메뉴 건너뛰기




Volumn 43, Issue 2, 1997, Pages 195-218

Do independent directors enhance target shareholder wealth during tender offers?

Author keywords

Board monitoring; Board of directors; Corporate governance; Takeovers; Tender offers

Indexed keywords


EID: 0031066545     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0304-405X(96)00886-0     Document Type: Article
Times cited : (509)

References (38)
  • 1
    • 84993918483 scopus 로고
    • Executive careers and compensation surrounding takeover bids
    • Agrawal, Anup and Ralph Walkling, 1994, Executive careers and compensation surrounding takeover bids, Journal of Finance 49, 985-1014.
    • (1994) Journal of Finance , vol.49 , pp. 985-1014
    • Agrawal, A.1    Walkling, R.2
  • 2
    • 84977705467 scopus 로고
    • Negotiated block trades and corporate control
    • Barclay, Michael J. and Clifford G. Holderness, 1991, Negotiated block trades and corporate control, Journal of Finance 46, 861-878.
    • (1991) Journal of Finance , vol.46 , pp. 861-878
    • Barclay, M.J.1    Holderness, C.G.2
  • 4
    • 0039563826 scopus 로고
    • The rationale behind interfirm tender offers: Information or synergy?
    • Bradley, Michael, Anand Desai, and Han Kim, 1983, The rationale behind interfirm tender offers: Information or synergy?, Journal of Financial Economics 11, 183-206.
    • (1983) Journal of Financial Economics , vol.11 , pp. 183-206
    • Bradley, M.1    Desai, A.2    Kim, H.3
  • 5
    • 0002479105 scopus 로고
    • Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms
    • Bradley, Michael, Anand Desai, and Han 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, H.3
  • 6
    • 84928461760 scopus 로고
    • The takeover market, corporate board composition and ownership structure: The case of banking
    • Brickley, James A. and Christopher James, 1987, The takeover market, corporate board composition and ownership structure: The case of banking, Journal of Law and Economics 30, 161-180.
    • (1987) Journal of Law and Economics , vol.30 , pp. 161-180
    • Brickley, J.A.1    James, C.2
  • 7
  • 8
    • 0000815591 scopus 로고
    • Ownership structure and voting on antitakeover amendments
    • Brickley, James A., Ronald C. Lease, and Clifford W. Smith, 1988, Ownership structure and voting on antitakeover amendments, Journal of Financial Economics 20, 267-291.
    • (1988) Journal of Financial Economics , vol.20 , pp. 267-291
    • Brickley, J.A.1    Lease, R.C.2    Smith, C.W.3
  • 9
    • 0000106797 scopus 로고
    • Do outside directors monitor managers? Evidence from tender offer bids
    • Byrd, John and Kent Hickman, 1992, Do outside directors monitor managers? Evidence from tender offer bids, Journal of Financial Economics 32, 195-221.
    • (1992) Journal of Financial Economics , vol.32 , pp. 195-221
    • Byrd, J.1    Hickman, K.2
  • 10
    • 0000380080 scopus 로고
    • Poison or placebo? Evidence on the deterrent effects of modern antitakeover measures
    • Comment, Robert and G. William Schwert, 1995, Poison or placebo? Evidence on the deterrent effects of modern antitakeover measures, Journal of Financial Economics 39, 3-43.
    • (1995) Journal of Financial Economics , vol.39 , pp. 3-43
    • Comment, R.1    Schwert, G.W.2
  • 11
    • 0002405425 scopus 로고
    • How managerial wealth affects the tender offer process
    • Cotter, James F. and Marc 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
  • 12
    • 0003014127 scopus 로고
    • Corporate financial policy and corporate control: A study of defensive adjustments in asset and ownership structure
    • Dann, Larry Y. and Harry DeAngelo, 1988, Corporate financial policy and corporate control: A study of defensive adjustments in asset and ownership structure, Journal of Financial Economics 20, 87-127.
    • (1988) Journal of Financial Economics , vol.20 , pp. 87-127
    • Dann, L.Y.1    DeAngelo, H.2
  • 13
    • 0000806744 scopus 로고
    • Agency problems and the theory of the firm
    • Fama, Eugene, 1980, Agency problems and the theory of the firm, Journal of Political Economy 88, 288-307.
    • (1980) Journal of Political Economy , vol.88 , pp. 288-307
    • Fama, E.1
  • 14
    • 0000172445 scopus 로고
    • Separation of ownership and control
    • Fama, Eugene and Michael Jensen, 1983, Separation of ownership and control, Journal of Law and Economics 26, 301-325.
    • (1983) Journal of Law and Economics , vol.26 , pp. 301-325
    • Fama, E.1    Jensen, M.2
  • 15
    • 0002082925 scopus 로고
    • A theory of preemptive takeover bidding
    • Fishman, Michael J., 1988, A theory of preemptive takeover bidding, Rand Journal of Economics 19, 88-101.
    • (1988) Rand Journal of Economics , vol.19 , pp. 88-101
    • Fishman, M.J.1
  • 16
    • 33845629684 scopus 로고
