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Financialization, New Investment Funds, and LabourAn International Comparison$
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Howard Gospel, Andrew Pendleton, and Sigurt Vitols

Print publication date: 2014

Print ISBN-13: 9780199653584

Published to Oxford Scholarship Online: April 2014

DOI: 10.1093/acprof:oso/9780199653584.001.0001

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Private Equity and Labour in a Transition Economy

Private Equity and Labour in a Transition Economy

The Case of Poland

(p.261) 9 Private Equity and Labour in a Transition Economy
Financialization, New Investment Funds, and Labour

Stefan Dunin-Wąsowicz

Perceval Pradelle

Oxford University Press

It is argued that Poland should be seen as a dependent market economy (DME), since most important firms are branches of foreign multi-nationals or owned by foreign investors. PE is well-established but HF and SWF presence is sporadic. Three case studies of PE investment are considered: a household appliances company, a telecoms company, and an IT company. Trends and practices in the case study companies are broadly in line with those observable among competitors and in the private sector more generally. Changes in employment in two of the surveyed companies are similar to those in non-PE competitors. Data on pay levels suggest that there is little difference between PE-backed and other companies. Union structure is not altered by PE involvement. The impact of PE on labour is concluded to be neutral overall, though caution must be exercised in generalizing from a small number of cases.

Keywords:   Poland, financialization, new investment funds, labour, employment relations, industrial relations, work, private equity, hedge funds, sovereign wealth funds

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