Thirty years after Jensen’s prediction: Is private equity a superior form of ownership?

2020 ◽  
Vol 36 (2) ◽  
pp. 291-313 ◽  
Author(s):  
Peter Morris ◽  
Ludovic Phalippou
Keyword(s):  
Private Equity ◽  
Financial Statements ◽  
Harvard Business Review ◽  
Corporate Ownership ◽  
Public And Private ◽  
The Public ◽  
Equity Model ◽  
High Level ◽  
Time And Energy ◽  
Positive Results

Abstract Almost exactly 30 years ago, a famous article by Michael Jensen in the Harvard Business Review predicted that private equity would ‘eclipse’ the public corporation because it was a superior form of corporate ownership. Trends since 1989 seem to bear out Jensen’s prediction. Much time and energy has gone into studying whether the private equity model does see companies being run better for investors and society. Progress has been made and most studies find positive results. But samples are usually relatively small. And the relative complexity of private equity transactions, combined with a high level of privacy, makes it hard to find financial statements that are tractable enough for meaningful analysis. After 30 years of research, we argue that a conclusive answer to the question remains further away than might seem to be the case. In the meantime, the appropriate regulatory response involves narrowing the ‘regulatory gap’ between public and private markets.

scholarly journals High-involvement management practices, job control, and employee well-being in the public and private sectors. Evidence from Finland

2018 ◽  
Vol 24 (4) ◽  
pp. 467-486
Author(s):  
Laura Peutere ◽  
Antti Saloniemi ◽  
Simo Aho ◽  
Jouko Nätti ◽  
Tapio Nummi
Keyword(s):  
Job Satisfaction ◽  
Management Practices ◽  
Well Being ◽  
Job Control ◽  
Public And Private ◽  
High Involvement ◽  
Logistic Regression Models ◽  
The Public ◽  
High Level ◽  
High Involvement Management

The connection between high-involvement management (HIM), entailing heavy employee involvement, and employee well-being is a controversial and widely discussed topic. Clarifying how job satisfaction and stress are connected to HIM and job control (the control employees have over their work), this study is based on data from two Finnish sources: an employer survey investigating the extent of HIM within an organisation, and employee assessments of job control, stress and job satisfaction. Logistic regression models were used as the study method. In contrast to previous Finnish studies, our findings show that HIM seems hardly to benefit employee well-being. Especially in the public sector, the correlation between extensive HIM and employee well-being turned out to be negative. However, HIM in the private sector was positively related to job satisfaction. As expected, a high level of job control was regularly associated with greater well-being.

scholarly journals AN EXPLORATION INTO THE CREATION OF ‘PRIVATELY OWNED PUBLICLY ACCESSIBLE SPACES’ IN TORONTO, ONTARIO

2021 ◽  
Author(s):  
Claire Ricker
Keyword(s):  
Land Use ◽  
Critical Review ◽  
Growth And Development ◽  
Open Space ◽  
Exploratory Research ◽  
Public And Private ◽  
The Public ◽  
The Creation ◽  
High Level ◽  
Privately Owned

An exploratory research investigation into the creation of ‘privately owned publicly accessible spaces’ (POPS) in Toronto, Ontario and a critical review of the process used to secure these spaces and the subsequent agreements made. This paper seeks to answer if land use planners are able to better mediate the use of POPS as a means of providing open space to communities in high-density areas. This report includes the timeline illustrating the development of Toronto’s POPS program followed by a discussion on Toronto’s increase growth and development and the suitability of POPS as a contributing strategy for diminishing new park and open space assets and a high level breakdown of the legal mechanisms currently in place to help facilitate new POP spaces. Interviews with individuals from both the public and private sectors were conducted, which produced a generalized model outlining how POPS in Toronto are secured.

scholarly journals Voting And Lottery Technologies: A Potential Jackpot? An Economic Analysis

2011 ◽  
Vol 1 (5) ◽  
Author(s):  
Maria Cornachione Kula
Keyword(s):  
Cost Effective ◽  
Transaction Processing ◽  
First Century ◽  
Economic Welfare ◽  
Public And Private ◽  
The Public ◽  
Voting System ◽  
On Line ◽  
High Level ◽  
Transaction Processing Systems

Voting irregularities and recount mechanisms used in Florida during the 2000 U.S. Presidential election have brought calls for re-vamped voting technologies and procedures. Many in both the public and private sectors have focused on the Internet as a possible underlying technology that could provide the ease, accuracy, and reliability a twenty-first century voting system should possess. Apart from the difficulties inherent in building an Internet based system from scratch, this solution ignores existing, proven technology, already in use by a majority of states, which could be adapted to provide a cost effective voting system with many desirable characteristics. The technology: computerized, on-line lottery systems. Inherently, these lotteries are transaction processing systems, which is what a voting system, at its base, is. Lottery systems are state based, handle vast quantities of transactions reliably, operate under an extremely high level of scrutiny, and are familiar to millions of Americans. This paper examines a lottery technology based voting system from several perspectives and develops an economic welfare analysis of a lottery technology based voting system.

