• Assessing the impact of private equity on industrial relations in Europe

      Bacon, Nick; Wright, Mike; Scholes, L.; Meuleman, Miguel (Human Relations, 2010)
      Private equity firms are accused by trade unions of changing industrial relations in buyouts by demonstrating an unwillingness to recognize and work with trade unions, and by downgrading information and consultation. To explore these important policy issues, this article reports the first representative pan-European survey of managers’ perceptions of the impact of private equity on industrial relations. Managers report that private equity investment does not result in changes to union recognition, membership density or changes in management attitudes to trade union membership. Furthermore, managers in firms recognizing unions after private equity buyouts do not report reductions in the terms and conditions subject to joint regulation. Under private equity ownership more firms report consultative committees, managers regard these as more influential on their decisions, and indicate increased consultation over firm performance and future plans. Comparing industrial relations changes in different social models in Europe, the results suggest private equity firms adapt to national systems and traditional national industrial relations differences persist after buyout.
    • Private equity, HRM and employment

      Bacon, Nick; Wright, Mike; Ball, Rod; Meuleman, Miguel (Academy of Management Perspectives, 2013)
      We analyze the employment, wages, human resource management, and industrial relations impact of private equity, drawing on empirical evidence from various countries and institutional contexts. We identify different types of private equity-backed buyouts and highlight the impact of creating value through long- and short-term ownership and strategies emphasizing increased efficiency or growth. We show that the effects may vary between buyout types and that it is inappropriate to regard most private equity leveraged buyouts as a zero-sum game with value transferred to shareholders at workers' expense. We conclude that regulating private equity in favor of the organizational model of managerial capitalism is unlikely to necessarily further workers' interests.
    • The impact of private equity on management practices in European buyouts: short-termism and Anglo American effects

      Bacon, Nick; Wright, Mike; Meuleman, Miguel; Scholes, L. (Industrial Relations: A journal of Economy and Society, 2012)
      Throughout the last decade, extensive deployment of popular intra-domain routing protocols such as open shortest path first (OSPF) and intermediate system–intermediate system (IS-IS), has drawn an ever increasing attention to internet traffic engineering. This paper reviews optimization techniques that have been deployed for managing intra-domain routing in networks operated with shortest path routing protocols, and the state-of-the-art research that has been carried out in this direction.