Analysing the uneven development of private equity in Europe: legal origins and diversity of capitalism

Bédu, Nicolas; Montalban, Matthieu

doi:10.1093/ser/mwt011

Cited by 20 publications

(17 citation statements)

References 53 publications

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“…As a consequence of the dominant business model, the platform economy is therefore largely functional to the financialised RA. VC development is largely the result of development of financialisation through a combination of the pension fund system, the stronger legal protection afforded to investors and 'new' lightly regulated stock markets such as NASDAQ or AIM offering a source of funding and an exit possibility for young innovative enterprises (Cumming, 2008;Bédu and Montalban, 2014). It has been shown that there are institutional complementarities between the post-1970 intellectual property rights regime and the growing financial markets in software and biotech industries (Coriat and Orsi, 2003;Useche, 2014), as patents and intangible assets are used as a signal for investors to fund new ventures.…”

Section: Financialisation As An Enabling Condition For the Developmenmentioning

confidence: 99%

Platform economy as a new form of capitalism: a Régulationist research programme

Montalban

Frigant

Jullien

2019

Cambridge Journal of Economics

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The terms ‘platform economy’ or ‘sharing economy’ have become widespread with the development of digital platforms like Uber. This economy is transforming capitalism and raising important questions about its nature. Is it a new process of embeddedness or is it the next step for deregulation following the crisis of the financialised regime of accumulation (RA)? Is it a possible new Growth Regime? Using the approach of the French Régulation school of thought, we describe the nature and transformations of the form of competition inherent in platforms. Although this may favour some forms of re-embeddedness, we show that it will accelerate some of the trends and characteristics of the institutional forms of the financialised RA and that it is an endogenous product of its crisis. This raises further questions and uncertainties related to the ability of platforms to generate stable long run growth due to the dysfunctionality of the mode of régulation and the conflicts it could generate.

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Section: Financialisation As An Enabling Condition For the Developmenmentioning

confidence: 99%

Platform economy as a new form of capitalism: a Régulationist research programme

Montalban

Frigant

Jullien

2019

Cambridge Journal of Economics

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“…Other work on country of origin effects and PE primarily concentrates on financial and strategic, rather than work and employment issues (Bruining and Wright 2002;Engel and Stiebale 2014;Meuleman and Wright 2011). Bedu and Montalban (2014) found that countries with low levels of employment protection were particularly attractive to leverage buy-out orientated PE, suggesting that the business model depended on the ability to readily shed labour. However, in France, recent work indicates that the effects of PE on overall employment were different between French and overseas PE: the effects of French PE on employment were no different to any other French investor, while job losses were greater in the case of foreign PE (Guery et al 2017).…”

Section: Private Equity Work and Employmentmentioning

confidence: 99%

Country of Origin Effects and New Financial Actors: Private Equity Investment and Work and Employment Practices of French Firms

Stévenot

Guery

Wood

et al. 2017

Brit J Industrial Rel

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This is a study of the effects of alternative investors on a range of work and employment practices in France, paying specific attention to whether investors are indigenous or not. We use data from a detailed survey of French firms, and set our research in the context of the literature on comparative capitalisms. We find that private equity (PE) investments from abroad are associated with greater job insecurity, less spending on training and lower wages, but French PE investments are not. We explore the reasons behind this variation and the implications for theory and practice.

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“… 2 This tax indicator in some studies (e.g. Bedu and Montalban, ) is only a component of more generic indices constructed to measure how favourable/less favourable a specific fiscal environment is.…”

Section: Formal and Informal Institutions As Determinants Of Vcmentioning

confidence: 99%

“…2 This tax indicator in some studies (e.g. Bedu and Montalban, 2014) is only a component of more generic indices constructed to measure how favourable/less favourable a specific fiscal environment is. 3 The authors measures the difference between corporate and individual top marginal income tax rate.…”

Section: Inflationmentioning

confidence: 99%

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Institutional Determinants of Venture Capital Activity: An Empirically Driven Literature Review and a Research Agenda

Grilli

Latifi

Mrkajic

2019

Journal of Economic Surveys

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Venture Capital (VC) was born and has flourished in the United States, yet it has only modestly developed in other geographical areas. A vast body of research has been carried out to investigate the factors which are conducive to VC activity, and that may better explain the differences in the degree of development and performance of VC industry across different geographical contexts. However, there has only been a limited effort in the literature to systematize what we know (and what we do not know) about the institutional factors that spur VC activity. This paper tries to close that gap, through a systematic survey of the existing literature on the institutional and related determinants of VC activity. Grounding on the seminal work of North (1990), we consider formal (e.g. laws and formal rules) and informal (e.g. cultural norms and tacit codes of behaviour) institutions which are found in the extant empirical economics and management literature to affect the development of the VC industry. Building on this careful review, our paper aims to propose interesting avenues for future research in this domain.

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Analysing the uneven development of private equity in Europe: legal origins and diversity of capitalism

Cited by 20 publications

References 53 publications

Platform economy as a new form of capitalism: a Régulationist research programme

Platform economy as a new form of capitalism: a Régulationist research programme

Country of Origin Effects and New Financial Actors: Private Equity Investment and Work and Employment Practices of French Firms

Institutional Determinants of Venture Capital Activity: An Empirically Driven Literature Review and a Research Agenda

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