Toms, S, Wilson, N and Wright, M (2015) The Evolution of Private Equity: Corporate Restructuring in the UK, c.1945-2010. Business History, 57 (5). pp. 736-768. ISSN 0007-6791
Abstract
The paper analyses the role of private equity in restructuring the UK corporate economy. It develops a theoretical synthesis to show that the evolution of the PE industry and firms in which it invested were governed by the relations of corporate governance between investor and investee companies. Effective governance relations were a necessary condition for success and complement firm specific resources to create competitive advantage. Four case studies are used to show the contrasting effects of these determining factors, ICFC and Slater Walker, and the two waves of buy-out centred restructuring that developed with the maturity of the PE industry after 1980. In contrast to the evolutionary approach, the periodisations utilised in this study show that structural breaks associated with points of institutional reform are also necessary to make firm specific resource and governance determinants of competitive advantage operable.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | This is an Accepted Manuscript of an article published by Taylor & Francis in Business History on 2 June 2015, available online: http://dx.doi.org/10.1080/00076791.2014.977262 |
Keywords: | Private equity; Corporate governance; evolutionary theory of the firm |
Dates: |
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Institution: | The University of Leeds |
Academic Units: | The University of Leeds > Faculty of Business (Leeds) > Accounting & Finance Division (LUBS) (Leeds) |
Depositing User: | Symplectic Publications |
Date Deposited: | 30 Jun 2014 11:52 |
Last Modified: | 03 Jan 2017 19:52 |
Published Version: | http://dx.doi.org/10.1080/00076791.2014.977262 |
Status: | Published |
Publisher: | Taylor & Francis (Routledge) |
Identification Number: | 10.1080/00076791.2014.977262 |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:79396 |