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Agency Theory, Managerial Welfare, and Takeover Bid Resistance

Citations

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Cited by:

  1. Cramton, Peter & Schwartz, Alan, 1991. "Using Auction Theory to Inform Takeover Regulation," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 7(1), pages 27-53, Spring.
  2. Richard M. Cyert & Sok-Hyon Kang & Praveen Kumar, 2002. "Corporate Governance, Takeovers, and Top-Management Compensation: Theory and Evidence," Management Science, INFORMS, vol. 48(4), pages 453-469, April.
  3. Dirk Jenter & Katharina Lewellen, 2015. "CEO Preferences and Acquisitions," Journal of Finance, American Finance Association, vol. 70(6), pages 2813-2852, December.
  4. Eisfeldt, Andrea L. & Rampini, Adriano A., 2008. "Managerial incentives, capital reallocation, and the business cycle," Journal of Financial Economics, Elsevier, vol. 87(1), pages 177-199, January.
  5. Firth, Michael, 1997. "Takeovers in New Zealand: Motives, stockholder returns, and executive share ownership," Pacific-Basin Finance Journal, Elsevier, vol. 5(4), pages 419-440, September.
  6. Barber, Brad M. & Palmer, Donald & Wallace, James, 1995. "Determinants of conglomerate and predatory acquisitions: evidence from the 1960s," Journal of Corporate Finance, Elsevier, vol. 1(3-4), pages 283-318, April.
  7. Etienne Redor, 2016. "Board attributes and shareholder wealth in mergers and acquisitions: a survey of the literature," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 20(4), pages 789-821, December.
  8. Ireneusz Janiuk, 2017. "Mergers and Acquisitions: Their Role in the Process of Diversification of an Enterprise," Theory Methodology Practice (TMP), Faculty of Economics, University of Miskolc, vol. 13(01), pages 37-52.
  9. Haan, Marco A. & Riyanto, Yohanes, 2006. "The effects of takeover threats on shareholders and firm value," Journal of Economic Behavior & Organization, Elsevier, vol. 59(1), pages 45-68, January.
  10. Shleifer, Andrei & Vishny, Robert W, 1997. "A Survey of Corporate Governance," Journal of Finance, American Finance Association, vol. 52(2), pages 737-783, June.
  11. Pietro Bonetti & Miguel Duro & Gaizka Ormazabal, 2020. "Disclosure Regulation and Corporate Acquisitions," Journal of Accounting Research, Wiley Blackwell, vol. 58(1), pages 55-103, March.
  12. Victoria Clout & Samir Ghannam & Anna Loyeung & Jin Sug Yang, 2021. "Eyes on the prize: CEO and director retirement preferences and acquisitions," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(S1), pages 1345-1361, April.
  13. Jeremy Bulow & Ming Huang & Paul Klemperer, 1999. "Toeholds and Takeovers," Journal of Political Economy, University of Chicago Press, vol. 107(3), pages 427-454, June.
  14. Jean-Jacques Laffont & Jean Tirole, 1988. "Repeated Auctions of Incentive Contracts, Investment, and Bidding Parity with an Application to Takeovers," RAND Journal of Economics, The RAND Corporation, vol. 19(4), pages 516-537, Winter.
  15. Anadi S. Pande & Ranjan Kumar, 2020. "Implications of Indian Philosophy and Mind Management for Agency Conflicts and Leadership: A Conceptual Framework," IIM Kozhikode Society & Management Review, , vol. 9(1), pages 34-44, January.
  16. Alexander Radygin & Revold Entov & Marina Turuntseva & Alena Gontmakher & Harry Swain & Jeff Carruthers & Karen Minden & Cheryl Urban, 2002. "The problems of corporate governance in Russia and its regions," Published Papers 12, Gaidar Institute for Economic Policy, revised 2002.
  17. Darren Henry, 2005. "Directors’ Recommendations in Takeovers: An Agency and Governance Analysis," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1‐2), pages 129-159, January.
  18. Patrick Bolton & David S. Scharfstein, 1998. "Corporate Finance, the Theory of the Firm, and Organizations," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 95-114, Fall.
  19. Hsu, Ching-Yu & Chen, Sheng-Syan & Huang, Chia-Wei, 2021. "Board independence and PIPE offerings," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 478-500.
  20. Simeon Djankov, 1999. "Ownership Structure and Enterprise Restructuring in Six Newly Independent States," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 41(1), pages 75-95, April.
  21. Amewu, Godfred & Alagidede, Paul, 2019. "Mergers and executive compensation changes: Evidence from African markets," Research in International Business and Finance, Elsevier, vol. 48(C), pages 397-419.
