search query: @freeterm UNTERNEHMENSSTRATEGIE, FUSION, / total: 5
reference: 4 / 5
| Author: | Mahoney, J.M. Mahoney, J.T. |
| Title: | An empirical investigation of the effect of corporate charter anti-takeover amendments on stockholder wealth |
| Journal: | Strategic Management Journal
1993 : JAN, VOL. 14:1, p. 17-31 |
| Index terms: | |
| Freeterms: | UNTERNEHMENSSTRATEGIE, FUSION, UNTERNEHMENSZUSAMMENSCHLUSS |
| Language: | eng |
| Abstract: | This paper tests competing explanations for corporate anti-takeover amendments. The managerial entrenchment hypothesis suggests that anti-takeover amendments will obtain job security at stockholders expense. An second hypothesis is that anti-takeover amendments will enable the target firm to extract higher price from the bidding firm and thereby benefit stockholders. This study indicates a strongly negative effect on stockholder wealth, in support of the hypothesis that anti-takeover amendments are adopted at the expense of stockholders. |
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