메뉴 건너뛰기




Volumn 3, Issue 1, 1996, Pages 45-73

Concentration of voting rights and board resistance to takeover bids

Author keywords

Board composition; Corporate takeovers; Voting rights

Indexed keywords


EID: 0030519137     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0929-1199(96)00008-9     Document Type: Article
Times cited : (8)

References (54)
  • 1
    • 77958406983 scopus 로고
    • Corporate governance and the board of directors: Performance effects of changes in board composition
    • Fall
    • Baysinger, B.D. and H.N. Butler, 1985, Corporate governance and the Board of Directors: Performance effects of changes in board composition, Journal of Law, Economics and Organization 1, No 1, Fall, 101-124.
    • (1985) Journal of Law, Economics and Organization , vol.1 , Issue.1 , pp. 101-124
    • Baysinger, B.D.1    Butler, H.N.2
  • 4
    • 0002479105 scopus 로고
    • Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms
    • Bradley, M., A. Desai and E.H. Kim, 1988, Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms, Journal of Financial Economics 21, 3-40.
    • (1988) Journal of Financial Economics , vol.21 , pp. 3-40
    • Bradley, M.1    Desai, A.2    Kim, E.H.3
  • 5
    • 84928461760 scopus 로고
    • The takeover market, corporate board composition, and ownership structure: The case of banking
    • April
    • Brickley, J.A. and C.M. James, 1987, The takeover market, Corporate board composition, and ownership structure: The case of banking, Journal of Law and Economics 30, April, 161-180.
    • (1987) Journal of Law and Economics , vol.30 , pp. 161-180
    • Brickley, J.A.1    James, C.M.2
  • 6
    • 84977714983 scopus 로고
    • The mode of acquisition in takeovers: Taxes and asymmetric information
    • June
    • Brown, D. and M. Ryngaert, 1991, The mode of acquisition in takeovers: Taxes and asymmetric information, The Journal of Finance 46, no. 2, June, 653-669.
    • (1991) The Journal of Finance , vol.46 , Issue.2 , pp. 653-669
    • Brown, D.1    Ryngaert, M.2
  • 7
    • 0011397451 scopus 로고    scopus 로고
    • Canada, 1985, Business Corporations Act, 1985 (CCH Canadian Limited, Don Mills)
    • Canada, 1985, Business Corporations Act, 1985 (CCH Canadian Limited, Don Mills).
  • 10
    • 0002405425 scopus 로고
    • How managerial wealth affects the tender offer process
    • Cotter J.F. and M. Zenner, 1994, How managerial wealth affects the tender offer process. Journal of Financial Economics 35, 63-97.
    • (1994) Journal of Financial Economics , vol.35 , pp. 63-97
    • Cotter, J.F.1    Zenner, M.2
  • 11
    • 0011493761 scopus 로고
    • Toward a distinctive Canadian corporate law regime
    • Winter
    • Daniels, R.J. and J.G. MacIntosh, 1991, Toward a distinctive Canadian corporate law regime, Osgoode Hall Law Journal, 29, no. 4, Winter, 863-933.
    • (1991) Osgoode Hall Law Journal , vol.29 , Issue.4 , pp. 863-933
    • Daniels, R.J.1    MacIntosh, J.G.2
  • 12
    • 21144484057 scopus 로고
    • Top managerial prestige, power and tender offer responses: A study of elite social networks and target firm corporation during takeovers
    • May
    • D'Aveni, R.A. and I.F. Kesner, 1993, Top managerial prestige, power and tender offer responses: A study of elite social networks and target firm corporation during takeovers, Organization Science 4. no. 2, May, 123-151.
    • (1993) Organization Science , vol.4 , Issue.2 , pp. 123-151
    • D'Aveni, R.A.1    Kesner, I.F.2
  • 13
    • 84935941592 scopus 로고
    • The structure of corporate ownership: Causes and consequences
    • Demsetz, H. and K. Lehn, 1985, The structure of corporate ownership: Causes and consequences. Journal of Political Economy 93, 1155-1177.
    • (1985) Journal of Political Economy , vol.93 , pp. 1155-1177
    • Demsetz, H.1    Lehn, K.2
  • 14
