haku: @author Mahoney, J.M. / yhteensä: 1
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| Tekijä: | Mahoney, J.M. Mahoney, J.T. |
| Otsikko: | An empirical investigation of the effect of corporate charter anti-takeover amendments on stockholder wealth |
| Lehti: | Strategic Management Journal
1993 : JAN, VOL. 14:1, p. 17-31 |
| Asiasana: | |
| Vapaa asiasana: | UNTERNEHMENSSTRATEGIE, FUSION, UNTERNEHMENSZUSAMMENSCHLUSS |
| Kieli: | eng |
| Tiivistelmä: | 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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