Documents private ownership 15 results

"Almost exactly 30 years ago, a famous article by Michael Jensen in the Harvard Business Review predicted that private equity would ‘eclipse' the public corporation because it was a superior form of corporate ownership. Trends since 1989 seem to bear out Jensen's prediction. Much time and energy has gone into studying whether the private equity model does see companies being run better for investors and society. Progress has been made and most studies find positive results. But samples are usually relatively small. And the relative complexity of private equity transactions, combined with a high level of privacy, makes it hard to find financial statements that are tractable enough for meaningful analysis. After 30 years of research, we argue that a conclusive answer to the question remains further away than might seem to be the case. In the meantime, the appropriate regulatory response involves narrowing the ‘regulatory gap' between public and private markets."

"In this paper we analyse—theoretically and empirically—how the degree of private versus public ownership of firms affects the degree of rent sharing between firms and their workers. Using a particularly rich linked employer-employee dataset from Portugal, covering a large number of corporate ownership changes across a wide spectrum of economic sectors over more than 20 years, we find that rent sharing is significantly higher in firms with a larger share of private ownership. Estimates from our most preferred empirical specification suggest that an increase in the private ownership share of 10 percentage points increases (on average) the rent-sharing elasticity by 0.0002. Based on a theoretical analysis that incorporates union-firm wage bargaining and efficiency wage effects within the same modelling framework, this result cannot be explained by private firms being more profit oriented than public ones. However, the result is consistent with a scenario whereby privatisation leads to less job security for workers, implying stronger efficiency wage effects."

"This article analyses how companies that provide public services respond to liberalization, privatization and marketization. The empirical research is based on 23 company case studies from four sectors and six countries. The case studies involved 185 interviews with managers, trade union and works council representatives and workers. Company reactions include mergers and acquisitions, internationalization and the diversification of supply; the diversification of customer relations, including new pricing policies; a reduction of production costs through concentration, outsourcing and the introduction of new technology; and the reduction of employment and the payment of lower wages (through lower wages for new employees, the creation of independent subsidiaries and outsourcing). Overall, the case studies show that the main goal, the reduction of production costs, has been achieved at the cost of workers, many of whom have experienced liberalization and privatization as the deterioration of employment and working conditions. The impact on productivity and quality were mixed. "

"STUDY OBJECTIVE:
To investigate the association between material deprivation and 10 leading causes of death by gender.
DESIGN:
Small area cross sectional ecological study using two dimensions of material deprivation (Index 1 and Index 2) drawn from 1991 census and cause specific mortality data aggregated for 1987-1995.
SETTING: 2218 small areas in Spain.
MAIN RESULTS:
Strong detrimental associations of two deprivation indices were found with top six leading causes of death for men and top seven leading causes of death for women, except breast cancer. For men, the highest percentages of excess mortality (between 40% and 60%) were found for smoking and alcohol related causes of death such as lung cancer, chronic obstructive pulmonary diseases, and cirrhosis while for women the highest percentages of excess mortality (between 40% and 60%) were found for diet related causes such as diabetes and ischaemic heart disease.
CONCLUSIONS:
Health inequality is a widespread phenomenon in the majority of the top leading causes of deaths of the nation. Increasing levels of deprivation indices are associated with mortality risk differently by both cause and gender. Results suggest that deprivation effects mainly captured by Index 2 may manifest largely as unfavourable health behaviours leading to gender specific sets of causes of deaths. Findings of this study are consistent with the idea that material deprivation determines health inequality through both an increase of general susceptibility to ill health, leading to excess mortality in a wide range of causes, and a set of specific factors, resulting in an increased risk of death from a specific set of causes in each gender."

"It has been argued that, in countries with high levels of owner occupation of housing, home ownership can serve as a substitute for generous pensions for older people. Two possible linking mechanisms have been posited in this context, one focusing on budget constraints (high housing costs associated with home purchase makes the funding of generous pensions unaffordable), the other on needs or incentives (high home ownership gives older people material security and so makes generous pensions unnecessary). This article examines Ireland as a test case in this context. It finds no evidence that either of the posited linking mechanisms were present in Ireland. House purchase costs historically have been too low to constrain pension development, while the distributive benefits for the elderly have been too modest to obviate the need for higher pension income. However, other distributive effects emerge as important, particularly the positive historical consequences of inflation and low real interest rates for home purchasers of all ages and the implicit subsidy to home ownership provided by savers."

"With the expansion of the service sector, working conditions have changed during recent decades and it has become more relevant to highlight psychosocial factors as a complement to physical aspects of work. The main scope of this article concerns legal forms of ownership (i.e. the public sector, public enterprises, private enterprises and cooperatives), different types of operations within the service sector, and whether these organizational characteristics create differences in psychosocial working conditions for the individual employee. A total of 1384 employees in 60 workplaces within 25 establishments participated, and the data consisted of both a survey answered by the employees and structured interviews conducted with the local managers in each participating organization. Multilevel analysis showed that a rather high degree of variance in working conditions could be attributed to factors outside/above the individual level, and furthermore, that both ownership and type of operation were significant and relevant variables in order to explain differences in working conditions."

"In this article an examination is made of the extent to which employees in family businesses are members of unions compared to workers in non-family businesses and of the extent to which owners collaborate with trade unions. The analyses demonstrate that the percentage of union members in family businesses with a family CEO (owner-management), controlling for other factors, is significantly lower than in family businesses with CEOs who are not related or in non-family businesses. Theoretically, there are two possible explanations for this finding. The workers may abstain from joining a union because they are unwilling to bear the brunt of opposing an authoritarian owner-manager. Or, alternatively, the owner-manager may treat the employees so well that they see no need for a trade union. The analyses indicate that lower union density in owner-managed enterprises is associated with a higher wage level. This result lends support to the second explanation."