137 resultados para equity capital


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In a recent paper, Robert Putnam (2007) challenges the contact hypothesis by arguing that ethnic diversity causes people to ‘hunker down’ and essentially withdraw themselves from society. Drawing on
qualitative data collected from three mixed communities in Northern Ireland, this paper explores the extent and quality of contact experienced by Protestants and Catholics in their everyday lives. Themes emerging from our data are generally consistent with the contact hypothesis. There is also some support for Putnam’s theory that mixed environments can induce ‘hunkering down’ and that inter-group trust may be compromised. However, our data challenge Putnam’s argument that these responses are a consequence of ‘anomie’ or ‘social malaise’. Rather, we find that withdrawal from social activity in the neighbourhoods we observed was a calculated response at times of threat, often aimed at protecting existent positive inter-ethnic relations.

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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.

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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.

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Objective: The association between workplace factors and the development of hypertension remains uncertain. We examined the risk of hypertension as a function of workplace social capital, that is, social cohesion, trust and reciprocity in the workplace.

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We examined the association between workplace social capital and all-cause mortality in a large occupational cohort from Finland.