David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Journal of Business Ethics 96 (2):249 - 263 (2010)
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
|Keywords||common good equity public interest public good private virtue|
|Categories||categorize this paper)|
Setup an account with your affiliations in order to access resources via your University's proxy server
Configure custom proxy (use this if your affiliation does not provide a proxy)
|Through your library|
References found in this work BETA
Robert Nozick (1974). Anarchy, State and Utopia. Basic Books.
John Rawls (1971/2005). A Theory of Justice. Harvard University Press.
Martha Craven Nussbaum (2001). The Fragility of Goodness: Luck and Ethics in Greek Tragedy and Philosophy. Cambridge University Press.
A. Macintyre (1984). After Virtue. Tijdschrift Voor Filosofie 46 (1):169-171.
Mitchell J. Neubert, Dawn S. Carlson, K. Michele Kacmar, James A. Roberts & Lawrence B. Chonko (2009). The Virtuous Influence of Ethical Leadership Behavior: Evidence From the Field. [REVIEW] Journal of Business Ethics 90 (2):157 - 170.
Citations of this work BETA
Ignacio Ferrero & Alejo José G. Sison (2014). A Quantitative Analysis of Authors, Schools and Themes in Virtue Ethics Articles in Business Ethics and Management Journals. [REVIEW] Business Ethics: A European Review 23 (4):375-400.
Catherine Marsh (2013). Business Executives' Perceptions of Ethical Leadership and Its Development. Journal of Business Ethics 114 (3):565-582.
Patricia Crifo & Vanina D. Forget (2013). Think Global, Invest Responsible: Why the Private Equity Industry Goes Green. [REVIEW] Journal of Business Ethics 116 (1):21-48.
Mariarosa Scarlata & Luisa Alemany (2010). Deal Structuring in Philanthropic Venture Capital Investments: Financing Instrument, Valuation and Covenants. [REVIEW] Journal of Business Ethics 95 (2):121 - 145.
Michael Buckley (2013). A Constructivist Approach to Business Ethics. Journal of Business Ethics 117 (4):695-706.
Similar books and articles
Marguerite Schneider & Alix Valenti (2011). A Property Rights Analysis of Newly Private Firms. Business Ethics Quarterly 21 (3):445-471.
Marguerite Schneider & Alix Valenti (2009). Does A Company's “Going Private” Tend to Harm Its Stakeholders? A Contingency-Based Approach to Stakeholder Effects. Proceedings of the International Association for Business and Society 20:337-347.
Douglas Cumming & Sofia Johan (2007). Socially Responsible Institutional Investment in Private Equity. Journal of Business Ethics 75 (4):395 - 416.
Duane Windsor (2009). Private Equity Investments. Proceedings of the International Association for Business and Society 20:278-289.
Marguerite Schneider & Alix Valenti (2008). The Effects of “Going Private” on Corporate Financial and Corporate Social Performance. Proceedings of the International Association for Business and Society 19:236-245.
Antonio Argandoña (2003). Private-to-Private Corruption. Journal of Business Ethics 47 (3):253 - 267.
Antonio Villanacci & Ünal Zenginobuz, On the Neutrality of Redistribution in a General Equilibrium Model with Public Goods.
Richard P. Nielsen (2008). The Private Equity-Leveraged Buyout Form of Finance Capitalism. Business Ethics Quarterly 18 (3):379-404.
Krishan Kumar & Ekaterina Makarova (2008). The Portable Home: The Domestication of Public Space. Sociological Theory 26 (4):324 - 343.
Added to index2010-03-20
Total downloads14 ( #184,535 of 1,726,249 )
Recent downloads (6 months)1 ( #369,877 of 1,726,249 )
How can I increase my downloads?