Private Equity and Workers' Career Paths: The Role of Technological Change

• 成果类型: Article
• 署名作者: Agrawal, Ashwini; Tambe, Prasanna
• 署名单位: University of London; London School Economics & Political Science; New York University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhw025
• 发表日期: 2016
• 页码: 2455
• 关键词: information-technology; management-practices; leveraged buyouts; buy-outs; PRODUCTIVITY; firm; LABOR; ORGANIZATION; INNOVATION; systems

摘要

We analyze a new dataset on workers' career paths to examine whether private equity (PE) investments can have positive spillover effects on workers. We study leveraged buyouts in the context of recent information technology (IT) diffusion, and find evidence supporting the argument that many employees of companies acquired by PE investors gain transferable, IT-complementary human capital. Our estimates indicate that these workers experience increases in both long-run employability and wages relative to what they would have realized in the absence of PE investment. The findings underscore PE's role in mitigating the effects of workforce skill obsolescence resulting from technological change.