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Tekijä:Ikäheimo, S.
Puttonen, V.
Ratilainen, T.
Otsikko:External corporate governance and performance: evidence from the Nordic countries
Lehti:European Journal of Finance
2011 : MAY-JUL, VOL 17:5-6 p. 427-450
Asiasana:Nordic countries
corporate governance
shares
valuation
stock returns
Vapaa asiasana:anti-takeover provision
dual-class share
Kieli:eng
Tiivistelmä:In this paper the influence of anti-takeover provisions on valuation, stock return and operating performance is examined. The research bases on data collected from publicly listed Nordic companies during the time period 1999-2004. The results suggest that anti-takeover provisions have a negative impact on valuation, no effect on stock return, and a positive influence on operating performance. Analyzing the influence of each reveals dual-class stock to be the single most important provision dummy contributing to the negative valuation, though the discount decreases over the years.
SCIMA tietueen numero: 272804
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