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  • The consequences of private equity acquisitions for employees: new evidence on the impact on wages, employment and productivity

    Author(s)
    Goergen, Marc
    O'Sullivan, Noel
    Wood, Geoffrey
    Griffith University Author(s)
    Wood, Geoffery
    Year published
    2014
    Metadata
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    Abstract
    There is growing controversy on the HR consequences of private equity acquisitions, especially when the existing management team is replaced. Much of the debate thus far has centred on the use of limited panels of case studies and industry surveys. This article, in contrast, uses both in-depth interviews with relevant stakeholders and objective company data to compare firms subject to private equity acquisitions against a control group of non-acquired firms. Our interviews provide insights into key issues that are investigated in the subsequent empirical analysis. Our core findings are that firms subject to a specific type ...
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    There is growing controversy on the HR consequences of private equity acquisitions, especially when the existing management team is replaced. Much of the debate thus far has centred on the use of limited panels of case studies and industry surveys. This article, in contrast, uses both in-depth interviews with relevant stakeholders and objective company data to compare firms subject to private equity acquisitions against a control group of non-acquired firms. Our interviews provide insights into key issues that are investigated in the subsequent empirical analysis. Our core findings are that firms subject to a specific type of private equity acquisition - institutional buyouts - are associated with job losses, lower wages and lower productivity. This evidence is consistent with the notion that this type of private equity acquisition has negative employment consequences without any corresponding improvement in productivity.
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    Journal Title
    Human Resource Management Journal
    Volume
    24
    Issue
    2
    DOI
    https://doi.org/10.1111/1748-8583.12032
    Subject
    Human Resources Management
    Business and Management
    Psychology
    Publication URI
    http://hdl.handle.net/10072/69041
    Collection
    • Journal articles

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