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|
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References found in this work BETA
The Fragility of Goodness: Luck and Ethics in Greek Tragedy and Philosophy.Martha Craven Nussbaum - 1986 - Cambridge University Press.
The Virtuous Influence of Ethical Leadership Behavior: Evidence From the Field.J. Neubert Mitchell, S. Carlson Dawn, Kacmar K. Michele, A. Roberts James & B. Chonko Lawrence - 2009 - Journal of Business Ethics 90 (2):157 - 170.
Stakeholder Influence Capacity and the Variability of Financial Returns to Corporate Social Responsibility.Michael L. Barnett - 2005 - Proceedings of the International Association for Business and Society 16:287-292.
Citations of this work BETA
A Quantitative Analysis of Authors, Schools and Themes in Virtue Ethics Articles in Business Ethics and Management Journals. [REVIEW]Ignacio Ferrero & Alejo José G. Sison - 2014 - Business Ethics: A European Review 23 (4):375-400.
Business Executives' Perceptions of Ethical Leadership and Its Development.Catherine Marsh - 2013 - Journal of Business Ethics 114 (3):565-582.
Think Global, Invest Responsible: Why the Private Equity Industry Goes Green. [REVIEW]Patricia Crifo & Vanina D. Forget - 2013 - Journal of Business Ethics 116 (1):21-48.
Deal Structuring in Philanthropic Venture Capital Investments: Financing Instrument, Valuation and Covenants. [REVIEW]Mariarosa Scarlata & Luisa Alemany - 2010 - Journal of Business Ethics 95 (2):121 - 145.
Signposts or Weathervanes? The Curious Case of Corporate Social Responsibility and Conflict Minerals.Ozlem Arikan, Juliane Reinecke, Crawford Spence & Kevin Morrell - forthcoming - Journal of Business Ethics.
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