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| Author: | Ikäheimo, S. Puttonen, V. Ratilainen, T. |
| Title: | External corporate governance and performance: evidence from the Nordic countries |
| Journal: | European Journal of Finance
2011 : MAY-JUL, VOL 17:5-6 p. 427-450 |
| Index terms: | Nordic countries corporate governance shares valuation stock returns |
| Freeterms: | anti-takeover provision dual-class share |
| Language: | eng |
| Abstract: | In this paper the influence of anti-takeover provisions on valuation, stock return and operating performance is examined. The research bases on data collected from publicly listed Nordic companies during the time period 1999-2004. The results suggest that anti-takeover provisions have a negative impact on valuation, no effect on stock return, and a positive influence on operating performance. Analyzing the influence of each reveals dual-class stock to be the single most important provision dummy contributing to the negative valuation, though the discount decreases over the years. |
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