Discipline or Disruption? Stakeholder Relationships and the Effect of Takeover Threat
Author
Abstract
Suggested Citation
DOI: 10.1287/mnsc.2015.2252
Download full text from publisher
References listed on IDEAS
- Julian Atanassov, 2013. "Do Hostile Takeovers Stifle Innovation? Evidence from Antitakeover Legislation and Corporate Patenting," Journal of Finance, American Finance Association, vol. 68(3), pages 1097-1131, June.
- Johnson, William C. & Karpoff, Jonathan M. & Yi, Sangho, 2015. "The bonding hypothesis of takeover defenses: Evidence from IPO firms," Journal of Financial Economics, Elsevier, vol. 117(2), pages 307-332.
- repec:bla:jfinan:v:43:y:1988:i:1:p:1-19 is not listed on IDEAS
- Alan J. Auerbach, 1988. "Corporate Takeovers: Causes and Consequences," NBER Books, National Bureau of Economic Research, Inc, number auer88-1.
- Marianne Bertrand & Sendhil Mullainathan, 1999.
"Is There a Discretion in Wage Setting? A Test Using Takeover Legislation,"
RAND Journal of Economics, The RAND Corporation, vol. 30(3), pages 535-554, Autumn.
- Marianne Bertrand & Sendhil Mullainathan, 1998. "Is There Discretion in Wage Setting? A Test Using Takeover Legislation," Working Papers 785, Princeton University, Department of Economics, Industrial Relations Section..
- Sendhil Mullainathan & Marianne Bertrand, 1998. "Is there Discretion in Wage Setting? A Test Using Takeover Legislation," Working papers 98-19, Massachusetts Institute of Technology (MIT), Department of Economics.
- Marianne Bertrand & Sendhil Mullainathan, 1998. "Is There Discretion in Wage Setting? A Test Using Takeover Legislation," NBER Working Papers 6807, National Bureau of Economic Research, Inc.
- Bertrand, M. & Mullainathan, S., 1998. "Is there Discretion in Wage Setting? A Test Using Takeover Legislation," Papers 203, Princeton, Woodrow Wilson School - Public and International Affairs.
- Marianne Bertrand & Sendhil Mullainathan, 2003.
"Enjoying the Quiet Life? Corporate Governance and Managerial Preferences,"
Journal of Political Economy, University of Chicago Press, vol. 111(5), pages 1043-1075, October.
- Bertrand, Marianne & Mullainathan, Sendhil, 2003. "Enjoying the Quiet Life? Corporate Governance and Managerial Preferences," Scholarly Articles 3429713, Harvard University Department of Economics.
- Giroud, Xavier & Mueller, Holger M., 2010. "Does corporate governance matter in competitive industries?," Journal of Financial Economics, Elsevier, vol. 95(3), pages 312-331, March.
- Kale, Jayant R. & Shahrur, Husayn, 2007. "Corporate capital structure and the characteristics of suppliers and customers," Journal of Financial Economics, Elsevier, vol. 83(2), pages 321-365, February.
- Andrei Shleifer & Lawrence H. Summers, 1988.
"Breach of Trust in Hostile Takeovers,"
NBER Chapters, in: Corporate Takeovers: Causes and Consequences, pages 33-68,
National Bureau of Economic Research, Inc.
- Andrei Shleifer & Lawrence H. Summers, 1987. "Breach of Trust in Hostile Takeovers," NBER Working Papers 2342, National Bureau of Economic Research, Inc.
- Lucian Bebchuk & Alma Cohen & Allen Ferrell, 2009. "What Matters in Corporate Governance?," The Review of Financial Studies, Society for Financial Studies, vol. 22(2), pages 783-827, February.
- Titman, Sheridan, 1984. "The effect of capital structure on a firm's liquidation decision," Journal of Financial Economics, Elsevier, vol. 13(1), pages 137-151, March.
- Jeffrey M Wooldridge, 2010.
"Econometric Analysis of Cross Section and Panel Data,"
MIT Press Books,
The MIT Press,
edition 2, volume 1, number 0262232588, April.
- Jeffrey M. Wooldridge, 2001. "Econometric Analysis of Cross Section and Panel Data," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262232197, April.
- Schnitzer, Monika, 1995.
""Breach of Trust" in Takeovers and the Optimal Corporate Charter,"
Journal of Industrial Economics, Wiley Blackwell, vol. 43(3), pages 229-259, September.
