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| Tekijä: | Erturk, I. (et al.) |
| Otsikko: | Ownership matters: private equity and the political division of ownership |
| Lehti: | Organization
2010 : SEP, VOL. 17:5, p. 543-561 |
| Asiasana: | models markets |
| Vapaa asiasana: | private equity ownership financialization value creation |
| Kieli: | eng |
| Tiivistelmä: | This article deals with the issue of how ownership (henceforth as: o-ship) matters by developing a critique of the 'advantage-value-return' framework of assumptions about value creation from the product market. A case analysis of private equity (here as: prv-eqty.) is used. It is shown how the financier general partners (here as: gen-pts.) capture value with gen-pts. being enriched irrespective of their investment funds' performance. While prv-eqty. publicly claims to represent o-ship with control for strategic decision making and operating efficiency, the undisclosed generic business model is the control of o-ship by construction of a hierarchy of o-ship claims for debt and equity (as: db-and-eq.) suppliers in the capital market. Before or after the financial crisis of 2007, the position of the general partner as first among owners matters, not the motives, identity and actions of managers or different db-and-eq. suppliers. |
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