The private equity business model and associated strategies for HRM: Evidence and implications?

International Journal of Human Resource Management

Volumn 20, Issue 10, 2009, Pages 2030-2048

  Clark, Ian ^a  

^a UNIVERSITY OF BIRMINGHAM   (United Kingdom)

Author keywords

Business model; HRM; National business systems; Private equity; Shareholder value

Indexed keywords

EID: 70350761626     PISSN: 09585192     EISSN: 14664399     Source Type: Journal    
DOI: 10.1080/09585190903175605     Document Type: Article

References (49)

1. AFIC (2007), 'The French Private Equity Association, Activity Report, 2006-2007,' AFIC, available from: www.afic.asso.fr
2. Alchain, A., and Demsetz, H. (1972), 'Production, Information Costs and Economic Organization,' American Economic Review, 62, 777-795.
3. Bach, S. (2005), 'Personnel in Transition,' in Personnel Management in Transition, Managing Human Resources, ed. S. Bach, Oxford: Blackwell, pp. 3-44.
4. Berle, A., and Means, G. (1932), The Modern Corporation and Private Property, New York: Macmillan.
5. BVK (2007), Bundesverband Deutscher Kapitalbeteiligungesellschaften, German Private Equity and Venture Capital Association, BVK Statistics, available from: www.bvk-ev.de
6. Chandler, A. (1977), The Visible Hand: The Managerial Revolution in American Business, Cambridge: Cambridge University Press.
7. Clark, I. (2006), 'Another Third Way? VW and Trails of Stakeholder Capitalism,' Industrial Relations Journal, 37, 6, 593-607.
8. Clark, I. (2007), 'Private Equity and HRM in the British Business System,' Human Resource Management Journal, 17, 3, 218-226.
9. Claydon, T. (1997), 'Union Recognition: A Re-examination,' in Contemporary Industrial Relations: A Critical Analysis, ed. I. Beardwell, Oxford: Oxford University Press, pp. 151-175.
10. Colling, T., and Clark, I. (2002), '"Looking for Americanness": Sector Effects in Engineering Process Plant Contracting,' European Journal of Industrial Relations, 8, 3, 301-325.
11. DiMaggio, P., and Powell, W. (1983), 'The Iron Cage Re-visited: Institutional Isomorphism and Collective Rationality in Organizational Fields,' American Sociological Review, 48, 161-173.
12. DiMaggio P., and Powell W. (eds.) (1991), The New Institutionalism in Organizational Analysis, Chicago, IL: University of Chicago Press.
13. Dore, R. (2000), Stock Market Capitalism: Welfare Capitalism Japan and Germany versus the Anglo-Saxons, Oxford: Oxford University Press.
14. Ferner, A., Almond, P., Clark, I., Colling, T., Edwards, T., and Holden, L. (2004), 'The Dynamics of Central Control and Subsidiary Autonomy in the Management of Human Resources: Case Study Evidence from US MNC's in the UK,' Organization Studies, 25, 3, 363-391.
15. Financial Services Authority (FSA) (2006), 'Private Equity: A Discussion of Risk and Regulatory Engagement,' Discussion Paper, 06/6, November, FSA, London.
16. Folkman, P., Froud, J., Sukhdev, J., and Williams, K. (2006), 'Working for Themselves? Capital Market Intermediaries and Present Day Capitalism,' Centre for Research on Socio-cultural Change, University of Manchester, working paper series no. 25, available from: www.cresc.ac.uk
17. Freeman, R., Boxall, P., and Haynes, P. (2007), 'Introduction: The Anglo-American Economies and Employee Voice,' in What Workers Say: Employee Voice in the Anglo-American Workplace, eds. R. Freeman, P. Boxall and P. Haynes, New York: Cornell University Press, pp. 1-25.
18. Frege, C. (2005), 'Varieties of Industrial Relations Research: Takeover, Convergence or Divergence?' British Journal of Industrial Relations, 43, 2, 179-208.
19. Froud, J., and Williams, K. (2007), 'Private Equity and the Culture of Value Extraction,' Centre for Research on Socio-cultural Change, University of Manchester, working papers series no. 31, available from: www.cresc.ac.uk
20. GMB Union (2007), Private Equity's Broken Pension Promises, London: GMB.
21. Gollan, P. (2007), Employee Representation in Non-union Firms, London: Sage.
22. Hall, D. (2007), 'Methodological Issues in Estimating the Impact of Private Equity Buyouts on Employment,' Control Publication commissioned by the T & G section of UNITE.
