Private equity and human resource management: An emerging agenda

Human Relations

Volumn 63, Issue 9, 2010, Pages 1279-1296

  Wood, Geoffrey ^a   Wright, Mike ^b  

^a UNIVERSITY OF SHEFFIELD   (United Kingdom)

^b UNIVERSITY OF NOTTINGHAM   (United Kingdom)

Author keywords

comparative HRM; corporate governance; finance and HRM; private equity

Indexed keywords

EID: 77956403364     PISSN: 00187267     EISSN: 1741282X     Source Type: Journal    
DOI: 10.1177/0018726709353638     Document Type: Article

References (75)

1. Amess K., Wright M. (2007a) The wage and employment effects of leveraged buyouts in the U.K. International Journal of Economics and 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., Demina N., Bruining H., and Boselie P. (2008) HRM, buy-outs and private equity in the UK and the Netherlands. Human Relations 61(10): 1399-1433.
5. Bacon N., Wright M., Scholes L., and Meuleman M. (2010) Assessing the impact of private equity on industrial relations in Europe. Human Relations 63.
6. Beckman T., Forbes W. (2004) An examination of takeovers, job loss and wage decline within UK industry. European Financial Management 10(1): 141-165.
7. Bloom N., van Reenen J., and Sadun R. (2009) Do private equity-owned firms have better management practices. In: Gurung A, Lerner J (eds) The Global Economic Impact of Private Equity Report 2009, Globalization of Alternative Investments, Working Papers Volume 2. Geneva: World Economic Forum, 1-24.
8. Bodie M. (2008) Mother Jones meets Gordon Gekko: The complicated relationship between labor and private equity. Colorado Law Review 79(4): 1319-1355.
9. Boselie P., Koene B. (2010) Private equity and human resource management: 'Barbarians at the gate!' HR's wakeup call? Human Relations 63.
10. Bruton G., Keels JK, and Scifres RL (2002) Corporate restructuring and performance: An agency perspective on the complete buyout cycle. Journal of Business Research 55(9): 709-724.
11. BVCA (2006) The Economic Impact of Private Equity in the UK. London: BVCA.
12. Cappelli P. (1995) Rethinking employment. British Journal of Industrial Relations 33(4): 563-602.
13. Carroll A. (2009) Hermes' merger message. Real Deals, 9 April, p. 7.
14. Centre for Management Buy-out and Private Equity Research (CMBOR) (2009) Trends in UK management buyouts. Management buyouts: quarterly review from CMBOR, University of Nottingham, spring.
15. CMC (2009) Birds Eye prepares for change. Available at: http://www.cmc-careers.com/pdfs/Birds%20Eye%20Case%20Study.pdf (accessed 19 April 2009).
16. Conyon MJ, Girma S., Thompson S., and Wright P. (2001) Do hostile mergers destroy jobs? Journal of Economic Behaviour and Organization 45(4): 427-440.
17. Cressy R., Munari F., and Malipiero A. (2007) Creative destruction: Evidence that buyouts cut jobs to raise returns. University of Birmingham Working Paper.
18. Crouch C. (2005) Three meanings of complementarity. Socio-Economic Review 3(2): 359-363.
19. Cumming D., Walz U. (2004) Private equity returns and disclosure around the world. Mimeo available at: SSRN:http://ssrn.com/abstract=514105.
20. 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, Globalization of Alternative Investments, Working Papers Volume 1. Geneva: World Economic Forum, 43-64.
21. Djankov S., Glaeser E., La Porta R., Lopez-de-Silnes F., and Shleifer A. (2003) The new comparative economics. Journal of Comparative Economics 31(4): 595-619.
22. Dumenil G., Levy D. (2004) Neoliberal income trends. New Left Review 30(November/December): 105-133.
23. Engelen E., Konings M., and Ferandez R. (2008) The rise of activist investors and patterns of political responses: Lessons on agency. Socio-Economic Review 6(4): 611-636.
24. Erturk I, Froud J, Johal S, Leaver A, and Williams K (eds) (2008) Financialization at Work: Key Texts and Commentary. London: Routledge.
25. Folkman P., Froud J., Johal S., and Williams, K. (2007) Working for themselves: Financial intermediaries and present day capitalism. Business History 49(4): 552-572.
26. Froud J., Williams K. (2007) Private equity and the culture of value extraction. New Political Economy 12(3): 405-420.
27. Gilligan J., Wright M. (2008) Private Equity Demystified. London: ICAEW.
28. GMB (2006) Private equity's broken pension promises - private equity companies' links to insolvent pension funds, London.
29. Goergen M., Brewster C., and Wood G. (2006) The boundaries of governance: The effects of national setting and ownership changes on employees. ECGI Finance Working Paper, 136.
30. Hall P., Soskice D. (2001) An introduction to the varieties of capitalism. In: Hall P, Soskice D (eds) Varieties of Capitalism: The Institutional Basis of Competitive Advantage. Oxford: Oxford University Press, 1-70.
31. Hannah L. (2005) The Rise of the Corporate Economy. London: Routledge.
32. Harcourt M., Wood G. (2007) The importance of employment protection for skill development in coordinated market economies. European Journal of Industrial Relations 13(2): 141-159.
33. Jessop B (2001) Series preface. In: Jessop B (ed.) Regulation Theory and the Crisis of Capitalism - Volume 4: Country Studies. Cheltenham: Edward Elgar, ix-xxiii.
34. Kaplan SN (1991) The staying power of leveraged buy-outs. Journal of Financial Economics 29(2): 287-313.
35. Kaplan SN, Strömberg P (2009) Leveraged buyouts and private equity. Journal of Economic Perspectives 23(1): 121-146.
