haku: @indexterm Shareholders / yhteensä: 698
viite: 36 / 698
| Tekijä: | Kacperczyk, A. |
| Otsikko: | With greater power comes greater responsibility? Takeover protection and corporate attention to stakeholders |
| Lehti: | Strategic Management Journal
2009 : MAR, VOL. 30:3, p. 261-285 |
| Asiasana: | corporate responsibility social responsibility corporate governance consolidation mergers shareholders stakeholders agency theory companies USA |
| Vapaa asiasana: | takeovers |
| Kieli: | eng |
| Tiivistelmä: | Using takeover protection (henceforth as: t-p.) as an indicator of corporate (hereafter as: corp.) governance, this paper investigates how an exogenous shift in power from shareholders (here as: shr-h/s.) to managers affects corp. attention (as: c-att.) to non-shareholding stakeholders (as: stk-h/s). There are two competing hypotheses: i. the shr-h/s. view predicts that stronger t-p. will lead to a decrease in c-att. to shr-h/s. and non-shareholding stk-h/s. alike, and ii. the stk-h/s. view predicts that stronger t-p. will increase c-att. to non-shareholding stk-h/s. Based on a sample of over 870 U.S. firms from 1991 to 2002, it is found that an exogenous increase in t-p. leads to higher c-att. to community and the natural environment, but has no impact on c-att. to employees, customers, and minorities. It is shown through additional analyses that firms increasing their attention to stk-h/s. experience an increase in long-term shareholder value. |
SCIMA