Please use this identifier to cite or link to this item:
|Title:||Private Equity and the Public Good|
Clark, Ian Arthur
|Citation:||Journal of Business Ethics, 2010, 96 (2), pp. 249-263|
|Abstract:||The dominance of agency theory can reduce our collective scope to analyse private equity in all its diversity and depth. We contribute to theorisation of private equity by developing a contrasting perspective that draws on a rich tradition of virtue ethics. In doing so, we juxtapose ‘private equity’ with ‘public good’ to develop points of rhetorical and analytical contrast. We develop a typology differentiating various forms of private equity, and focus on the ‘take private’ form. These takeovers are where private equity funds are used to buy all a firm’s publicly listed shares. Take private deals reduce reporting requirements and lessen the amount of public scrutiny a firm comes under. They allow greater control of a firm’s assets and resources but also have effects in terms of the wider social fabric. The ‘public good’ and virtue ethics offer an alternative basis for theorisation of these deals. This provides a needed contrast to accounts of private equity based on agency theory.|
|Rights:||Copyright © 2010, Springer.|
|Description:||Full text of this item is not currently available on the LRA. The final published version may be available through the links above.|
|Appears in Collections:||Published Articles, School of Management|
Files in This Item:
There are no files associated with this item.
Items in LRA are protected by copyright, with all rights reserved, unless otherwise indicated.