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The evolution of private equity: corporate restructuring in the UK, c .1945-2010

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  • Steven Toms
  • Nick Wilson
  • Mike Wright

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.

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  • Steven Toms & Nick Wilson & Mike Wright, 2015. "The evolution of private equity: corporate restructuring in the UK, c .1945-2010," Business History, Taylor & Francis Journals, vol. 57(5), pages 736-768, July.
    • Handle: RePEc:taf:bushst:v:57:y:2015:i:5:p:736-768
    DOI: 10.1080/00076791.2014.977262
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    Cited by:

    1. Toms, Steven, 2015. "Fraud and Financial Scandals: A Historical Analysis of Opportunity and Impediment," MPRA Paper 68255, University Library of Munich, Germany.

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