- Schnitzer, M., 1992. "Breach of Trust in Takeovers and the Optimal Corporate Charter," Working papers 92-10, Massachusetts Institute of Technology (MIT), Department of Economics.
- Schnitzer, Monika, 1995. "\"Breach of Trust\" in Takeovers and the Optimal Corporate Charter," Munich Reprints in Economics 19896, University of Munich, Department of Economics.
- Paul Gompers & Joy Ishii & Andrew Metrick, 2003.
"Corporate Governance and Equity Prices,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 118(1), pages 107-156.
- Paul A. Gompers & Joy L. Ishii & Andrew Metrick, 2001. "Corporate Governance and Equity Prices," NBER Working Papers 8449, National Bureau of Economic Research, Inc.
- Paul A. Gompers & Joy L. Ishii & Andrew Metrick, 2002. "Corporate Governance and Equity Prices," Center for Financial Institutions Working Papers 02-32, Wharton School Center for Financial Institutions, University of Pennsylvania.
- Todd A. Gormley & David A. Matsa, 2014. "Common Errors: How to (and Not to) Control for Unobserved Heterogeneity," The Review of Financial Studies, Society for Financial Studies, vol. 27(2), pages 617-661.
- Fama, Eugene F. & French, Kenneth R., 1997. "Industry costs of equity," Journal of Financial Economics, Elsevier, vol. 43(2), pages 153-193, February.
- Bates, Thomas W. & Becher, David A. & Lemmon, Michael L., 2008. "Board classification and managerial entrenchment: Evidence from the market for corporate control," Journal of Financial Economics, Elsevier, vol. 87(3), pages 656-677, March.
- William Greene, 2004. "Fixed Effects and Bias Due to the Incidental Parameters Problem in the Tobit Model," Econometric Reviews, Taylor & Francis Journals, vol. 23(2), pages 125-147.
- Jensen, Michael C, 1986. "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers," American Economic Review, American Economic Association, vol. 76(2), pages 323-329, May.
- Rauh, Joshua D., 2006. "Own company stock in defined contribution pension plans: A takeover defense?," Journal of Financial Economics, Elsevier, vol. 81(2), pages 379-410, August.
- Shantanu Banerjee & Sudipto Dasgupta & Yungsan Kim, 2008. "Buyer–Supplier Relationships and the Stakeholder Theory of Capital Structure," Journal of Finance, American Finance Association, vol. 63(5), pages 2507-2552, October.
- Shane A. Johnson & Theodore C. Moorman & Sorin Sorescu, 2009. "A Reexamination of Corporate Governance and Equity Prices," The Review of Financial Studies, Society for Financial Studies, vol. 22(11), pages 4753-4786, November.
- Grossman, S J & Hart, O D, 1980.
"Disclosure Laws and Takeover Bids,"
Journal of Finance, American Finance Association, vol. 35(2), pages 323-334, May.
- Sanford Grossman & Oliver Hart, "undated". "Disclosure Laws and Takeover Bids," Rodney L. White Center for Financial Research Working Papers 23-79, Wharton School Rodney L. White Center for Financial Research.
- Gerald T. Garvey & Gordon Hanka, 1999. "Capital Structure and Corporate Control: The Effect of Antitakeover Statutes on Firm Leverage," Journal of Finance, American Finance Association, vol. 54(2), pages 519-546, April.
- Hayong Yun, 2009. "The Choice of Corporate Liquidity and Corporate Governance," The Review of Financial Studies, Society for Financial Studies, vol. 22(4), pages 1447-1475, April.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Jūra Liaukonytė & Alminas Žaldokas, 2022. "Background Noise? TV Advertising Affects Real-Time Investor Behavior," Management Science, INFORMS, vol. 68(4), pages 2465-2484, April.
- Cremers, K.J. Martijn & Litov, Lubomir P. & Sepe, Simone M., 2017. "Staggered boards and long-term firm value, revisited," Journal of Financial Economics, Elsevier, vol. 126(2), pages 422-444.
- Mihov, Atanas & Naranjo, Andy, 2017. "Customer-base concentration and the transmission of idiosyncratic volatility along the vertical chain," Journal of Empirical Finance, Elsevier, vol. 40(C), pages 73-100.
