Assessing the impact of private equity on industrial relations in Europe

Human Relations

Volumn 63, Issue 9, 2010, Pages 1343-1370

  Bacon, Nick ^a   Wright, Mike ^a   Scholes, Louise ^a   Meuleman, Miguel ^a,b  

^a UNIVERSITY OF NOTTINGHAM   (United Kingdom)

^b Vlerick Management School   (Belgium)

Author keywords

buyouts; human resource management; industrial relations; private equity; trade unions

Indexed keywords

EID: 77956400862     PISSN: 00187267     EISSN: 1741282X     Source Type: Journal    
DOI: 10.1177/0018726709350087     Document Type: Article

References (63)

1. Amess K., Wright M. (2007a) The wage and employment effects of leveraged buy-outs in the UK. International Journal of the Economics of Business 14(2): 179-195.
2. Amess K., Wright M. (2007b) Barbarians at the gate: do LBOs and private equity destroy jobs? Nottingham University Business, Centre for Management Buyout Research, CMBOR Working Paper.
3. Amess K., Girma S., and Wright M. (2008) What are the wage and employment consequences of leveraged buy-outs, private equity and acquisitions in the UK? Nottingham University Business, Centre for Management Buyout Research, CMBOR Working Paper.
4. Bacon N., Wright M., and Demina N. (2004) HRM in management buy-outs. British Journal of Industrial Relations 42(2): 325-348.
5. Bacon N., Wright M., Demina N., Bruining H., and Boselie P. (2008) The effects of private equity and buy-outs on HRM in the UK and the Netherlands. Human Relations 61(10): 1399-1433.
6. Böttger C. (2006) Strukturen und strategien von finanzinvestoren. Hans Böckler Stiftung, Arbeitspapier 120.
7. Bruining H., Boselie P., Wright M., and Bacon N. (2005) Business ownership change and effects on the employee relationship: An exploratory study of buy-outs in the UK and the Netherlands. International Journal of Human Resource Management 16(3): 345-363.
8. Bygrave W., Hay M., and Peeters J. (1994) Realizing Investment Value. London: FT-Pitman.
9. Clark I. (2009) Private equity, union recognition and value extraction at the AA: The GMB as an emergency service? Birmingham Business School Working Paper.
10. CMBOR (2008) European Management Buy-outs. Nottingham: Centre for Management Buy-out Research.
11. Cressy R., Munari F., and Malipiero A. (2007) Creative destruction? UK evidence that buyouts cut jobs to raise returns. EIC Working Paper No. 5.
12. Davis S., Lerner J., Haltiwanger J., Miranda J., and Jarmin R. (2008) Private equity and employment. In: Lerner J, Gurung A (eds) The Global Impact of Private Equity Report 2008, Globalization of Alternative Investments, Working Papers Volume 1. Geneva: World Economic Forum, 43-64.
13. Davis S., Lerner J., Haltiwanger J., Miranda J., and Jarmin R. (2009) Private equity, jobs and productivity. In: Gurung A, Lerner J (eds) The Global Impact of Private Equity Report 2009, Globalization of Alternative Investments, Working Papers Volume 2. Geneva: World Economic Forum, 25-44.
14. European Central Bank (2007) Large Banks and Private Equity-sponsored Leveraged Buyouts in the EU. Frankfurt: ECB.
15. Evans J., Habbard P. (2008) From shareholder value to private equity - the changing face of financialisation of the economy. Transfer 14(1), available at: www.etui-rehs.org.
16. EVCA (2001) Survey of the Economic and Social Impact of Management Buyouts & Buyins in Europe. Brussels: European Venture Capital Association.
17. FSA (2006) Private equity: a discussion of risk and regulatory engagement. Discussion Paper DP06/6, Financial Services Authority, London.
18. Gilligan J., Wright M. (2008) Private Equity Demystified. London: ICAEW.
19. The Guardian (2007) Private equity: let there be light. Leader article, 27 March. Available at: http://www.guardian.co.uk/commentisfree/2007/mar/27/comment.business.
20. Hall D. (2007) Unhappy returns to private equity. PSIRU, University of Greenwich, June.
21. Hall P., Soskice D. (2001) Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. Oxford: Oxford University Press.
22. Hall P., Thelen K. (2008) Institutional change in varieties of capitalism. Socio-Economic Review 7(1): 7-34.
23. Hamann K., Kelly J. (2008) Varieties of capitalism and industrial relations. In: Blyton P, Bacon N, Fiorito J, Heery E (eds) The SAGE Handbook of Industrial Relations. London: SAGE, 129-148.
24. Hans-Bockler-Stiftung (2007) It's time to act. Mitbestimmung international edition.
25. Harris R., Siegel DS, and Wright M. (2005) Assessing the impact of management buyouts on economic efficiency: Plant-level evidence from the United Kingdom. Review of Economics and Statistics 87(1): 148-153.
26. ITUC (2007) Where the House Always Wins: Private Equity, Hedge Funds and the New Casino Capitalism. Brussels: International Trade Union Confederation.
27. IUF (2007) A Workers' Guide to Private Equity Buy-outs. Geneva: International Union of Food, Agricultural, Hotel, Restaurant, Catering, Tobacco and Allied Workers' Associations.
28. Jensen MC (1986) Agency costs of free cash flow, corporate finance and takeover. American Economic Review 76(2): 323-329.
29. Kaletsky A. (2007) The real reason why private equity is under fire. The Times, 21 June. Available at: http://www.timesonline.co.uk/tol/comment/columnists/anatole_kaletsky/article1963946.ece.
