Article2007

Canadian takeover announcements and the job security of top managers

13 citations0/0 files storedCanadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l Administration

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Corporate Finance and Governance Merger and Competition Analysis Corporate Insolvency and Governance

Abstract

Abstract This study measures the turnover rate of top managers (Chief Executive Officers or Presidents) in acquisition targets following the public announcements of takeovers in Canada. Turnover rates following the announcements of completed and unsuccessful takeover attempts did not differ from each other but were higher than the norm for CEOs from a control group of nontarget firms. The turnover rate was particularly high for widely‐held firms and negatively correlated with the preannouncement performance of the targets. Overall, results suggest that a major objective of takeovers in Canada is to reduce management failings, inefficiency, and agency costs. Copyright © 2007 ASAC. Published by John Wiley & Sons, Ltd.

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1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983Separation of Ownership and Control 1980Agency Problems and the Theory of the Firm 1983The market for corporate control 2001New Evidence and Perspectives on Mergers 1997Detecting long-run abnormal stock returns: The empirical power and specification of test statistics 2000Agency Costs and Ownership Structure 1997Agency Problems, Equity Ownership, and Corporate Diversification

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