- Conti, Raffaele & Novelli, Elena, 2022. "Not all technologies are created equal for stakeholders: Constituency statutes, firm stakeholder orientation and investments in technology generality," Research Policy, Elsevier, vol. 51(3).
- Huang, Chia-Wei & Lin, Chih-Yen & Lin, Wen-Chun & Tsai, Yun-Ching, 2022. "Corruption transfer and acquisition performance," Journal of Banking & Finance, Elsevier, vol. 135(C).
- Ma, Xiaofang & Wang, Wenming & Wu, Jiangang & Zhang, Wenlan, 2020. "Corporate customer concentration and stock price crash risk," Journal of Banking & Finance, Elsevier, vol. 119(C).
- Liu, Claire & Masulis, Ronald W. & Stanfield, Jared, 2021. "Why CEO option compensation can be a bad option for shareholders: Evidence from major customer relationships," Journal of Financial Economics, Elsevier, vol. 142(1), pages 453-481.
- Dong, Yizhe & Li, Chang & Li, Haoyu, 2021. "Customer concentration and M&A performance," Journal of Corporate Finance, Elsevier, vol. 69(C).
- Yinghua Li & Yupeng Lin & Liandong Zhang, 2018. "Trade Secrets Law and Corporate Disclosure: Causal Evidence on the Proprietary Cost Hypothesis," Journal of Accounting Research, Wiley Blackwell, vol. 56(1), pages 265-308, March.
- Tsang, Albert & Yang, Nan & Zheng, Lingyi, 2022. "Cross-listings, antitakeover defenses, and the insulation hypothesis," Journal of Financial Economics, Elsevier, vol. 145(1), pages 259-276.
- Mbanyele, William, 2021. "Staggered boards, unequal voting rights, poison pills and innovation intensity: New evidence from the Asian markets," International Review of Law and Economics, Elsevier, vol. 65(C).
- Drobetz, W. & Momtaz, Paul P., 2020. "Antitakeover Provisions and Firm Value: New Evidence from the M&A Market," Journal of Corporate Finance, Elsevier, vol. 62(C).
- Bootz, Jean-Philippe & Michel, Sophie & Pallud, Jessie & Monti, Régine, 2022. "Possible changes of Industry 4.0 in 2030 in the face of uberization: Results of a participatory and systemic foresight study," Technological Forecasting and Social Change, Elsevier, vol. 184(C).
- Jarrad Harford & Robert Schonlau & Jared Stanfield, 2019. "Trade Relationships, Indirect Economic Links, and Mergers," Management Science, INFORMS, vol. 65(7), pages 3085-3110, July.
- Jie Peng & Boluo Liu & Jing Wu & Xiangang Xin, 2024. "Financial statement comparability and global supply chain relations," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 55(3), pages 342-360, April.
- Suparatana Tanthanongsakkun & Sirimon Treepongkaruna & Pornsit Jiraporn, 2023. "Carbon emissions, corporate governance, and staggered boards," Business Strategy and the Environment, Wiley Blackwell, vol. 32(1), pages 769-780, January.
- Andres, Christian & Bazhutov, Dmitry & Cumming, Douglas J. & Limbach, Peter, 2023.
"Does speculative news hurt productivity? Evidence from takeover rumors,"
CFS Working Paper Series
701, Center for Financial Studies (CFS).
- Andres, Christian & Bazhutov, Dmitry & Cumming, Douglas & Köchling, Gerrit & Limbach, Peter, 2024. "Does Speculative News Hurt Productivity? Evidence from Takeover Rumors," CFR Working Papers 21-02, University of Cologne, Centre for Financial Research (CFR), revised 2024.
- Ding, Guolei & Lei, Jin & Liu, Yunxiao & Wang, Zhen, 2024. "Supplier–customer cultural similarity and supplier performance," Journal of Banking & Finance, Elsevier, vol. 163(C).
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Bhargava, Rahul & Faircloth, Sheri & Zeng, Hongchao, 2017. "Takeover protection and stock price crash risk: Evidence from state antitakeover laws," Journal of Business Research, Elsevier, vol. 70(C), pages 177-184.
- Guernsey, Scott & Sepe, Simone M. & Serfling, Matthew, 2022. "Blood in the water: The value of antitakeover provisions during market shocks," Journal of Financial Economics, Elsevier, vol. 143(3), pages 1070-1096.
