Private equity and human capital risk.

Autor/inn/en	Antoni, Manfred; Maug, Ernst; Obernberger, Stefan
Titel	Private equity and human capital risk. Gefälligkeitsübersetzung: Privates Eigenkapital und Humankapital-Risiko.
Quelle	In: Journal of financial economics, 133 (2019) 3, S. 634-657 PDF als Volltext kostenfreie Datei Link als defekt meldenVerfügbarkeit
Sprache	englisch
Dokumenttyp	online; gedruckt; Zeitschriftenaufsatz
ISSN	0304-405X
DOI	10.1016/j.jfineco.2019.04.010
Schlagwörter	Soziale Kosten; Humankapital; Beschäftigungseffekt; Einkommenseffekt; Unternehmen; Arbeitslosigkeit; Arbeitsplatzwechsel; Qualifikation; Altersabhängigkeit; Auswirkung; Übernahme
Abstract	"We study the impact of leveraged buyouts in Germany on employees' wages, employment, and career paths. We contrast different views of buyouts, which see LBOs as facilitators of organizational and technological modernization, or as vehicles for transferring wealth from employees to shareholders. We conduct matched-sample difference-in-differences estimations with more than 147,000 LBO employees and a carefully matched control group. LBOs increase annual income in the short term, but reduce income by about 11% in the long term. White-collar workers and middle management lose most, probably because of organizational streamlining. LBOs in our sample do not foster trends related to technological modernization such as skill-biased technological change or job polarization. We find a strong negative impact of LBOs for older employees, but no support for the notion that shareholders benefit from LBOs by forcing employees to accept lower wages. All human capital impairments are borne by employees who leave the firm and become unemployed or employed in a different industry." (Author's abstract, IAB-Doku).
Erfasst von	Institut für Arbeitsmarkt- und Berufsforschung, Nürnberg
Update	2019/3