Private Equity, Jobs, and Productivity

• 成果类型: Article
• 署名作者: Davis, Steven J.; Haltiwanger, John; Handley, Kyle; Jarmin, Ron; Lerner, Josh; Miranda, Javier
• 署名单位: University of Chicago; University System of Maryland; University of Maryland College Park; University of Michigan System; University of Michigan; Harvard University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.104.12.3956
• 发表日期: 2014
• 页码: 3956-3990
• 关键词: LEVERAGED BUYOUTS; management buyouts; DYNAMICS; creation; wage; destruction; EFFICIENCY; turnover; IMPACT

摘要

Private equity critics claim that leveraged buyouts bring huge job losses and few gains in operating performance. To evaluate these claims, we construct and analyze a new dataset that covers US buyouts from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments before and after acquisition, comparing to controls defined by industry, size, age, and prior growth. Buyouts lead to modest net job losses but large increases in gross job creation and destruction. Buyouts also bring TFP gains at target firms, mainly through accelerated exit of less productive establishments and greater entry of highly productive ones.