کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
884846 912425 2006 24 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The effects of takeover threats on shareholders and firm value
کلمات کلیدی
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The effects of takeover threats on shareholders and firm value
چکیده انگلیسی

We study the role of takeover threats as a corporate control mechanism using [Aghion, P., Tirole, J., 1997. Formal and real authority in organizations. Journal of Political Economy 105, 1–29] model of formal and real authority. Shareholders do not monitor the manager's actions since ownership is widely dispersed. A corporate raider may monitor and step in if a profit opportunity exists. In our model, a takeover threat decreases managerial effort and may increase the value of the shares. We also look at the extent of anti-takeover defenses favored by individual shareholders and institutional investors.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Behavior & Organization - Volume 59, Issue 1, January 2006, Pages 45–68
نویسندگان
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