  22. Morck, Randall & Shleifer, Andrei & Vishny, Robert W, 1989. "Alternative Mechanisms for Corporate Control," American Economic Review, American Economic Association, vol. 79(4), pages 842-852, September.
  23. , 2009. "The Impact of Director Reputation and Performance on the Turnover and Board Seats of Target Firm Directors," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(1-2), pages 185-209.
  24. Li, Yong & Aguilera, Ruth V., 2008. "Target Director Turnover in Acquisitions: A Conceptual Framework," Working Papers 08-0106, University of Illinois at Urbana-Champaign, College of Business.
  25. Gugler, Klaus & Mueller, Dennis C. & Yurtoglu, B. Burcin, 2008. "Insider ownership, ownership concentration and investment performance: An international comparison," Journal of Corporate Finance, Elsevier, vol. 14(5), pages 688-705, December.
  26. Caterina Moschieri & Roberto Ragozzino & Jose Manuel Campa, 2014. "Does Regional Integration Change the Effects of Country-Level Institutional Barriers on M&A? The Case of the European Union," Management International Review, Springer, vol. 54(6), pages 853-877, December.
  27. Helwege, Jean & Packer, Frank, 2009. "Private matters," Journal of Financial Intermediation, Elsevier, vol. 18(3), pages 362-383, July.
  28. repec:dgr:rugsom:00e02 is not listed on IDEAS
  29. Bugeja, Martin, 2007. "Voluntary use of independent valuation advice by target firm boards in takeovers," Pacific-Basin Finance Journal, Elsevier, vol. 15(4), pages 368-387, September.
  30. Sokolyk, Tatyana, 2011. "The effects of antitakeover provisions on acquisition targets," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 612-627, June.
  31. Randall Morck & Andrei Shleifer & Robert W. Vishny, 1986. "Management Ownership and Corporate Performance: An Empirical Analysis," NBER Working Papers 2055, National Bureau of Economic Research, Inc.
  32. T. Harikumar, 1996. "Leverage, Risk-Shifting Incentive, And Stock-Based Compensation," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 19(3), pages 417-428, September.
  33. Chongwoo Choe, 2006. "Optimal CEO Compensation: Some Equivalence Results," Journal of Labor Economics, University of Chicago Press, vol. 24(1), pages 171-201, January.
  34. Yong Li & Ruth V. Aguilera, 2008. "Target Director Turnover in Acquisitions: A Conceptual Framework," Corporate Governance: An International Review, Wiley Blackwell, vol. 16(6), pages 492-503, November.
  35. Pearce II, John A. & Robinson, Richard Jr., 2004. "Hostile takeover defenses that maximize shareholder wealth," Business Horizons, Elsevier, vol. 47(5), pages 15-24.
  36. Yuping Zeng & Thomas J. Douglas & Changqi Wu, 2013. "The Seller's Perspective on Determinants of Acquisition Likelihood: Insights from China's Beer Industry," Journal of Management Studies, Wiley Blackwell, vol. 50(4), pages 673-698, June.
  37. Chistopher Day & Martin Bugeja & Helen Spiropoulos & Zoltan Matolcsy, 2023. "Non‐executive directorship importance and takeover hostility: Australian evidence," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(1), pages 769-793, March.
  38. Harford, Jarrad, 2003. "Takeover bids and target directors' incentives: the impact of a bid on directors' wealth and board seats," Journal of Financial Economics, Elsevier, vol. 69(1), pages 51-83, July.
  39. Florian Geiger & Dirk Schiereck, 2014. "The influence of industry concentration on merger motives—empirical evidence from machinery industry mergers," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 38(1), pages 27-52, January.
  40. John L. Teall, 1992. "Merger Activity And Managerial Compensation," Review of Financial Economics, John Wiley & Sons, vol. 2(1), pages 55-67, September.
  41. Bruce Ian Carlin & Simon Gervais, 2009. "Work Ethic, Employment Contracts, and Firm Value," Journal of Finance, American Finance Association, vol. 64(2), pages 785-821, April.
  42. Emilia Obiñska-Wajda, 2016. "The new institutional economics - main theories," "e-Finanse", University of Information Technology and Management, Institute of Financial Research and Analysis, vol. 12(1), pages 78-85, June.
  43. Charlie Weir, 1997. "Corporate governance, performance and take-overs: an empirical analysis of UK mergers," Applied Economics, Taylor & Francis Journals, vol. 29(11), pages 1465-1475.
