Article2000

Antitakeover Provisions and Shareholder Value Implications: A Review and a Contingency Framework

48 citations0/0 files storedJournal of Management

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Corporate Finance and Governance Corporate Insolvency and Governance Corporate Governance and Law

Abstract

This paper reviews literatures on the two competing theoretical views of the antitakeover provisions–shareholder value relationship — managerial entrenchment and shareholder interests — and offers a contingency framework to reconcile these views. This framework, based on a broader agency theory perspective and the organizational literatures on power, incorporates two key moderators: corporate board and shareholder monitoring, and draws attention to when rather than on whether antitakeover provisions enhance or erode shareholder value.

Citations in this library

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1976Markets and Hierarchies: Analysis and Antitrust Implications.1989Agency Theory: An Assessment and Review 1980Agency Problems and the Theory of the Firm 1986Large Shareholders and Corporate Control 1933The Modern Corporation and Private Property 1985Using daily stock returns 1980Takeover Bids, The Free-Rider Problem, and the Theory of the Corporation

Cited by

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