    • 0011455760 scopus 로고
    • L.R.Q., Chapitre V-1.1
    • Éditeur Officiel du Québec (L'), 1988, Loi sur les valeurs mobilières, L.R.Q., Chapitre V-1.1.
    • (1988) Loi sur les Valeurs Mobilières
  • 15
    • 0011399952 scopus 로고    scopus 로고
    • Financial Post, a, Survey of industrials (on cards, updated continually) (The Financial Post Information Service, Toronto)
    • Financial Post, a, Survey of industrials (on cards, updated continually) (The Financial Post Information Service, Toronto).
  • 16
    • 0011447690 scopus 로고    scopus 로고
    • Financial Post, b, Directory of directors (updated annually) (The Financial Post Information Service, Toronto)
    • Financial Post, b, Directory of directors (updated annually) (The Financial Post Information Service, Toronto).
  • 17
    • 0011444772 scopus 로고
    • Alternative mechanisms for corporate governance and board composition
    • R.J. Daniels and R. Morck, eds., (University of Calgary Press, Calgary, Alb.)
    • Gagnon, J.-M. and J. St-Pierre, 1995, Alternative mechanisms for corporate governance and board composition. In: R.J. Daniels and R. Morck, eds., Corporate decision-making in Canada (University of Calgary Press, Calgary, Alb.) 149-189.
    • (1995) Corporate Decision-making in Canada , pp. 149-189
    • Gagnon, J.-M.1    St-Pierre, J.2
  • 18
    • 0007043402 scopus 로고
    • One share-one vote and the market for corporate control
    • Grossman, S.J. and O.D. Hart. 1988, One share-one vote and the market for corporate control. Journal of Financial Economics 20. 175-202.
    • (1988) Journal of Financial Economics , vol.20 , pp. 175-202
    • Grossman, S.J.1    Hart, O.D.2
  • 19
    • 0001387430 scopus 로고
    • The effects of board composition and direct incentives on firm performance
    • Winter
    • Hermalin, B.E. and M.S. Weisbach, 1991. The effects of board composition and direct incentives on firm performance, Financial Management 20, Winter, 101-112.
    • (1991) Financial Management , vol.20 , pp. 101-112
    • Hermalin, B.E.1    Weisbach, M.S.2
  • 20
    • 0000948407 scopus 로고
    • The characteristics of takeover targets: Q and other measures
    • Hasbrouck, J., 1985, The characteristics of takeover targets: Q and other measures, Journal of Banking and Finance 9, 351-362.
    • (1985) Journal of Banking and Finance , vol.9 , pp. 351-362
    • Hasbrouck, J.1
  • 21
    • 0000165393 scopus 로고
    • The role of majority shareholders in publicly held corporations
    • Holderness, C.E., and D.P. Sheehan, 1988, The role of majority shareholders in publicly held corporations, Journal of Financial Economics 20, 317-346.
    • (1988) Journal of Financial Economics , vol.20 , pp. 317-346
    • Holderness, C.E.1    Sheehan, D.P.2
  • 22
    • 84914333449 scopus 로고
    • The economic effects of federal and state regulations of cash tender offers
    • Oct.
    • Jarrell, G.A. and M. Bradley, 1980, The economic effects of federal and state regulations of cash tender offers, The Journal of Law and Economics 23, Oct., 371-407.
    • (1980) The Journal of Law and Economics , vol.23 , pp. 371-407
    • Jarrell, G.A.1    Bradley, M.2
  • 23
    • 21344482226 scopus 로고
    • Competing bids, target management resistance and the structure of takeover bids
    • Winter
    • Jennings, R.H. and M.A. Mazzeo, 1993, Competing bids, target management resistance and the structure of takeover bids, The Review of Financial Studies 6, no. 4, Winter, 883-909.
    • (1993) The Review of Financial Studies , vol.6 , Issue.4 , pp. 883-909
    • Jennings, R.H.1    Mazzeo, M.A.2
  • 24
    • 0011459702 scopus 로고
    • Price effects of dual-class shares
    • Jan./Feb.
    • Jog, V. and A. Riding, 1986, Price effects of dual-class shares, Financial Analysts Journal, Jan./Feb., 58-67.
