Private equity and entrepreneurial management in management buy-outs

Critics claim that short-term profit orientation and high deal price strategies of private equity (PE) firms can negatively affect the ability of management buyouts to initiate and sustain entrepreneurial management. This study investigates this claim by comparing effects of majority PE backed and other buy-outs at different levels of financial leverage on post buy-out increases in entrepreneurial management. We propose that PE can be used as an organizational refocusing device that simultaneously increases entrepreneurial and administrative management. We find that majority PE-backed buy-outs significantly increase entrepreneurial management practices. Furthermore, the increased financial leverage positively affects administrative management in management buy-outs. However, the effect of high financial leverage is larger for majority PE-backed buy-outs. These results support the notion that PE firms help buy-out companies develop ambidextrous organizational change: i.e. simultaneously develop entrepreneurial and administrative management practices. The findings have important implications for practitioners and policy makers.

Private equity, the minimalist organization and the quality of employment relations

This article develops a firm-level analysis of how the quality of employment relations following acquisition by private equity firms (PEFs) is contingent upon the strategic intent of those firms and the post-acquisition organizational choices they make. The efficiency gains that PEFs seek in acquired companies are expected to encourage restructuring towards a minimalist organization. However, the form such an organization takes is seen to depend on whether PEF strategy is oriented primarily towards extracting short-term value from acquired assets rather than towards renewing and developing those assets. Contrasts in the process of restructuring and in organizational form associated with these two strategies will have different implications for the quality of employment relations. The way in which PEFs restructure the companies or units they acquire is the key intervening factor between the strategic intent of PEFs and impact they have on the quality of employment relations. © The Author(s) 2010.

Slievabawnogue Housing:Two Dwellings in A Disused Quarry

This project involves the construction of a dwelling in the outskirts of Dublin City. Situated in a disused quarry, the house act as an inhabited bridge, spanning between natural and man made outcrops, service structures and a shared entrance staircase. The houses language derives from the structure necessary to achieve these spans.
The section internally is modeled to present a variety of scales of spaces. More intimate living spaces and bedrooms occur in a lower, north-facing wing. Taller living spaces address the south.

Incorporating rainwater harvesting, wood-gasifying boilers, on site wind powered electrical generation, solar thermal panels and very high levels of insulation the houses are close to energy neutral. The fact that the house is constructed in massive timber construction means that 250 tonnes of carbon are sequestered in its construction. The design includes a 25yar replanting strategy to replace the existing coniferous-forested surrounds with native species in a coppiced planting strategy to allow ongoing fuel for the house, and cash crops to be sold on.

Located in an area of outstanding natural beauty the planning and design of the house involved research into patterns of rural development, the relationship between man made interventions and the natural landscape and the technology of the vernacular. This latter research forms part of the themes being explored under the Kevin Kieran Arts Council / OPW Bursary

Aims / Objectives Questions

1 To design and construct a low energy place to dwell.
2 To investigate the relationship between man-made interventions and new construction in an area of outstanding natural beauty.
3 To derive a language of construction that is contemporary in nature but refers to precedents embedded in the vernacular.
4 To develop a low-carbon form of construction that allows the construction of the house to act to sequester carbon
5 To make a contemporary addition in sympathy with the qualities of the existing site

Climate Adaptation: The future of extra-care housing for the elderly in the United Kingdom.

This paper describes the result of a project to develop climate adaptation design strategies funded by the UK’s Technology Strategy Board. The aim of the project was to look at the effects of climate change in the distant future (2080) on a vulnerable group such as older people with special needs and see how architectural design strategies and technologies may be used today to help mitigate problems ahead caused by climate change.
Older people are the most vulnerable sector of society and are particularly at risk in extreme weather, either excess cold in winter or continual high temperatures in summer. In the UK it is predicted that average temperatures may rise by as much as 8 degrees in Summer by 2080 and there will be a 20% greater chance of extreme weather events. This will place extreme stress on the building stock which is designed for today’s mild maritime climate.
The project took a current proposal for an extra-care home for the elderly designed to 2010 regulations and developed a road map to 2080 using climate models developed by the UK Meteorological Office. This allowed the current design to be assessed using future climatic data, proposals for improvement of the scheme to be made within existing constraints and also a new scheme to be developed from first principals using this data, and projections of new technologies that will be available. By comparing these schemes, the approach allowed a reassessment of the initial scheme, and allowed a new design to be developed that offered a more flexible solution incorporating future retrofit which allows new renewable technologies for heating, cooling and water storage to be added at a later date.

