2School of Business and Economics, Loughborough University, Ashby Road, Loughborough LE11 3TU, UK
3Warwick Business School, Warwick University, Coventry CV4 7AL, UK

Tài liệu tham khảo

Amess, 2007, The wage and employment effects of leveraged buy outs in the UK, Int. J. Econ. Bus., 14, 179, 10.1080/13571510701343923 Amess, 2012, Leveraged buyouts, private equity and jobs, Small Bus. Econ., 38, 419, 10.1007/s11187-010-9280-9 Aoki, 2010 Arellano, 1991, Some tests of specification for panel data: Monte Carlo evidence and an application to employment equations, Rev. Econ. Stud., 58, 277, 10.2307/2297968 Barber, B. 2007. TUC Challenges Private Equity to Talks. Available from: 〈http://www.tuc.org.uk/economy/tuc-12983-f0.cfm〉. Barber, 1996, Detecting abnormal operating performance: the empirical power and specification of test statistics, J. Finan. Econ., 41, 359, 10.1016/0304-405X(96)84701-5 Blundell, 1998, Initial conditions and moment restrictions in dynamic panel data models, J. Econom., 87, 115, 10.1016/S0304-4076(98)00009-8 Bresson, 1996, Dynamic labor demand models Bucholtz, 1994, Role of chief executive officers in takeover resistance, Acad. Manag. J., 37, 554, 10.2307/256700 2006 Clark, 2013, Templates for financial control: management and employees under private equity, Hum. Resour. Manag. J., 23, 144, 10.1111/j.1748-8583.2012.00192.x Clark, 2009, Private equity in the UK: job regulation and trade unions, J. Ind. Relat., 51, 489, 10.1177/0022185609339514 Conyon, 2001, Do hostile mergers destroy Jobs?, J. Econ. Behav. Organ., 45, 427, 10.1016/S0167-2681(01)00155-X Conyon, 2002, The impact of mergers and acquisitions on company employment in the United Kingdom, Eur. Econ. Rev., 46, 31, 10.1016/S0014-2921(00)00086-6 Cressy, 2007, Playing to their strengths? Evidence that specialization in the private equity industry confers competitive advantage, J. Corp. Finan., 13, 647, 10.1016/j.jcorpfin.2007.04.007 Davis, S.J., Haltiwanger, J., Jarmin, R., Lerner, J. and Miranda, J. 2011. Private Equity and Employment, US Census Bureau Center for Economic Studies Paper No. CES-WP-08-07R. Available from: 〈http://ssrn.com/abstract=1107175〉 Davis, 2008, Private equity and employment, 43 Ernst, 2013, Are private equity investors boon or bane for an economy? A theoretical analysis, Eur. Finan. Manag., 19, 180, 10.1111/j.1468-036X.2012.00586.x Froud, J., Johal, S., Leaver, A., Williams, K., 2007. Memorandum Submitted to Treasury Select Committee Inquiry into Private Equity. Centre for Research on Socio Cultural Change, University of Manchester. Goergen, 2011, Private equity takeovers and employment in the UK: some empirical evidence, Corp. Gov.: Int. Rev., 19, 259, 10.1111/j.1467-8683.2011.00853.x Hijzen, 2010, Offshoring, labour market institutions and the elasticity of labour demand, Eur. Econ. Rev., 54, 1016, 10.1016/j.euroecorev.2010.04.001 2007, Where the House Always Wins: Private Equity, Hedge Funds and the New Casino Capitalism Jensen, M.C., 2007. The Economic Case for Private Equity and Some Concerns, Negotiation. Organizations and Markets Research Paper: 07-02, Harvard Business School. Martynova, 2006, Mergers and acquisitions in Europe, 13 Nickell, 1984, An investigation of the determinants of manufacturing employment in the United Kingdom, Rev. Econ. Stud., 167, 529, 10.2307/2297778 Nickell, 1992, Productivity growth in UK companies 1975-1986, European Econ. Rev., 36, 1055, 10.1016/0014-2921(92)90046-Y Renneboog, 2007, Why do public firms go private in the UK? The impact of private equity investors, incentive realignment and undervaluation, J. Corp. Finan., 13, 591, 10.1016/j.jcorpfin.2007.04.005 Schweiger, 1991, Communication with employees following a merger: a longitudinal field experiment, Acad. Manag. J., 34, 110, 10.2307/256304 Shleifer, 1988, Breach of trust in hostile takeovers Smart, 1994, Measuring the effect of restructuring on corporate performance: The case of management buyouts, Rev. Econ. Stat., 76, 503, 10.2307/2109975 Thornton, 2007 Treasury Select Committee, 2007. Private Equity: vol. 1 Report Together with Formal Minutes, Tenth Report of Session 2006-07. HC567-1. Westcott, 2009, Private equity in Australia, J. Ind. Relat., 51, 529, 10.1177/0022185609339517 Wilson, 2012, Private equity portfolio performance during the recession, J. Corp. Finan., 18, 193, 10.1016/j.jcorpfin.2011.11.008 Wood, 2010, Private equity and human resource management: An emerging agenda, Hum. Relat., 63, 1279, 10.1177/0018726709353638 Wood, 2009, Private equity: a review and synthesis, Int. J. Manag. Rev., 11, 361, 10.1111/j.1468-2370.2009.00264.x Wright, M., Burrows, A., Ball, R., Scholes, L., Meuleman, M., Amess, K., 2007. The implications of Alternative Investment Vehicles for Corporate Governance: A Survey of Empirical Research. Report Prepared for the Steering Group on Corporate Governance. Paris: OECD. Wright, 2009, The economic impact of private equity: what we know and what we would like to know, Venture Cap., 11, 1, 10.1080/13691060802151887