    • (1986) Financial Analysts Journal , pp. 58-67
    • Jog, V.1    Riding, A.2
  • 25
    • 0000785968 scopus 로고
    • Outside directorships and corporate performance
    • Kaplan, S.N. and D. Reishus, 1990, Outside directorships and corporate performance. Journal of Financial Economics 27, 389-410.
    • (1990) Journal of Financial Economics , vol.27 , pp. 389-410
    • Kaplan, S.N.1    Reishus, D.2
  • 27
  • 30
    • 84977707515 scopus 로고
    • Corporate performance, corporate takeovers, and management turnover
    • June
    • Martin, K. and J. McConnell, 1991, Corporate performance, corporate takeovers, and management turnover. The Journal of Finance 46, no. 2, June, 671-687.
    • (1991) The Journal of Finance , vol.46 , Issue.2 , pp. 671-687
    • Martin, K.1    McConnell, J.2
  • 31
    • 0011088442 scopus 로고
    • Additional evidence on equity ownership and corporate value
    • McConnell, J.J. and H. Servaes, 1990, Additional evidence on equity ownership and corporate value, Journal of Financial Economics 27, 595-612.
    • (1990) Journal of Financial Economics , vol.27 , pp. 595-612
    • McConnell, J.J.1    Servaes, H.2
  • 33
    • 0003303182 scopus 로고
    • Characteristics of targets of hostile and friendly takeovers
    • Alan J. Auerbach, ed., Chap. 4 (The University of Chicago Press, Chicago. IL)
    • Morck, R., A. Shleifer and R.W. Vishny, 1988a, Characteristics of targets of hostile and friendly takeovers, In: Alan J. Auerbach, ed., Corporate takeovers: Causes and consequences, Chap. 4 (The University of Chicago Press, Chicago. IL).
    • (1988) Corporate Takeovers: Causes and Consequences
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 34
    • 33645896609 scopus 로고
    • Management ownership and market valuation: An empirical analysis
    • Morck, R., A. Shleifer and R.W. Vishny. 1988b, Management ownership and market valuation: An empirical analysis. Journal of Financial Economics 20, 293-315.
    • (1988) Journal of Financial Economics , vol.20 , pp. 293-315
    • Morck, R.1    Shleifer, A.2    Vishny, R.W.3
  • 36
    • 0011401282 scopus 로고
    • Governance structure, corporate decision-making and firm performance in North America
    • R.J. Daniels and R. Morck, eds., (University of Calgary Press. Calgary, Alb.)
    • Rao, P.S. and C.R. Lee-Sing, 1995, Governance structure, corporate decision-making and firm performance in North America, In: R.J. Daniels and R. Morck, eds., Corporate decision-making in Canada (University of Calgary Press. Calgary, Alb.) 43-103.
    • (1995) Corporate Decision-making in Canada , pp. 43-103
    • Rao, P.S.1    Lee-Sing, C.R.2
  • 37
    • 0000211393 scopus 로고
    • Outside directors, Board independence and shareholder wealth
    • Rosenstein, S. and J.G. Wyatt. 1990, Outside directors, Board independence and shareholder wealth. Journal of Financial Economics 26, 175-191.
    • (1990) Journal of Financial Economics , vol.26 , pp. 175-191
    • Rosenstein, S.1    Wyatt, J.G.2
  • 38
    • 84977724620 scopus 로고
    • Tobin's Q and the gains from takeovers
    • March
    • Servaes, H., 1991, Tobin's Q and the gains from takeovers. Journal of Finance 46. no. 2, March. 409-419.
    • (1991) Journal of Finance , vol.46 , Issue.2 , pp. 409-419
    • Servaes, H.1
  • 39
    • 0001475438 scopus 로고
    • Board composition, ownership structure and hostile takeovers
    • Shivdasani. A., 1993, Board composition, ownership structure and hostile takeovers. Journal of Accounting and Economics 16, 167-198.
    • (1993) Journal of Accounting and Economics , vol.16 , pp. 167-198
    • Shivdasani, A.1
  • 40
    • 21144477344 scopus 로고
    • Minority buyouts and ownership characteristics: Evidence from the Toronto stock exchange
    • Summer
    • Smith, B.F. and B. Amoako-Adu, 1992, Minority buyouts and ownership characteristics: Evidence from the Toronto stock exchange, Financial Management 21, Summer, 41-51.
