 The evolution of private equity: corporate restructuring in the UK, c.1945-2010Steven Toms, Nick Wilson and Mike Wright Business History, 2015, vol. 57, issue 5, 736-768 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: 2015 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:taf:bushst:v:57:y:2015:i:5:p:736-768 Ordering information: This journal article can be ordered from DOI: 10.1080/00076791.2014.977262 Access Statistics for this article Business History is currently edited by Professor John Wilson and Professor Steven Toms More articles in Business History from Taylor & Francis Journals |
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