Productivity Growth Assessment of Public and Private Sector General Insurance Companies in India

2016 ◽  
Vol 3 (2) ◽  
pp. 50-61
Author(s):  
Abhijit Sinha
Keyword(s):  
Productivity Growth ◽  
Insurance Industry ◽  
Malmquist Index ◽  
Insurance Companies ◽  
Public And Private ◽  
The Public ◽  
General Insurance ◽  
Public And Private Sector ◽  
High Level ◽  
Growth Assessment

The researcher in this paper has looked into the general insurance industry in India opening up of the sector to the private players in 2000. The objective of the study is to determine the total factor productivity growth in the general insurance industry in India. The study is based on the analysis of data covering twelve general insurers (including four from the public sector) for the period 2004-05 to 2011-12. For the purpose of growth assessment, Malmquist Index is computed that is composed of two components: Technical progress and technological progress. From the study, it is observed that a high level of inconsistency exists in the industry. The overall growth during the study period has been minimal. The technological change shows a negative growth in the case of all the insurers. Whatever growth is observed is due to the efficiency improvement, thereby implying movement towards the frontier.

scholarly journals Privately-Held Companies: Legislation, Regulation, and Limited Dissemination of Financial Information

2019 ◽  
Vol 47 (4) ◽  
pp. 28
Author(s):  
Zoeanna Mayhook
Keyword(s):  
Financial Statements ◽  
Securities And Exchange Commission ◽  
Financial Information ◽  
Publicly Traded ◽  
Private Companies ◽  
Public And Private ◽  
Publicly Traded Companies ◽  
The Public ◽  
Disclosure Requirements ◽  
Privately Held

Publicly-traded companies have reporting and disclosure requirements set by the U.S. Securities and Exchange Commission (SEC), which includes the public disclosure of financial statements and an annual 10-K report. In contrast, privately-held companies most often do not meet the SEC filing requirements, and therefore, are not required to disclose financial information. For investors and business researchers, this can provide clear challenges for researching privately-held companies. This paper first highlights a sample of the significant legislation and rules affecting disclosure requirements of public and private companies. Then, it offers other government sources for company and industry financial information. Finally, it suggests further resources to educate business owners, investors, and business researchers.

scholarly journals AN EXPLORATION INTO THE CREATION OF ‘PRIVATELY OWNED PUBLICLY ACCESSIBLE SPACES’ IN TORONTO, ONTARIO

2021 ◽  
Author(s):  
Claire Ricker
Keyword(s):  
Land Use ◽  
Critical Review ◽  
Growth And Development ◽  
Open Space ◽  
Exploratory Research ◽  
Public And Private ◽  
The Public ◽  
The Creation ◽  
High Level ◽  
Privately Owned

An exploratory research investigation into the creation of ‘privately owned publicly accessible spaces’ (POPS) in Toronto, Ontario and a critical review of the process used to secure these spaces and the subsequent agreements made. This paper seeks to answer if land use planners are able to better mediate the use of POPS as a means of providing open space to communities in high-density areas. This report includes the timeline illustrating the development of Toronto’s POPS program followed by a discussion on Toronto’s increase growth and development and the suitability of POPS as a contributing strategy for diminishing new park and open space assets and a high level breakdown of the legal mechanisms currently in place to help facilitate new POP spaces. Interviews with individuals from both the public and private sectors were conducted, which produced a generalized model outlining how POPS in Toronto are secured.

BEAUTY OR BEAST, OR MONSTROUS REGIMENTS? ROBERTSON AND BURKE ON WOMEN AND THE PUBLIC SCENE

2004 ◽  
Vol 1 (3) ◽  
pp. 305-330 ◽  
Author(s):  
LÁSZLÓ KONTLER
Keyword(s):  
Political Agenda ◽  
Public And Private ◽  
The Public ◽  
Political Role ◽  
The Enlightenment ◽  
Political Roles ◽  
The Public Sphere ◽  
The One ◽  
High Level ◽  
William Robertson

The Enlightenment can usefully be conceived as a confrontation with eroding Christian and classical republican ethics. It was permeated with assumptions about women and the gendered dichotomy between public and private spheres. While William Robertson and Edmund Burke, along with many of their contemporaries, remained committed to Christian- and republican-based conceptions of virtue, they were working within a new Enlightenment paradigm. Its political agenda has to be understood by way of its configurations of beauty, taste, and morality as these relate to the imperatives and needs of modern societies of a high level of sophistication and differentiation. An examination of two themes in the work of Robertson and Burke—the nature of women in “savage” and “civilized” societies, and “beauty in distress”—reveals how long-held convictions about the character of women, especially with regard to their capacity and right to appear in the public domain, were modified and adjusted to the idea of progress, and became central to an enlightened affirmation of modern European civilization. The result had its ironies. On the one hand, a positive public and indeed political role was invented for women that is central to understanding the overall thrust of a political discourse based on politeness, civility, refinement and similar values specifically associated with modern commercial societies. On the other hand, though the complexity of this model of society gave ample scope to informal and spontaneous vehicles of social disciplining, whatever room was left for the more traditional ways of governing polities through the direct exertion of political power remained closed to women: the very features that opened for them the opportunity to play political roles through sociability in the public sphere also circumscribed them.