    • (1992) Financial Management , vol.21 , pp. 41-51
    • Smith, B.F.1    Amoako-Adu, B.2
  • 41
    • 84972065982 scopus 로고
    • The impact of managerial ownership on acquisition attempts and target shareholder wealth
    • Dec.
    • Song, M.H. and R.A. Walkling, 1993, The impact of managerial ownership on acquisition attempts and target shareholder wealth, Journal of Financial and Quantitative Analysis 28, no. 4, Dec., 439-456.
    • (1993) Journal of Financial and Quantitative Analysis , vol.28 , Issue.4 , pp. 439-456
    • Song, M.H.1    Walkling, R.A.2
  • 42
    • 0011493762 scopus 로고    scopus 로고
    • Standard and Poor's Compustat Services, 1989, Industrial compustat (Standard and Poor's Compustat Services. Inc., Englewood. CO)
    • Standard and Poor's Compustat Services, 1989, Industrial compustat (Standard and Poor's Compustat Services. Inc., Englewood. CO).
  • 43
    • 0011447691 scopus 로고    scopus 로고
    • Statistics Canada. Inter-corporate ownership. Cat. 61-517. Occasional (Minister of Supply and Services. Ottawa)
    • Statistics Canada. Inter-corporate ownership. Cat. 61-517. Occasional (Minister of Supply and Services. Ottawa).
  • 45
    • 0011444284 scopus 로고
    • Takeover bid resistance and the managerial welfare hypothesis: Evidence from the Canadian market
    • March
    • St-Pierre, J., 1994, Takeover bid resistance and the managerial welfare hypothesis: Evidence from the Canadian market, Canadian Journal of Administrative Sciences 11, no. 1, March, 86-96.
    • (1994) Canadian Journal of Administrative Sciences , vol.11 , Issue.1 , pp. 86-96
    • St-Pierre, J.1
  • 46
    • 45549112378 scopus 로고
    • Managerial control of voting rights
    • Stulz, R.M., 1988, Managerial control of voting rights, Journal of Financial Economics 20, 25-54.
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.M.1
  • 47
    • 84977715389 scopus 로고
    • The distribution of target ownership and the division of gains in successful takeovers
    • July
    • Stulz, R.M., R. Walkling and M.H. Song, 1990, The distribution of target ownership and the division of gains in successful takeovers. The Journal of Finance 45, no. 3, July, 817-833.
    • (1990) The Journal of Finance , vol.45 , Issue.3 , pp. 817-833
    • Stulz, R.M.1    Walkling, R.2    Song, M.H.3
  • 50
    • 84974200373 scopus 로고
    • Predicting tender offer success: A logistic analysis
    • Dec.
    • Walkling, R.A., 1985, Predicting tender offer success: A logistic analysis, Journal of Financial and Quantitative Analysis 20, no. 4, Dec., 461-478.
    • (1985) Journal of Financial and Quantitative Analysis , vol.20 , Issue.4 , pp. 461-478
    • Walkling, R.A.1
  • 52
    • 85075674481 scopus 로고
    • Agency theory, managerial welfare, and takeover bid resistance
    • Spring
    • Walkling, R.A. and M.S. Long, 1984, Agency theory, managerial welfare, and takeover bid resistance, The Rand Journal of Economics 15, no. 1, Spring, 54-68.
    • (1984) The Rand Journal of Economics , vol.15 , Issue.1 , pp. 54-68
    • Walkling, R.A.1    Long, M.S.2
  • 53
  • 54
    • 0003255407 scopus 로고
    • Are large shareholders effective monitors? An investigation of share ownership and corporate performance
    • R.G. Hubbard, ed., (The University of Chicago Press, Chicago, IL)
    • Zeckhauser, R.J. and J. Pound, 1990, Are large shareholders effective monitors? An investigation of share ownership and corporate performance. In: R.G. Hubbard, ed., Asymmetric information, corporate finance, and investment (The University of Chicago Press, Chicago, IL).
    • (1990) Asymmetric Information, Corporate Finance, and Investment
    • Zeckhauser, R.J.1    Pound, J.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.