23. Hall, P., and Soskice, D. (2001), 'An Introduction to the Varieties of Capitalism,' in Varieties of Capitalism: The Institutional Foundations of Comparative Advantage, eds. P. Hall and D. Soskice, Oxford: Oxford University Press, pp. 1-71.
24. Harris, R., Siegel, D., and Wright, M. (2005), 'Assessing the Impact of Management Buyouts on Economic Efficiency: Plant Level Evidence from the UK,' Review of Economics and Statistics, 87,1,148-154.
25. Heery, E., and Frege, C. (2006), 'New Actors in Industrial Relations,' British Journal of Industrial Relations, 44, 4, 601-604.
26. International Trade Union Confederation (2007), Where the House Always Win: Private Equity, Hedge Funds and the New Casino Capitalism. Brussels, Belgium, June, available from: www.ituc-csi.org
27. Jensen, M. (1989), 'The Eclipse of the Public Corporation.' Harvard Business Review, September, 62-74.
28. Jensen, M., and Meckling, W. (1976), 'Theory of the Firm: Managerial Behaviour, Agency Costs and Ownership Structure,' Journal of Financial Economics, 3, 305-360.
29. Jensen, M., and Murphy, K. (1990), 'Performance Pay and Top-management Incentives,' The Journal of Political Economy, 98, 2, 225-264.
30. Kaplan, S., and Schoar, A. (2005), 'Private Equity Performance Returns, Persistence and Capital Flows,' Journal of Finance, 60, 4, 1791-1824.
31. Marris, R. (1964), The Economic Theory of Managerial Capitalism, London: Macmillan.
32. Martin, R., Casson, P., and Nisar, T. (2007), Investor Engagement - Investors and Management Practice Under Shareholder Value, Oxford: Oxford University Press.
33. McLoughlin, I., and Gourley, S. (1994), Enterprise without Unions: Industrial Relations in the Non-union Firm, Milton Keynes: Open University Press.
34. Means, G. (1930), 'The Diffusion of Stock Ownership in the United States,' Quarterly Journal of Economics, 44, 4, 561-600.
35. National Audit Office (NAO) (2007), 'The Privatization of QinetiQ,' 23 November. London: The Stationary Office, available from: www.nao.org.uk
36. O'Sullivan, M. (2000), Contests for Corporate Control: Corporate Governance and Economic Performance in the United States and Germany, Oxford: Oxford University Press.
37. Pendleton, A., and Deakin, S. (2007), 'Corporate Governance and Workplace Employment Relations: The Potential of WERS 2004,' Industrial Relations Journal, 38, 4, 338-355.
38. Pendleton, A., and Gospel, H. (2005), 'Markets and Relationships: Finance, Governance and Labour in the UK,' in Corporate Governance and Labour Management - An International Comparison, Oxford: Oxford University Press, pp. 59-84.
39. Rappaport, A. (1998), Creating Shareholder Value: A Guide to Managers and Investors revised edition of the 1986 original, New York: The Free Press.
40. Shleifer, A., and Vishny, R. (1997), 'A Survey of Corporate Governance,' Journal of Finance, 52, 2, 737-783.
41. Thornton, P. (2007), 'Inside the Dark Box: Shedding the Light on Private Equity,' The Work Foundation, London.
42. Treasury Select Committee Tenth Report (TSCTR) (2007), Written and Oral Evidence, 12 June, 20 June, 3 July, Hansard Archive, available from: www publications parliament.uk
43. TSC/Amicus-UNITE (2007), Memorandum Submitted to the Treasury Select Committee, published by the TSC as 'Memorandum Submitted by Amicus,' June 2007.
44. TSC/GMB (2007), Report and Evidence submitted to the Treasury Select Committee on Private Equity as part of the GMB union submission, April 2007, published by the TSC as the 'GMB Memorandum of Submission,' June 2007.
45. Whitley, R. (1992), European Business Systems: Firms and Markets in their National Contexts, London: Sage.
46. Whitley, R. (1999), Divergent Capitalism: The Social Structuring and Change of Business Systems, Oxford: Oxford University Press.
47. Williamson, O. (1964), The Economics of Discretionary Behaviour: Managerial Objectives in a Theory of the Firm, Upper Saddle River, NJ: Prentice Hall.
48. Williamson, O. (1967), 'Hierarchical Control and Optimum Firm Size,' Journal of Political Economy, 75, 123-138.
49. Williamson, O. (1975), Markets and Hierarchies: Analysis and Anti-trust Implications, New York: The Free Press.