Paper aceptado «Private Equity and Entrepreneurial Governance: Time for a Balanced View.»

A study of Peter  Klein, John Chapman and Mario Mondelli has been accepted for publication in a forthcoming issue of Academy of Management Perspectives. The paper´s title is «Private Equity and Entrepreneurial Governance: Time for a Balanced View.»

Abstract: Private equity (PE) is best understood not as a financing method, but as governance structure, one that emphasizes strong performance incentives, rules over discretion, and a strong alignment between ownership and management. Briefly, PE governance makes owners into active managers and makes managers behave like owners. As such, PE is often regarded as a more «entrepreneurial» form of governance than that associated with the publicly traded corporation. We argue for a balanced view in which PE is best regarded as a governance structure which, like all forms of organization, has benefits and costs that vary according to circumstances. Building on the «judgment-based» view of entrepreneurship, we note that managers of privately held firms, as owners, exercise a strong degree of entrepreneurial judgment over the use assets, unlike salaried executives of publicly held companies. At the same time, however, privately held firms are often constrained from pursuing potentially attractive profit opportunities by the nature of their debt obligations. PE is not a panacea, and buyouts do not necessarily generate the typical outward markers of innovation such as patents, employment growth, and the establishment of new enterprises.

Más vistos

LEVE AUMENTO DE LA PRODUCCIÓN DEL NÚCLEO INDUSTRIAL EN ENERO

Según los datos publicados hoy por el INE, la producción de la industria manufacturera presentó un incremento interanual del 1,1% en enero de 2024....

Aumento de visitantes provenientes de Argentina y Brasil durante 2023

Los datos publicados por el Ministerio de turismo para la temporada 2023-2024 han revelado la recuperación del flujo de visitantes provenientes de Argentina y...

SE ANTICIPA QUE LA INFLACIÓN SUPERE EL RANGO META DURANTE LA SEGUNDA MITAD DE 2024.

En enero el IPC aumentó un 1,5%. A nivel anual, la variación del IPC fue del 5,09%, cifra virtualmente similar al 5,1% de diciembre....

EN 2023 EL NÚCLEO INDUSTRIAL CONTRAJO SU PRODUCCIÓN

Según los datos publicados hoy por el INE, la producción de la industria manufacturera presentó una caída interanual del 7,8% en diciembre de 2023...

Cavilaciones de un desocupado Parte 3/3: Buscando herramientas para enfrentar los actuales desafíos del mundo del trabajo

 “…se me acusa de pensar de un modo bajo, es decir, el modo de pensar de los de abajo” (1) por Carlos Grau Pérez (*) Esta...

Noticias relacionadas