36. Kelly J. (1998) Rethinking Industrial Relations: Mobilization, Collectivism and Long Waves. London: Routledge.
37. Kleinman M. (2008) Birds Eye Iglo's upbeat captain. Telegraph.co.uk, 18 July.
38. Krippner G. (2005) The financialization of the American economy. Socio-Economic Review 3(2): 173-208.
39. Lane C., Wood G (2009) Introducing diversity in capitalism and capitalist diversity. Economy and Society 38(3): 531-551.
40. Lazonick W., O'Sullivan M. (2000) Maximizing shareholder value: A new ideology for corporate governance. Economy and Society 29(1): 13-35.
41. Lerner J., Strömberg P., and Sørensen M. (2008) Private equity and long-run investment: The case of innovation. 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.
42. Lichtenberg FR, Siegel DS (1990) The effect of leveraged buy-outs on productivity and related aspects of firm behavior. Journal of Financial Economics 27: 165-194.
43. Ljungqvist A., Richardson M. (2003) The cash flow, return and risk characteristics of private equity. Mimeo.
44. Lockett A., Murray G., and Wright M. (2002) Do venture capitalists still have a bias against technology based investments? Research Policy 31(6): 1009-1030.
45. Macrosty H. (1997) The Trust Movement in British Industry. London: Routledge.
46. McGuckin R., Nguyen S. (2001) The impact of ownership changes: A view from labor markets. International Journal of Industrial Organization 19(5): 739-762.
47. Meuleman M., Amess K., Wright M., and Scholes L. (2009) Agency, strategic entrepreneurship, and the performance of private equity-backed buyouts. Entrepreneurship Theory and Practice 33(1): 213-239.
48. Milne R. (2008) 'Locusts' of private equity who gave wing to Grohe. Financial Times, 6 June.
49. Moon J. (2006) Public versus private equity. Journal of Applied Corporate Finance 18(3): 76-82.
50. Pendleton A., Wilson N., and Wright M. (1998) The perception and effects of share ownership: Empirical evidence from employee buyouts. British Journal of Industrial Relations 36(1): 99-124.
51. Robbie K., Wright M., and Ennew C. (1993) Management buy-outs from receivership. Omega 21(5): 519-530.
52. Rodrigues SB, Child J. (2010) Private equity, the minimalist organization and the quality of employment relations. Human Relations 63.
53. Roe M. (2003) Political Determinants of Corporate Governance. Oxford: Oxford University Press.
54. Shleifer A., Summers L. (1989) Breach of trust in hostile takeovers. NBER Working Papers 2342, National Bureau of Economic Research, Inc.
55. Sorge R. (2005) The Global and the Local. Oxford: Oxford University Press.
56. 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.
57. Toms S., Wright M. (2002) Corporate governance, strategy and structure in British business history, 1950-2000. Business History 44(3): 91-124.
58. Toms S., Wright M. (2005) Corporate governance, strategy and refocusing: US and British comparatives, 1950-2000. Business History 47(2): 267-295.
59. Treasury Select Committee (2007) Private Equity: Vol. 1 Report together with formal minutes. Treasury Select Committee Tenth Report of Session 2006-07, HC567-1.
60. Wachman R. (2009) Vulture fund circles troubled Candover. The Observer: Business and Media, 12 April, p. 1.
61. 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.
62. Weir C., Jones P., and Wright M. (2009) Public to private transactions, private equity and performance in the UK: An empirical analysis of the impact of going private. Available atSSRN:http://ssrn.com/abstract=1138616.
63. Whitley R. (1999) Divergent Capitalisms: The Social Structuring and Change of Business Systems. Oxford: Oxford University Press.
64. Wilson N., Wright M., and Altanlar A. (2009) Private equity, buy-outs, leverage and failure. Paper presented at London Business School, 2nd Private Equity Conference.
65. Wood G., Wright M. (2009) Private equity: A review and synthesis. International Journal of Management Reviews 11(4): 361-380.
66. Work Foundation (2007) Inside the Dark Box: Shedding Light on Private Equity. London: Work Foundation.
67. Wright M., Coyne J. (1985) Management Buyouts. Beckenham: Croom Helm.
68. 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.
69. Wright M., Hoskisson R., Busenitz L. (2000) Entrepreneurial growth through privatization: The upside of management buyouts. Academy of Management Review 25(3): 591-601.
70. Wright M., Hoskisson R., Busenitz L., and Dial J. (2001) Firm rebirth: Leveraged buyouts as facilitators of strategic growth and entrepreneurship. Academy of Management Executive 15(1): 111-125.
71. Wright M., Kitamura M., and Hoskisson R. (2003) Management buyouts and restructuring Japanese corporations. Long Range Planning 36(4): 355-374.
72. Wright M., Renneboog L., Simons S., and Scholes L. (2006) Leveraged buy-outs in the UK and continental Europe: Retrospect and prospect. Journal of Applied Corporate Finance 18(3): 38-55.
73. Wright M., Robbie K., Chiplin B., and Albrighton M. (2000b) The development of an organizational innovation: Management buyouts in the UK, 1980-97. Business History 42(4): 137-184.
74. Wright M., Robbie K., Thompson S., and Starkey K. (1994) Longevity and the life cycle of MBOs. Strategic Management Journal 15(3): 215-227.
75. Wright M., Thompson S., Robbie K., and Wong P. (1995) Management buyouts in the short and long term. Journal of Business Finance and Accounting 22(4): 461-482.