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| Tekijä: | Ataullah, A.(et al.) |
| Otsikko: | Large shareholders, the board of directors and the allocation of cash proceeds from corporate asset sell-offs |
| Lehti: | European Financial Management
2010 : MAR, VOL. 16:2, p. 271-295 |
| Asiasana: | assets selling shareholders institutional investors corporate resources allocation |
| Vapaa asiasana: | sell-offs boards of directors board composition cash proceeds |
| Kieli: | eng |
| Tiivistelmä: | Based on recent finance literature suggests that managers of divesting firms may retain cash proceeds from corporate asset sell-offs in order to pursue their own objectives and shareholders' gains due to these deals are linked to a distribution of proceeds to shareholders or to debtholders. The paper investingates the role of various corporate governance mechanisms in the context of the allocation of sell-off proceeds,The following: i. shareholders' abnormal returns around asset sell-off announcements, ii. managers' decision to either retain or distribute (to shareholders or to debtholders) sell-off proceeds. It is found that non-executive directors' and CEO's share-ownership and stock options are related to shareholders' gains from sell-offs for firms that retain proceeds but corporate governance mechanisms are not significantly related to shareholders' gains for firms that distribute sell-off proceeds and that the likelihood of a distribution of proceeds, relative to the retention decision, is increasing in large institutional shareholdings, executive and non-executive directors' share-ownership and non-executive representation in the board. |
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