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Corporate integrity and hostile takeover threats: Evidence from machine learning and “CEO luck”

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  • Ongsakul, Viput
  • Chatjuthamard, Pattanaporn
  • Jiraporn, Pornsit
  • Chaivisuttangkun, Sirithida

Abstract

Exploiting an innovative measure of corporate integrity based on machine learning and textual analysis, this paper explores the effect of hostile takeover exposure on corporate integrity. Using a measure of takeover vulnerability principally based on state legislation, we find that a more active takeover market raises corporate integrity, corroborating the notion that the disciplinary mechanism associated with the takeover market induces managers to enhance corporate integrity. Specifically, a rise in takeover exposure by one standard deviation results in an improvement in integrity by 4.00%. Further analysis confirms the conclusion including propensity score matching, entropy balancing, and instrumental-variable analysis. Our study is among the first to employ this novel text-based measure of corporate integrity. Finally, additional analysis based on ”CEO luck” validates the conclusion.

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  • Ongsakul, Viput & Chatjuthamard, Pattanaporn & Jiraporn, Pornsit & Chaivisuttangkun, Sirithida, 2021. "Corporate integrity and hostile takeover threats: Evidence from machine learning and “CEO luck”," Journal of Behavioral and Experimental Finance, Elsevier, vol. 32(C).
    • Handle: RePEc:eee:beexfi:v:32:y:2021:i:c:s2214635021001234
    DOI: 10.1016/j.jbef.2021.100579
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    Cited by:

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    5. Wongsinhirun, Nopparat & Chatjuthamard, Pattanaporn & Jiraporn, Pornsit, 2023. "Corporate culture and board gender diversity: Evidence from textual analysis," International Review of Financial Analysis, Elsevier, vol. 86(C).
    6. Wongsinhirun, Nopparat & Chatjuthamard, Pattanaporn & Jiraporn, Pornsit & Lee, Sang Mook, 2024. "Customer concentration and shareholder litigation risk: Evidence from a quasi-natural experiment," Journal of Behavioral and Experimental Finance, Elsevier, vol. 41(C).
    7. Anutchanat Jaroenjitrkam & Sirimon Treepongkaruna & Pornsit Jiraporn, 2022. "Does shareholder litigation risk promote or hinder corporate social responsibility? A quasi‐natural experiment," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 29(3), pages 657-674, May.
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    More about this item

    Keywords

    Integrity; Hostile takeover; Corporate governance; Textual analysis; Machine learning; Agency theory;
    All these keywords.

    JEL classification:

    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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