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| Author: | Bacon, C.J. Cornett, M.M. Davidson, W.N.III |
| Title: | The board of directors and dual-class recapitalizations |
| Journal: | Financial Management
1997 : AUTUMN, VOL. 26:3, p. 5-22 |
| Index terms: | SHARE PRICES COMPANY PERFORMANCE INCENTIVES DIRECTORS |
| Language: | eng |
| Abstract: | This article examines stock price reactions to announcements of dual-class recapitalizations as they relate to characteristics of the board of directors. The results show that certain board characteristics provide insight into directors' incentives. The study differentiates characteristics of the board associated with management attempts to entrench its position and characteristics that may indicate an attempt to improve performance of the firm in the event of takeover. High levels of insider and affiliated outsider stock ownership, board tenure, and the presence of staggered board elections affect the stock market's reaction to the plans. |
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