The Effects of “Going Private” Using Private Equity: The Newly Private Corporation and the Dimensions of Corporate Performance

The trend toward private ownership of corporations prompts a reexamination of the dimensions of corporate performance under a governance system that includes powerful owners and a reduced public presence. Using insights from corporate social responsibility and stakeholder theories and informed by agency theory, we develop a model regarding the performance implications of public corporations going private through the use of private equity. We put forth that in general going private tends to result in greater emphasis on corporate financial performance and in lesser emphasis on corporate social performance (CSP). Yet several variables, including the firm's capitalization, its post‐going‐private exit strategy, and its managerial discretion, are proposed to moderate the negative relationship between going private and CSP.     

The Social Worker as 'Bad Object'

Correspondence to Dr Marguerite Valentine, 56 Osbaldeston Road, London N16 7DR Summary A ‘bad object’ has been defined as an ‘objectwhom the subject hates or fears, who is experienced as malevolent.A bad object may be either an internal or an external object’(Rycroft, 1988, p. 100). This paper explores the circumstancesin which public fears and anxieties over child abuse becomeprojected into the social worker. It discusses how social workersintroject these feelings, become a ‘bad object’,and how social services departments have developed a numberof strategies which defend against feelings of blame and responsibility.The exploration is derived from my own experiences and observations,and applies Kleinian psychoanalytic theory to studies of institutionaldefences.