David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
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Journal of Business Ethics 6 (7):519 - 525 (1987)
In this paper, we analyze some of the ethical dimensions of going private transactions (GPTs), wherein publicly traded firms are taken private. Financial theory suggests that efficiencies may be realized in these transactions such that outside shareholders are made better off. Empirical evidence supports this theory. We therefore argue that GPTs are not inherently exploitive or unethical. The issues of the fiduciary duty of corporate managers to shareholders and their obligations to non-shareholders are also explored.
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Thomas M. Jones & Reed O. Hunt (1991). The Ethics of Leveraged Management Buyouts Revisited. Journal of Business Ethics 10 (11):833 - 840.
Yao Li, Mike Wright & Louise Scholes (2010). Chinese Management Buyouts and Board Transformation. Journal of Business Ethics 95 (2):361 - 380.
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