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Is Job Insecurity Higher in Leveraged Buyouts?

机译:杠杆收购中的工作不安全感会更高吗?

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This article assesses whether job insecurity is higher in leveraged buyouts (LBOs) than elsewhere. It draws on matched employer-employee data from the British 2011 Workplace Employment Relations Study linked to data from the Centre for Management Buyout Research. The analysis finds no consistent evidence of higher job insecurity in LBOs as measured by workforce reduction practices (redundancy rates, job securityo-compulsory redundancies policies and redundancy consultation), dismissal rates, labour use practices (non-permanent employment contracts and outsourcing) and employees' job security perceptions. Job insecurity is no higher in either current or former LBOs than elsewhere. Contrary to what might be expected, it is also no higher in private equity (PE)-backed LBOs, management buy-ins or high-debt LBOs and there is only partial and weak evidence of higher job insecurity in short-hold LBOs. Job insecurity is also no higher in perfect storm LBOs (PE-backed management buy-ins that are short-holds with high-debt). Concerns over the negative implications of LBOs for job security thus appear misplaced.
机译:本文评估了杠杆收购(LBO)中工作不安全感是否比其他地方更高。它借鉴了英国《 2011年工作场所雇佣关系研究》中匹配的雇主-雇员数据,该数据与管理买断研究中心的数据相关联。该分析没有发现一致的证据表明,通过减少劳动力的做法(裁员率,工作安全/无强制性裁员政策和裁员咨询),解雇率,劳工使用做法(非永久性雇佣合同和外包)可以衡量杠杆收购中较高的工作不安全感和员工的工作安全感。当前或以前的杠杆收购中的工作不安全感都没有其他地方更高。与预期相反,在私募股权(PE)支持的杠杆收购,管理层买入或高债务杠杆收购中也没有更高的表现,而短期持有的杠杆收购中仅有较高的工作不安全感的部分且微弱的证据。在完美的风暴LBO(PE支持的管理买入者,高负债的空头)中,工作不安全感也不会更高。因此,对杠杆收购对工作安全的负面影响的关注似乎放错了地方。

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