TY - JOUR
T1 - Annington versus Deutsche Annington
T2 - Private Equity and Housing in the Anglo-Saxon and Rhenish Contexts
AU - Korthals Altes, Willem K.
PY - 2018
Y1 - 2018
N2 - Under the Rhenish model of capitalism the interests of other stakeholders than shareholders are essential to the interests of the firm. However, Rhenish institutions in Germany have been changing. In the housing sector, many organizations that promoted the provision of affordable housing are currently managed by private equity firms promoting shareholders’ interests. This paper presents a dual case study on two housing providers: Annington in the UK, and Deutsche Annington in Germany which were owned by the same private equity investor, Terra Firma. The paper – based on this analysis of a single approach to the management of two comparable firms in the Rhenish and Anglo-Saxon contexts – considers the question of whether the Rhenish model is being swept away by the shareholders revolution. The paper concludes that this is not the case and that certain differences between these cases reflect the continuing differences between the Anglo-Saxon and Rhenish models of capitalism.
AB - Under the Rhenish model of capitalism the interests of other stakeholders than shareholders are essential to the interests of the firm. However, Rhenish institutions in Germany have been changing. In the housing sector, many organizations that promoted the provision of affordable housing are currently managed by private equity firms promoting shareholders’ interests. This paper presents a dual case study on two housing providers: Annington in the UK, and Deutsche Annington in Germany which were owned by the same private equity investor, Terra Firma. The paper – based on this analysis of a single approach to the management of two comparable firms in the Rhenish and Anglo-Saxon contexts – considers the question of whether the Rhenish model is being swept away by the shareholders revolution. The paper concludes that this is not the case and that certain differences between these cases reflect the continuing differences between the Anglo-Saxon and Rhenish models of capitalism.
KW - exit value
KW - housing
KW - landlords
KW - private equity
KW - Rhenish model of capitalism
UR - http://www.scopus.com/inward/record.url?scp=85048048851&partnerID=8YFLogxK
U2 - 10.1080/14036096.2018.1479300
DO - 10.1080/14036096.2018.1479300
M3 - Article
SN - 1403-6096
VL - 36 (2019)
SP - 228
EP - 253
JO - Housing, Theory and Society
JF - Housing, Theory and Society
IS - 2
ER -