Financialization, New Investment Funds, and Labour: An International Comparison

Hardcover | March 6, 2014

EditorHoward Gospel, Andrew Pendleton, Sigurt Vitols

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The book provides a comprehensive, comparative treatment of the development of New Investment Funds (NIFs) - private equity, hedge funds, and sovereign wealth funds - and their impact upon labour and employment. Several countries are selected for in-depth treatment with a chapter devoted toeach: US, UK, Australia, Germany, Netherlands, Sweden, Italy, Poland, and Japan. The book examines variations in the level and type of fund activity between countries, considers influences upon these variations, and analyses differences in the impact of these funds on labour and employment. Thisanalysis is located in a broader discussion of the nature and development of corporate financialization and comparative capitalism. Financialization has supported the development and growth of these funds, and many aspects of these funds exemplify the process of financialization. Each chapter reports the evidence on the impact of these funds on labour and employment. Case studies conducted by the authors supplement other evidence. Much of the evidence shows that private equity funds can have adverse effects on labour, such as reductions in employment, but there is alsoevidence of more positive effects in some cases such as employment growth and adoption of high commitment human resource practices. There is much less evidence on the effects of activist HFs and SWFs, with the impact on labour typically being indirect.Between them, the chapters show that variations in national regulation have a significant impact on both the development of fund activities and their effects. With regard to labour effects, employment and labour regulations do not seem to be of prime importance in explaining the level of fundactivity, but regulation supporting worker consultation and voice affects the capacity of labour representatives to influence the outcomes of fund activity on labour and employment.

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The book provides a comprehensive, comparative treatment of the development of New Investment Funds (NIFs) - private equity, hedge funds, and sovereign wealth funds - and their impact upon labour and employment. Several countries are selected for in-depth treatment with a chapter devoted toeach: US, UK, Australia, Germany, Netherlands,...

Howard Gospel is Professor of Management at King's College, University of London, and an Associate Fellow, Said Business School and Centre on Skills, Knowledge, and Organisational Performance, University of Oxford. Along with Andrew Pendleton he was the joint editor of Corporate Governance and Labour Management, also published by OUP. ...

other books by Howard Gospel

Format:HardcoverDimensions:344 pages, 9.21 × 6.14 × 0.98 inPublished:March 6, 2014Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199653585

ISBN - 13:9780199653584

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Table of Contents

1. Howard Gospel and Andrew Pendleton: Financialization, New Investment Funds, and Labour2. Eileen Appelbaum, Rosemary Batt, and Jae Eun Lee: Financial Intermediaries in the United States: Development and Impact on Firms and Employment Relations3. Andrew Pendleton and Howard Gospel: Financialization, New Investment Funds, and Weakened Labour: The Case of the UK4. Mark Westcott and John Murray: Ambivalent finance and protected labour. Alternative investments and labour management in Australia5. Jakob Haves, Sigurt Vitols, and Peter Wilke: Financialization and ownership change: challenges for the German model of labour relations6. Ewald Engelen: Contested Financialization: New Investment Funds in the Netherlands7. Tomas Korpi: A Capital-Labour Accord on Financialization? The Growth and Impact of New Investment Funds in Sweden8. Bruno Cattero: An Italian Way to Private Equity? The Rhetoric and the Reality9. Stefan Dunin-Wasowicz and Perceval Pradelle: Private Equity and Labour in a Transition Economy: the Case of Poland10. Katsuyuki Kubo: Japan: Limits to Investment Fund Activity11. Sigurt Vitols: New Investment Funds and Labour Impacts: Implications for Theories of Corporate Financialization and Comparative Capitalism