Do Employees Cheer for Private Equity? The Heterogeneous Effects of Buyouts on Job Quality
Management Science · 2025 · Will Gornall、Oleg R. Gredil、Sabrina T. Howell、Xing Liu、Jason Sockin
中文摘要
我们发现, 私募股权杠杆收购会降低员工感知的工作质量, 尽管并不影响平均基本工资。这似乎反映出员工承担了更多风险。在私募股权持有的公司中, 工作质量和员工激励性薪酬与企业绩效的关联均强于上市对照组公司——交易回报率每高出 1%, 员工激励性薪酬相应多出 0.7%。高杠杆的交易以及外部选择更差的员工, 会加剧收购之后工作满意度的下降。我们的结果凸显了工作质量与工作保障之间的紧密联系, 以及所有权通过基本工资以外的机制影响员工的途径。
Abstract
We show that private equity leveraged buyouts reduce perceived job quality despite not impacting average base pay. This appears to reflect employees bearing more risk. Both job quality and employee incentive pay are more related to firm performance at private equity-owned companies than at public control firms with 1% higher deal rate of return associated with 0.7% more employee incentive pay. Deals with high leverage and employees with worse outside options fuel the declines in job satisfaction after a buyout. Our results highlight how job quality is tied to job security and how ownership affects employees through mechanisms beyond base pay.