Does A Company's “Going Private” Tend to Harm Its Stakeholders? A Contingency-Based Approach to Stakeholder Effects
David Bourget (Western Ontario)
David Chalmers (ANU, NYU)
Rafael De Clercq
Jack Alan Reynolds
Learn more about PhilPapers
Proceedings of the International Association for Business and Society 20:337-347 (2009)
The migration of publicly-held companies to private status through use of private equity has been both lauded and lambasted. While agency theorists praise the public-to-private or PTP firm as being an efficient form of corporate governance, others suggest that going private allows owners and managers to extract, rather than add, value.We contribute by developing a categorization of the potential sources of value for the PTP firm. We analyze the effects of each source of value, and find that there are specific negative effects for non-equity stakeholders associated with several sources. Our analysis indicates that the degree to which value is added versus extracted will vary across firms; yet, all will tend to engage in some value extraction. Policy implications are discussed
|Keywords||No keywords specified (fix it)|
|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
No references found.
Citations of this work BETA
No citations found.
Similar books and articles
Marguerite Schneider & Alix Valenti (2011). A Property Rights Analysis of Newly Private Firms. Business Ethics Quarterly 21 (3):445-471.
Kevin Morrell & Ian Clark (2010). Private Equity and the Public Good. Journal of Business Ethics 96 (2):249 - 263.
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.
Brian Harvey & Anja Schaefer (2001). Managing Relationships with Environmental Stakeholders: A Study of U.K. Water and Electricity Utilities. [REVIEW] Journal of Business Ethics 30 (3):243 - 260.
Mika Skippari & Kalle Pajunen (2008). The Emergence and Evolution of Stakeholder Activism and Firm Responses During Social Issue Life-Cycle. Proceedings of the International Association for Business and Society 19:495-507.
Robert A. Phillips (2009). Private Security Companies and Institutional Legitimacy. Business Ethics Quarterly 19 (3):403-432.
Antonio Argandoña (2003). Private-to-Private Corruption. Journal of Business Ethics 47 (3):253 - 267.
Alessandro Zattoni (2011). Who Should Control a Corporation? Toward a Contingency Stakeholder Model for Allocating Ownership Rights. Journal of Business Ethics 103 (2):255-274.
Dominic Kaeslin (2007). Structure and Agency in Firm-Stakeholder Networks. Proceedings of the International Association for Business and Society 18:443-447.
Robert A. Phillips & Joel Reichart (2000). The Environment as a Stakeholder? A Fairness-Based Approach. Journal of Business Ethics 23 (2):185 - 197.
Gary Fooks, Anna Gilmore, Jeff Collin, Chris Holden & Kelley Lee (2013). The Limits of Corporate Social Responsibility: Techniques of Neutralization, Stakeholder Management and Political CSR. [REVIEW] Journal of Business Ethics 112 (2):283-299.
Christopher Low & Christopher Cowton (2004). Beyond Stakeholder Engagement: The Challenges of Stakeholder Participation in Corporate Governance. International Journal of Business Governance and Ethics 1 (1):45-55.
Esben Rahbek Gjerdrum Pedersen (2011). All Animals Are Equal, but …: Management Perceptions of Stakeholder Relationships and Societal Responsibilities in Multinational Corporations. Business Ethics 20 (2):177-191.
Jose Maria Lopez-De-Pedro & Eva Rimbau-Gilabert (2012). Stakeholder Approach: What Effects Should We Take Into Account in Contemporary Societies? [REVIEW] Journal of Business Ethics 107 (2):147-158.
Reuben J. Stern (2008). Stakeholder Theory and Media Management: Ethical Framework for News Company Executives. Journal of Mass Media Ethics 23 (1):51 – 65.
Added to index2012-03-18
Total downloads2 ( #406,441 of 1,679,405 )
Recent downloads (6 months)1 ( #183,757 of 1,679,405 )
How can I increase my downloads?