30. Kaplan SN, Stromberg P. (2008) Leveraged buy-outs and private equity. Journal of Economic Perspectives 23(1): 121-146.
31. Kumar N., Stern LW, and Anderson JC (1993) Conducting interorganizational research using key informants. Academy of Management Journal 36(6): 1633-1651.
32. Lockett A., Wright M., Burrows A., Scholes L., and Paton D. (2008) Export intensity of venture capital backed companies. Small Business Economics 31(1): 39-58.
33. Meuleman M., Amess K., Wright M., and Scholes L. (2009) Agency, strategic entrepreneurship and the performance of private equity backed buy-outs. Entrepreneurship Theory and Practice 33(1): 213-239.
34. Milne R. (2008) 'Locusts' of private equity who gave wing to Grohe. Financial Times, 6 June.
35. Monks J. (2006) Bevan memorial lecture: The challenge of the new capitalism. Available at: http://www.etuc.org/a/3052 (accessed 27 October 2008).
36. Monks J. (2007a) FT Editorial: Europe should not give in to casino capitalists. Financial Times, 15 June.
37. Monks J. (2007b) Europe, migration, globalisation and what about the workers? LSE lecture.
38. Muller T. (2006) Financial investors: Knights in shining armour or robber barons? Report on two workshops held by IG Metall and the Hans Bockler Foundation, October/November.
39. OECD (2007) The Role of Private Pools of Capital in Corporate Governance. Paris: OECD.
40. PES Council Adopted Resolution (2007) Social market economy comes first: A new strategy for hedge funds and private equity. Sofia, 22-23 November.
41. PSE Group in European Parliament (2007) Hedge funds and private equity: A critical analysis. Report of the PSE-Group in European Parliament.
42. Rasmussen PN (2008) Europe: A social market economy not a market society. Manchester, 1 July.
43. Rasmussen PN (2009) Speech to Commission conference on private equity and hedge funds. Brussels, 26 February.
44. Scholes ML, Wright M., Westhead P., Burrows A., and Bruining H. (2007) Information sharing, price negotiation and management buy-outs of private-owned firms. Small Business Economics 29(3): 329-349.
45. Strömberg P. (2008) The new demography of private equity. In: Lerner J, Gurung A (eds) The Global Impact of Private Equity Report 2008, Globalization of Alternative Investments, Working Papers Volume 1. Geneva: World Economic Forum, 3-26.
46. Treasury Select Committee (2007) Private equity: vol. 1 report together with formal minutes. Treasury Select Committee Tenth Report of Session 2006-07. HC567-1.
47. TUAC (2007) Financialisation. TUAC/ETUC/Global Unions Seminar OECD Headquarters, 16 March, Paris. Summary report prepared by the TUAC Secretariat.
48. TUC Private equity - a TUC perspective (2007) Trades Union Congress Evidence to the Treasury Committee Inquiry, May.
49. Vitols S. (2008) The evolving European system of corporate governance: Implications for worker participation. Transfer 14(1): 27-43.
50. Watt A. (2008) The impact of private equity on European companies and workers: Key issues and a review of the evidence. Industrial Relations Journal 39(6): 548-568.
51. Woolfe J. (2009) Brussels official faces up to sharp criticism of 'ogres'. Financial Times FTfm, 27 July, p. 8.
52. Work Foundation (2007) Inside the Dark Box: Shedding Light on Private Equity. London: Work Foundation.
53. Wright M., Bacon N. (2009a) The impact of private equity. Paper presented at EC Conference on Private Equity and Hedge Funds, Brussels, 26 February.
54. Wright M., Bacon N. (2009b) Private equity buy-outs: longevity and employment relations. In: Watt A (ed.) Financial Capitalism: The Role of PE Funds in the Economy. Brussels: ITUC.
55. Wright M., Coyne J. (1985) Management Buyouts. Beckenham: Croom Helm.
56. Wright M., Bacon N., and Amess K. (2009) Private equity and buy-outs: Employment, remuneration and HRM. Journal of Industrial Relations 51(4): 501-515.
57. Wright M., Burrows A., Ball R., Scholes L., Meuleman M., and 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, OECD, Paris.
58. Wright M., Chiplin B., Thompson S., and Robbie K. (1990) Management buy-outs, trade unions and employee ownership. Industrial Relations Journal 21(2): 136-146.
59. Wright M., Coyne J., and Lockley H. (1984) Management buy-outs and trade unions: Dispelling the myths. Industrial Relations Journal 15(3): 45-52.
60. Wright M., Hoskisson R., Busenitz L., and Dial J. (2000) Entrepreneurial growth through privatization: the upside of management buyouts. Academy of Management Review 25(3): 591-601.
61. Wright M., Lockett A., Manigart S., Pruthi S., Sapienza H., and Hommel U. (2005) Venture capital investors, capital market valuation and information: US, Europe and Asia. Journal of International Entrepreneurship 2(4): 305-326.
62. Wright M., Renneboog L., Simons T., and Scholes L. (2006) Leveraged buyouts in the U.K. and Continental Europe: Retrospect and prospect. Journal of Applied Corporate Finance 18(3): 38-55.
63. Wright M., Thompson S., and Robbie K. (1991) Corporate restructuring, buy-outs and managerial equity: The European dimension. Journal of Applied Corporate Finance 3(4): 46-58.