کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5093998 | 1376157 | 2009 | 16 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Heterogeneous impacts of staggered boards by ownership concentration
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کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
کسب و کار و مدیریت بین المللی
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چکیده انگلیسی
Previous studies provide evidence of a negative relationship between staggered boards and firm value. However, these studies use specifications that do not allow for the heterogeneous impacts of staggered boards for different subsets of firms as predicted by theory. This paper presents more detailed hypotheses regarding how the impact of staggered boards should vary with the probability of takeover. Empirical findings using outside ownership concentration as a proxy for that probability confirm predictions that while for most firms staggered boards do have a negative impact on firm value, for a substantial and identifiable subset of firms staggered boards appear benign.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Corporate Finance - Volume 15, Issue 1, February 2009, Pages 113-128
Journal: Journal of Corporate Finance - Volume 15, Issue 1, February 2009, Pages 113-128
نویسندگان
Morgan J. Rose,