haku: @author Hanka, G. / yhteensä: 2
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| Tekijä: | Garvey, G. Hanka, G. |
| Otsikko: | Capital structure and corporate control: the effect of antitakeover statutes on firm leverage |
| Lehti: | Journal of Finance
1999 : APR, VOL. 54:2, p. 519-546 |
| Asiasana: | FINANCE COMPANIES COMPANY CONTROL |
| Kieli: | eng |
| Tiivistelmä: | The authors find that firms protected by "second generation" state antitakeover laws substantially reduce their use of debt, and that unprotected firms do the reverse. This result supports recent models in which the threat of hostile takeover motivates managers to take on debt they would otherwise avoid. An implication is that legal barriers to takeovers may increase corporate slack. Corporate managers have discretion over capital structure choices. |
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