- Jiang, Zhan & Lie, Erik, 2016. "Cash holding adjustments and managerial entrenchment," Journal of Corporate Finance, Elsevier, vol. 36(C), pages 190-205.
- Gormley, Todd A. & Matsa, David A., 2016. "Playing it safe? Managerial preferences, risk, and agency conflicts," Journal of Financial Economics, Elsevier, vol. 122(3), pages 431-455.
- Tang, Yuehua, 2018. "When does competition mitigate agency problems?," Journal of Corporate Finance, Elsevier, vol. 51(C), pages 258-274.
- Heli Wang & Shan Zhao & Jinyu He, 2016. "Increase in takeover protection and firm knowledge accumulation strategy," Strategic Management Journal, Wiley Blackwell, vol. 37(12), pages 2393-2412, December.
- Chari, Murali D.R. & David, Parthiban & Duru, Augustine & Zhao, Yijiang, 2019. "Bowman's risk-return paradox: An agency theory perspective," Journal of Business Research, Elsevier, vol. 95(C), pages 357-375.
- Hongchao Zeng, 2014. "Financial Constraints, Antitakeover Protection, and Corporate Innovation: An Empirical Analysis using Antitakeover Legislation," Review of Economics & Finance, Better Advances Press, Canada, vol. 4, pages 1-15, August.
- Francis, Bill B. & Hasan, Iftekhar & John, Kose & Waisman, Maya, 2010. "The effect of state antitakeover laws on the firm's bondholders," Journal of Financial Economics, Elsevier, vol. 96(1), pages 127-154, April.
- Tu Nguyen & H.G. (Lily) Nguyen & Xiangkang Yin, 2015. "Corporate Governance and Corporate Financing and Investment during the 2007-2008 Financial Crisis," Financial Management, Financial Management Association International, vol. 44(1), pages 115-146, March.
- Waisman, Maya, 2013. "Product market competition and the cost of bank loans: Evidence from state antitakeover laws," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 4721-4737.
- Drobetz, W. & Momtaz, Paul P., 2020. "Antitakeover Provisions and Firm Value: New Evidence from the M&A Market," Journal of Corporate Finance, Elsevier, vol. 62(C).
- Armstrong, Christopher S. & Balakrishnan, Karthik & Cohen, Daniel, 2012. "Corporate governance and the information environment: Evidence from state antitakeover laws," Journal of Accounting and Economics, Elsevier, vol. 53(1), pages 185-204.
- Younge, Kenneth A. & Tong, Tony W., 2018. "Competitive pressure on the rate and scope of innovation," Journal of Economic Behavior & Organization, Elsevier, vol. 150(C), pages 162-181.
- Karpoff, Jonathan M. & Schonlau, Robert & Wehrly, Eric, 2022. "Which antitakeover provisions deter takeovers?," Journal of Corporate Finance, Elsevier, vol. 75(C).
- Cain, Matthew D. & McKeon, Stephen B. & Solomon, Steven Davidoff, 2017. "Do takeover laws matter? Evidence from five decades of hostile takeovers," Journal of Financial Economics, Elsevier, vol. 124(3), pages 464-485.
- Chowdhury, Rajib & Doukas, John A. & Park, Jong Chool, 2021. "Stakeholder orientation and the value of cash holdings: Evidence from a natural experiment," Journal of Corporate Finance, Elsevier, vol. 69(C).
- Dhaliwal, Dan & Judd, J. Scott & Serfling, Matthew & Shaikh, Sarah, 2016. "Customer concentration risk and the cost of equity capital," Journal of Accounting and Economics, Elsevier, vol. 61(1), pages 23-48.
- Johnson, William C. & Karpoff, Jonathan M. & Yi, Sangho, 2015. "The bonding hypothesis of takeover defenses: Evidence from IPO firms," Journal of Financial Economics, Elsevier, vol. 117(2), pages 307-332.
- Kieschnick, Robert & Moussawi, Rabih, 2018. "Firm age, corporate governance, and capital structure choices," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 597-614.
More about this item
Keywords
takeovers; corporate governance; product market relationships; business combination laws;All these keywords.
Statistics
Access and download statisticsCorrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:inm:ormnsc:v:62:y:2016:i:10:p:2820-2841. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Asher (email available below). General contact details of provider: https://edirc.repec.org/data/inforea.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.