Private Equity and the Public Good

Morrell, Kevin; Clark, Ian

doi:10.1007/s10551-010-0463-8

Cited by 31 publications

(22 citation statements)

References 90 publications

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“…Private Equity investors are thus significant or majority shareholders of companies for 4 to 7 years. Depending on the growth stage on the company and the complexity of the deal (Morrell and Clark, 2010), the industry can be broken down in different segments. Venture capital usually invest in younger companies in innovative or technological industries as minority shareholders.…”

Section: The Surge and Crisis Of The Private Equity Industrymentioning

confidence: 99%

Think Global, Invest Responsible: Why the Private Equity Industry Goes Green

Crifo

Forget

2012

J Bus Ethics

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The growth of socially responsible investment on public financial markets has drawn considerable academic attention over the last decade. Discarding from previous literature, this paper sets up to analyze the Private Equity channel, which is shown to have the potentiality to foster sustainable practices in unlisted companies. The fast integration of the Environmental, Social and Governance issues by mainstream Private Equity investors is unveiled and appears to have benefited from the maturation of socially responsible investment on public financial markets and the impetus of large conventional actors. Hypothesis on the characteristics and drivers of this movement are proposed and tested on a unique database covering the French Private Equity industry in 2011. Empirical findings support that Private Equity responsible investing is characterized by shareholder activism and strategically driven by a need for new value creation sources, increased risk management and differentiation. In particular, results show that independent funds, which need to attract investors, are more likely than captive funds to develop responsible practices. Evolution of the movement and future research paths are proposed.

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Section: The Surge and Crisis Of The Private Equity Industrymentioning

confidence: 99%

Think Global, Invest Responsible: Why the Private Equity Industry Goes Green

Crifo

Forget

2012

J Bus Ethics

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“…Rather than more narrow contract responsibility the latter calls for full responsibility for the human rights impacts that are linked to operations upstreaming the value chain (SchrempfStirling et al 2012;Reinecke and Ansari 2015). Here we join a conversation in the Journal of Business Ethics on the responsibilities of the corporate citizen in developing contexts (Agbiboa 2012;Janssen et al 2013;Rotter et al 2013), CSR ''rhetoric'' (Driver 2006;Kallio 2007;Sethi 2014) and public good (Carcello 2009;Morrell and Clark 2010;O'Brien 2009). Our specific contribution to this debate is to highlight the wavering nature of rhetoric on both sides of the divide.…”

Section: Resultsmentioning

confidence: 95%

“…On one side of the dialectic is the view of the firm as a 'trader' or nexus of contracts (Jensen and Meckling 1976); where corporations have no special social responsibilities and so stricter auditing requirements in relation to supply chain transparency can be disputed purely on economical and practical grounds. On the other side of the dialectic is the view of the corporation as a moral actor or 'citizen', with responsibilities in relation to the public good (Carcello 2009;Morrell and Clark 2010;O'Brien 2009); where auditing can be used to ascribe to corporations responsibilities that extend beyond those currently enshrined in law.…”

Section: Expresses Itmentioning

confidence: 99%

“…An alternative conception of the corporation as ''citizen'' provides a different vantage point for viewing the company's role in, or responsibilities towards society or the public good (Carcello 2009;Morrell and Clark 2010;O'Brien 2009). Under the notion of ''corporate citizenship'', corporations have an ''obligation to constituent groups in society other than stockholders'' (Jones 1980, p. 59).…”

Section: Corporation As Citizenmentioning

confidence: 99%

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Signposts or Weathervanes? The Curious Case of Corporate Social Responsibility and Conflict Minerals

et al. 2015

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“…This constant growth of PhVCs entities and their innovative investment approach of high-involvement and longterm financing has attracted increasingly attention and needs for contributions to practice and theory are pressing (Austin et al, 2006). In addition, VC and private equity have historically been studied in the fields of finance or business strategy, and research in business ethics is comparatively rare, with only very few exceptions (Cumming and Johan, 2007;Morrell and Clark, 2010).…”

Section: Introductionmentioning

confidence: 99%