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| Tekijä: | Kosnik, R. D. |
| Otsikko: | Effects of board demography and directors' incentives on corporate greenmail decisions. |
| Lehti: | Academy of Management Journal
1990 : MAR, VOL. 33:1, p. 129-150 |
| Asiasana: | BOARD OF DIRECTORS MERGERS RATE OF RETURN |
| Kieli: | eng |
| Tiivistelmä: | The findings of a previous study about the effect of a board of director's demographic composition and the financial incentives of its outside members on a company's decision to pay greenmail when facing an imminent takeover threat are explained and extended. Companies are more likely to refrain from such greenmail transactions the longer the average tenure of their outside directors and the more similar the directors' principal occupation. In companies whose top management's equity interest are small, corporate resistance to greenmail is most likely when the outside directors' equity interests are high relative to their board compensation and their lengths of tenure are similar. |
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