The evolution of private equity: corporate restructuring in the UK, c.1945-2010
File(s)
Published version
Author(s)
Toms, S
Wilson, N
Wright, M
Type
Journal Article
Abstract
The article analyses the role of private equity (PE) in restructuring the UK corporate economy. It develops a theoretical synthesis to show that the evolution of the PE industry and firms in which it invested were governed by the relations of corporate governance between investor and investee companies. Effective governance relations were a necessary condition for success and complement firm specific resources to create competitive advantage. Four case studies are used to show the contrasting effects of these determining factors, Industrial and Commercial Finance Corporation (ICFC) and Slater Walker, and the two waves of buy-out centred restructuring that developed with the maturity of the PE industry after 1980. In contrast to the evolutionary approach, the periodisations utilised in this study show that structural breaks associated with points of institutional reform are also necessary to make firm specific resource and governance determinants of competitive advantage operable.
Date Issued
2015-06-02
Date Acceptance
2015-06-01
Citation
Business History, 2015, 57 (5), pp.736-768
ISSN
1743-7938
Publisher
Taylor & Francis (Routledge)
Start Page
736
End Page
768
Journal / Book Title
Business History
Volume
57
Issue
5
Copyright Statement
© 2015 Taylor & Francis. This is an Author's Accepted Manuscript of an article published in [include the complete citation information for the final version of the article as published in the Business History (2015), available online at: http://www.tandfonline.com/10.1080/00076791.2014.977262
Identifier
http://gateway.webofknowledge.com/gateway/Gateway.cgi?GWVersion=2&SrcApp=PARTNER_APP&SrcAuth=LinksAMR&KeyUT=WOS:000360198600006&DestLinkType=FullRecord&DestApp=ALL_WOS&UsrCustomerID=1ba7043ffcc86c417c072aa74d649202
Subjects
Social Sciences
Business
History Of Social Sciences
Business & Economics
Social Sciences - Other Topics
Evolutionary theory of the firm
Private equity
Corporate governance
British business history
Leveraged buyouts
Dynamic capabilities
Venture capitalists
Governance
Firm
Performance
Finacialisation
Innovation
Entrepreneurship
History of Social Sciences
Economics
Commerce, Management, Tourism And Services
Philosophy And Religious Studies
Publication Status
Published