Is the public healthcare sector a more strenuous working environment than the private sector for a physician?

Aims: The present study examined the differences between physicians working in public and private health care in strenuous working environments (presence of occupational hazards, physical violence, and presenteeism) and health behaviours (alcohol consumption, body mass index, and physical activity). In addition, we examined whether gender or age moderated these potential differences. Methods: Cross-sectional survey data were compiled on 1422 female and 948 male randomly selected physicians aged 25-65 years from The Finnish Health Care Professionals Study. Logistic regression and linear regression analyses were used with adjustment for gender, age, specialisation status, working time, managerial position, and on-call duty. Results: Occupational hazards, physical violence, and presenteeism were more commonly reported by physicians working in the public sector than by their counterparts in the private sector. Among physicians aged 50 years or younger, those who worked in the public sector consumed more alcohol than those who worked in the private sector, whereas in those aged 50 or more the reverse was true. In addition, working in the private sector was most strongly associated with lower levels of physical violence in those who were older than 50 years, and with lower levels of presenteeism among those aged 40-50 years. Conclusions: The present study found evidence for the public sector being a more strenuous work environment for physicians than the private sector. Our results suggest that public healthcare organisations should pay more attention to the working conditions of their employees.

The City as Laboratory and the Urban-Rural Divide: the Revival of Private Property and its Limits in Post-Mao China

This paper focuses on the revival of private property and its limits in urban China. It explores the emergence of urban property markets; urban property-holding in relation to the complexity of urban governance; “minor property rights apartments” that form a de facto real estate market and cross over the urban-rural divide; the “grey areas” of blurring legal and administrative boundaries in modern China; and recent changes to the rural land system and the rural-urban divide. The conclusion flags the theme of the city as laboratory with regard to the blurring legal and governmental urban-rural distinction.

Urban housing and the role of 'underclass' processes: the case of Ireland

Rising levels of urban deprivation and a perception that poverty has become more concentrated in such areas and has taken on a qualitatively different character have provoked a variety of popular and academic responses. The potentially most fruitful set of hypotheses focuses on the unintended of weak labour force attachment and social isolation is perceived to lead to behaviour and orientations that contribute to a vicious circle of deprivation. In examining the value of this conceptual framework in the Irish case we proceed by measuring directly the social-psychological factors which ave hypothesized to mediate the 'underclass' process.

A significantly higher level of poverty is found in urban public-sector tenant households. This finding cannot be accounted for entirely by socio-demographic differences. It is the assessment of this net or residual effect that is crucial to an evaluation of vicious circle explanations. Controlling for the critical social-psychological factors we found that net effect was reduced by less than a quarter and concluded that the remaining effect is more plausibly attributed to the role of selection than to underclass processes. Analysis of the changing relationship between urban public-sector tenancy and poverty provides support for this interpretation.

For the main part the distinctiveness of social housing tenants is a consequence of the disadvantages they stiffer in relation to employment opportunities and living standards. Ultimately it is these problems that policy interventions, whatever the level at which they take place, must address.

Policy difference and policy ownership under UK devolution: social housing policy in Northern Ireland

This paper assesses the impact of UK devolution on social housing policy in Northern Ireland from 1999 until 2011, with a particular focus on the administration from May 2007 until April 2011, the first in which the elected elements of the process functioned for the entire period. Housing is one of the responsibilities of the Minister for Social Development. Northern Ireland has had a political commitment to the provision of good quality social housing for many years, both before and after the 1998 Good Friday/ Belfast Agreement and the establishment of the Northern Ireland Assembly and Executive in 1999.
The paper begins with an analysis of factors contributing to policy difference within the United Kingdom under the 1999 devolution settlement, noting that these factors may contribute either to policy convergence or divergence between the four UK jurisdictions. There follow reflections on the concept of ‘policy ownership’ in multi-level states and the benefits of this analytical approach for consideration of housing policy under UK devolution. A review of social housing policy since 1999 is followed by discussion of three key issues from the 2007-11 administration: the governance of social housing; the procurement of new social housing; and improving access to shared space and a shared future. The paper concludes that, in Northern Ireland, the 2007-11 administration marked a transition between a technocratic past and the future policy ownership of the social housing policy field by locally elected politicians. Reflections on wider implications for UK social policy, for UK devolution, and for the complex governance structures of devolved and federal states are also included.