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Competition For Board Seats Following Stock‐For‐Stock Mergers

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  • Wallace N. Davidson
  • Sameh Sakr
  • Yixi Ning

Abstract

We examine the board structure of firms following stock‐for‐stock mergers. We find that former target inside (outside) directors are more likely to join the combined firm board when target insiders (outsiders) have a relatively strong position on the pre‐merger target board. The relative size of the target firm, target firm profitability, and target blockholder ownership also influence whether target directors join the combined board. We conclude that competition for board seats on the combined board is won by target directors with greater bargaining positions.

Suggested Citation

  • Wallace N. Davidson & Sameh Sakr & Yixi Ning, 2004. "Competition For Board Seats Following Stock‐For‐Stock Mergers," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 27(1), pages 55-73, March.
    • Handle: RePEc:bla:jfnres:v:27:y:2004:i:1:p:55-73
    DOI: 10.1111/j.1475-6803.2004.00077.x
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    Cited by:

    1. Benson, Bradley W. & Davidson, Wallace N. & Davidson, Travis R. & Wang, Hongxia, 2015. "Do busy directors and CEOs shirk their responsibilities? Evidence from mergers and acquisitions," The Quarterly Review of Economics and Finance, Elsevier, vol. 55(C), pages 1-19.
    2. Sharma, Vaibhav & Hsieh, Chialing, 2011. "Managerial horizons in stock financed mergers," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(2), pages 152-161, May.
    3. Wang, Hongxia & Sakr, Sameh & Ning, Yixi & Davidson III, Wallace N., 2010. "Board composition after mergers, does it matter to target shareholders?," Journal of Empirical Finance, Elsevier, vol. 17(5), pages 837-851, December.
    4. Polovina, Nereida & Peasnell, Ken, 2020. "Do minority acquisitions transfer better corporate governance practices? An analysis of UK's cross-border minority investments," The British Accounting Review, Elsevier, vol. 52(3).

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