Private Equity Buyouts and Workplace Safety
研究发现美国上市公司被私募股权收购后，工厂层面的工伤率大幅且持续下降，OSHA安全违规减少，且工伤率降幅越大，企业越可能通过IPO退出。
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.