Private Equity Buyouts and Workplace Safety

Jonathan B. Cohn · Nicole Nestoriak · Malcolm Wardlaw

174 citations0/0 files storedReview of Financial Studies

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Private Equity and Venture Capital Corporate Finance and Governance Occupational Health and Safety Research

Abstract

Abstract This paper presents evidence of a large, persistent decline in establishment-level workplace injury rates after private equity (PE) buyouts of publicly traded U.S. firms. We find that firms experience fewer OSHA safety violations after buyouts and that a larger decline in injury rates is associated with an increased probability of exit via IPO. Employment reductions after buyouts are concentrated in relatively low-injury-risk establishments. Overall, our results suggest that buyouts improve workplace safety and that PE acquirers benefit from this improvement. We explore possible causes of these changes through interviews with executives of companies acquired in buyouts and through cross-sectional analysis.

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References

2005The economic implications of corporate financial reporting 1997Industry costs of equity 2013The Growth of Low-Skill Service Jobs and the Polarization of the US Labor Market 1998The Influence of Institutional Investors on Myopic R&D Investment Behavior 2004The Economic Implications of Corporate Financial Reporting 2003The Value of a Statistical Life: A Critical Review of Market Estimates Throughout the World 1989The effects of management buyouts on operating performance and value 2014Private Equity Performance: What Do We Know?

Cited by

2019When Investor Incentives and Consumer Interests Diverge: Private Equity in Higher Education 2022Mapping the venture capital and private equity research: a bibliometric review and future research agenda 2021Does Analyst Coverage Affect Workplace Safety?2023Owner Incentives and Performance in Healthcare: Private Equity Investment in Nursing Homes 2022Barbarians at the Store? Private Equity, Products, and Consumers

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