Browsing Research Output by Author "Wright, Michael"
Private equity, leveraged buyouts, and corporate governanceWright, Michael; Siegel, Donald; Meuleman, Miguel; Amess, Kevin (2013)This chapter takes a look at private equity, which usually refers to the funding of leveraged buyouts (LBOs) of well-known firms. It aims to improve the understanding of private equity and LBOs by reviewing a theory related to private equity and the evidence of its impact. This review includes a number of articles in entrepreneurship, finance, strategy, economics, and human resource management. It first summarizes the theoretical perspectives related to why private equity governance may have positive or negative effects on economic, social, and financial performance. It then reviews important empirical evidence from studies during the first and second waves.
Working with unfamiliar partners: Relational embeddedness and partner selection in private equity syndicatesMeuleman, Miguel; Lockett, Andy; Wright, Michael (2006)While one stream of research in partner selection has emphasized stability in a firm's social network, another stream has emphasized the need to expand a firm's network. In order to reconcile these two perspectives, we explore transaction, partner and industry conditions that lead firms to work with unfamiliar partners. Using a unique hand-collected dataset, results from the formation of private equity investment syndicates demonstrate that firms are more likely to select unfamiliar partners for lower levels of primary and behavioral uncertainty and higher levels of competition. Our findings provide insights in conditions that lead firms to expand their social network.