scholarly journals ANALISIS KEMAMPUAN FISKAL PEMERINTAH KABUPATEN DAN KOTA DI JAWA TIMUR DALAM TRANSPARANSI DI WEBSITE

2020 ◽  
Vol 3 (1) ◽  
pp. 60
Author(s):  
Setu Setyawan
Keyword(s):  
Local Governments ◽  
Sample Selection ◽  
Public Information ◽  
Financial Statements ◽  
City Governments ◽  
The Public ◽  
Government Websites ◽  
The Government ◽  
High Level

This research aims to analyze the relationship between the fiscal capacity of district and city governments in East Java Province with uploading on the website. This research is important to find out the extent to which the Government needs to provide public information that can be accessed by the public and stakeholders, and the existence of transparency that provides a positive image for the government. This type of research is associative research. The population in this study were all-district / city local governments in East Java with a focus on 2017. Based on the criteria determined in the sample selection using purposive sampling techniques, there were 36 local governments used in the study. Research results show that the amount of wealth owned by local governments does not encourage local governments to disclose financial statements on local government websites. While local governments with high levels of leverage tend to cover their financial statements. This can be due to the higher leverage, the lower the funding obtained from creditors. The high level of leverage that is owned by local governments makes creditors will rethink in lending funds because it takes into account the ability to pay long-term obligations. In addition, the use of high debt as a source of regional financing can signal a negative performance of local governments.

scholarly journals Competitiveness, Intelligence and Sustainability in Consolidated Destinations

Tourism ◽  
2021 ◽  
Vol 69 (2) ◽  
pp. 281-299
Author(s):  
Ana Belén Ramón-Rodríguez ◽  
María Jesús Such-Devesa ◽  
José Francisco Perles-Ribes ◽  
Luis Moreno-Izquierdo
Keyword(s):  
Life Cycles ◽  
Scientific Review ◽  
Public And Private ◽  
The Public ◽  
Tourism Sector ◽  
Depth Analysis ◽  
Tourism Activity ◽  
High Level ◽  
Made In

Competitiveness, sustainability and innovation have been studied by the tourism literature at least since the 1990s. In spite of the advances made in the comprehension of these concepts, the dynamic nature of the industry continually generates new practical challenges for the public and private agents of the sector and scientific challenges for tourism researchers. Currently, globalization and digital progress, the emergence of new marketing platforms, the increased saturation of certain destinations and the COVID-19 pandemic are significantly affecting the competitiveness and sustainability of tourism activity. This calls for a scientific review of what we know about the competitiveness and sustainability of the sector and an analysis of its feasibility in this new competitive environment that is constantly and intensely transforming, even more so in the post-COVID19 era. The objective of this article is to conceptually analyze the state of this question, using Spain as a case study, as it has been the global leader in tourism competitiveness in recent years. The high level of consolidation of the Spanish tourism sector enables us to make a more in-depth analysis of the implications of these phenomena and to extract practical lessons for destinations that are in the more initial phases of their life cycles.

scholarly journals Rekognisi Publik Pengguna Pelayanan Akuntan Terhadap Tingkat Moralitas Akuntan Publik

2019 ◽  
Vol 19 (2) ◽  
pp. 170
Author(s):  
Muhammad Reza Ramdani ◽  
Ismi Ayu Lestari
Keyword(s):  
Service User ◽  
Public Perception ◽  
Financial Statements ◽  
Primary Data ◽  
Public Accounting ◽  
The Public ◽  
Conventional Banks ◽  
High Level ◽  
The City ◽  
Public Accountant

This study aims to determine the public Recognition of public accountant service users to the level of Morality of public accountants. Where the public users of public accounting services or the users of financial statements consists of internal parties represented by directors or managers of companies go public and external parties represented by investors and creditors who are respectively securities firms and conventional banks in the city of Makassar. The research method used descriptive qualitative approach through the process of observation and spreading questionnaire (questionnaire). Primary data obtained through the distribution of questionnaires to respondents public users of public accounting services. The rate of return of questionnaires was 95.3% or 41 questionnaires from 43 questionnaires distributed. The result of the research shows that public perception of public accountant service user to integrity of public accountant either show positive value or most give answer agree on questionnaire sheet. So this research concludes that public perception of public accountant service user to integrity level of public accountant in Makassar city is positive or still in high level of integrity.

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