  44. Eckbo, B. Espen, 2009. "Bidding strategies and takeover premiums: A review," Journal of Corporate Finance, Elsevier, vol. 15(1), pages 149-178, February.
  45. Davis, E. Philip, 2002. "Institutional investors, corporate governance and the performance of the corporate sector," Economic Systems, Elsevier, vol. 26(3), pages 203-229, September.
  46. Churyk, Natalie Tatiana, 2005. "Reporting goodwill: are the new accounting standards consistent with market valuations?," Journal of Business Research, Elsevier, vol. 58(10), pages 1353-1361, October.
  47. Mikkelson, Wayne H. & Partch, M. Megan & Shah, Kshitij, 1997. "Ownership and operating performance of companies that go public," Journal of Financial Economics, Elsevier, vol. 44(3), pages 281-307, June.
  48. Randall Morck & Andrei Shleifer & Robert W. Vishny, 1987. "Characteristics of Hostile and Friendly Takeover Targets," NBER Working Papers 2295, National Bureau of Economic Research, Inc.
  49. Gine, Mireia & Moussawi, Rabih & Sedunov, John, 2017. "Governance mechanisms and effective activism: Evidence from shareholder proposals on poison pills," Journal of Empirical Finance, Elsevier, vol. 43(C), pages 185-202.
  50. St-Pierre, Josee & Gagnon, Jean-Marie & Saint-Pierre, Jacques, 1996. "Concentration of voting rights and board resistance to takeover bids," Journal of Corporate Finance, Elsevier, vol. 3(1), pages 45-73, December.
  51. Martin Bugeja & Raymond Da Silva Rosa & Andrew Lee, 2009. "The Impact of Director Reputation and Performance on the Turnover and Board Seats of Target Firm Directors," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 36(1‐2), pages 185-209, January.
  52. Corum, Adrian Aycan & Levit, Doron, 2019. "Corporate control activism," Journal of Financial Economics, Elsevier, vol. 133(1), pages 1-17.
  53. Van Wesep, Edward D. & Wang, Sean, 2014. "The prevention of excess managerial risk taking," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 579-593.
  54. Ravid, S. Abraham & Spiegel, Matthew, 1999. "Toehold strategies, takeover laws and rival bidders," Journal of Banking & Finance, Elsevier, vol. 23(8), pages 1219-1242, August.
  55. Donker, H.A., 2001. "Takeovers : An empirical study of ownership structure and the wealth to shareholders in Dutch takeovers," Other publications TiSEM 480af60e-4b9b-49f2-ab6c-d, Tilburg University, School of Economics and Management.
  56. James S. Ang & William L Megginson, 1989. "Restricted Voting Shares, Ownership Structure, And The Market Value Of Dual-Class Firms," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 12(4), pages 301-318, December.
  57. Peter H. Eddey & Roger S. Casey, 1989. "Directors' Recommendations in Response to Takeover Bids: Do They Act in Their Own Interests?," Australian Journal of Management, Australian School of Business, vol. 14(1), pages 1-28, June.
  58. Garner, Jacqueline & Humphrey, Phillip R. & Simkins, Betty, 2016. "The business of sport and the sport of business: A review of the compensation literature in finance and sports," International Review of Financial Analysis, Elsevier, vol. 47(C), pages 197-204.
  59. Sanvicente, Antonio Zoratto & Bortoluzzo, Adriana & Bortoluzzo, Mauricio Mesquita, 2017. "Capital structure determinants of financially constrained and unconstrained firms," Textos para discussão 451, FGV EESP - Escola de Economia de São Paulo, Fundação Getulio Vargas (Brazil).
  60. Oosterhout, H., 1996. "Takeover barriers : The good, the bad and the ugly," Other publications TiSEM 057ff042-c4d5-4019-a703-d, Tilburg University, School of Economics and Management.
  61. Obińska-Wajda Emilia, 2016. "The New Institutional Economics-Main Theories," Financial Internet Quarterly (formerly e-Finanse), Sciendo, vol. 12(1), pages 78-85.
  62. Lim, Terence & Lo, Andrew W. & Merton, Robert C. & Scholes, Myron S., 2006. "The Derivatives Sourcebook," Foundations and Trends(R) in Finance, now publishers, vol. 1(5–6), pages 365-572, April.
  63. Darren Henry, 2005. "Directors’ Recommendations in Takeovers: An Agency and Governance Analysis," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 32(1‐2), pages 129-159, January.
  64. Carline, Nicholas F. & Linn, Scott C. & Yadav, Pradeep K., 2014. "Corporate governance and the nature of takeover resistance," CFR Working Papers 14-01, University of Cologne, Centre for Financial Research (CFR).
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