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    Working for divergent principals: effects of private equity on employment practices in family firms

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    Publication type
    Conference Proceeding
    Author
    Neckebrouck, Jeroen
    Manigart, Sophie
    Meuleman, Miguel
    Publication Year
    2016
    Publication Issue
    2016
    Publication Begin page
    1481
    Publication End page
    1485
    
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    Abstract
    This research increases understanding of agency theory by exploring the influence of divergent principal interests in private firms. Investigating unique panel data on employment levels and employment terms in private equity backed family firms (from 1996 to 2013), findings reveal that, when private equity investors acquire minority positions, family control strongly weakens the positive impact of private equity on employment levels. Alternatively, when private equity investors acquire full control, employment levels increase more in previously family controlled firms compared to nonfamily firms. Results further show that neither majority nor minority private equity investments induce significant changes in employment terms such as wages or the usage of temporary contracts, yet highlight some important selection effects. These results hold broad implications for family firms, private equity investors and policy makers.
    Keyword
    Accounting & Finance, Private Equity and Venture Capital
    Knowledge Domain/Industry
    Accounting & Finance
    DOI
    10.5465/AMBPP.2016.274
    URI
    http://hdl.handle.net/20.500.12127/5722
    ae974a485f413a2113503eed53cd6c53
    10.5465/AMBPP.2016.274
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    Conference Presentations

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