The effects of ownership structure on corporate restructuring

Jennifer E. Bethel · Julia Porter Liebeskind

455 citations0/0 files storedStrategic Management Journal

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Corporate Finance and Governance Corporate Insolvency and Governance Organizational Downsizing and Restructuring

Abstract

This paper investigates the relationship between ownership structure and corporate restructuring in a sample of 93 surviving public Fortune 500 firms during the period 1981–87. The results show that blockholder ownership is associated significantly with corporate restructuring, suggesting that many managers restructured their corporations during the 1980s only when pressured to do so by large shareholders.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1983The Iron Cage Revisited: Institutional Isomorphism and Collective Rationality in Organizational Fields 2004The iron cage revisited institutional isomorphism and collective rationality in organizational fields 1986Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers 1986Large Shareholders and Corporate Control 1988Management ownership and market valuation 1990Performance Pay and Top-Management Incentives 1990Additional evidence on equity ownership and corporate value

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