    • Bankruptcy, boards, banks and blockholders: Evidence on changes on corporate ownership and control when firms default
    • Gilson, Stuart, 1990, Bankruptcy, boards, banks and blockholders: Evidence on changes on corporate ownership and control when firms default, Journal of Financial Economics 27, 355-387.
    • (1990) Journal of Financial Economics , vol.27 , pp. 355-387
    • Gilson, S.1
  • 19
    • 0001658867 scopus 로고
    • Raiders or saviors? The evidence from six controversial investors
    • Holderness, Clifford and Dennis Sheehan, 1985, Raiders or saviors? The evidence from six controversial investors, Journal of Financial Economics 14, 555-579.
    • (1985) Journal of Financial Economics , vol.14 , pp. 555-579
    • Holderness, C.1    Sheehan, D.2
  • 20
    • 0001658003 scopus 로고
    • Stock trading before the announcement of tender offers: Insider trading or market anticipation?
    • Jarrell, Gregg and Annette Poulsen, 1989, Stock trading before the announcement of tender offers: Insider trading or market anticipation?, Journal of Law, Economics and Organization 5, 225-248.
    • (1989) Journal of Law, Economics and Organization , vol.5 , pp. 225-248
    • Jarrell, G.1    Poulsen, A.2
  • 21
  • 22
    • 34447504242 scopus 로고
    • The market for corporate control: The scientific evidence
    • Jensen, Michael and Richard S. Ruback, 1983, The market for corporate control: The scientific evidence, Journal of Financial Economics 11, 5-50.
    • (1983) Journal of Financial Economics , vol.11 , pp. 5-50
    • Jensen, M.1    Ruback, R.S.2
  • 23
    • 0000785968 scopus 로고
    • Outside directorships and corporate performance
    • Kaplan, Steven and David 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.1    Reishus, D.2
  • 24
    • 0000971656 scopus 로고
    • Corporate takeovers, firm performance, and board composition
    • Kini, Omesh, William A. Kracaw, and Shehzad Mian, 1995, Corporate takeovers, firm performance, and board composition, Journal of Corporate Finance 1, 383-412.
    • (1995) Journal of Corporate Finance , vol.1 , pp. 383-412
    • Kini, O.1    Kracaw, W.A.2    Mian, S.3
  • 25
    • 33748582079 scopus 로고
    • Poison pill securities: Stockholder wealth, profitability, and ownership structure
    • Malatesta, Paul H. and Ralph Walkling, 1988, Poison pill securities: Stockholder wealth, profitability, and ownership structure, Journal of Financial Economics 20, 347-376.
    • (1988) Journal of Financial Economics , vol.20 , pp. 347-376
    • Malatesta, P.H.1    Walkling, R.2
  • 26
    • 84977707515 scopus 로고
    • Corporate performance, corporate takeovers and management turnover
    • Martin, Kenneth and John J. McConnell, 1991, Corporate performance, corporate takeovers and management turnover, Journal of Finance 46, 671-687.
    • (1991) Journal of Finance , vol.46 , pp. 671-687
    • Martin, K.1    McConnell, J.J.2
  • 28
    • 0000175509 scopus 로고
    • An empirical analysis of the interfirm equity investment process
    • Mikkelson, Wayne H. and Richard S. Ruback, 1985, An empirical analysis of the interfirm equity investment process, Journal of Financial Economics 14, 523-553.
    • (1985) Journal of Financial Economics , vol.14 , pp. 523-553
    • Mikkelson, W.H.1    Ruback, R.S.2
  • 30
    • 0000211393 scopus 로고
    • Outside directors, board independence, and shareholder wealth
    • Rosenstein, Stuart and Jeffrey G. Wyatt, 1990, Outside directors, board independence, and shareholder wealth, Journal of Financial Economics 26, 175-192.
    • (1990) Journal of Financial Economics , vol.26 , pp. 175-192
    • Rosenstein, S.1    Wyatt, J.G.2
  • 31
    • 0003325429 scopus 로고
    • Do target shareholders lose in unsuccessful control contests?
    • Alan J. Auerbach (University of Chicago Press, Chicago, IL)
    • Ruback, Richard S., 1988, Do target shareholders lose in unsuccessful control contests?, in: Alan J. Auerbach, Corporate takeovers: Causes and consequences (University of Chicago Press, Chicago, IL).
    • (1988) Corporate Takeovers: Causes and Consequences
    • Ruback, R.S.1
  • 32
    • 0001740117 scopus 로고
    • The effect of poison pill securities on shareholder wealth
    • Ryngaert, Michael, 1988, The effect of poison pill securities on shareholder wealth, Journal of Financial Economics 20, 377-417.
    • (1988) Journal of Financial Economics , vol.20 , pp. 377-417
    • Ryngaert, M.1
  • 33
    • 0001475438 scopus 로고
    • Board composition, ownership structure and hostile takeovers
    • Shivdasani, Anil, 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
  • 34
    • 84936823587 scopus 로고
    • Large shareholders and corporate control
    • Shleifer, Andrei and Robert Vishny, 1986, Large shareholders and corporate control, Journal of Political Economy 94, 461-488.
    • (1986) Journal of Political Economy , vol.94 , pp. 461-488
    • Shleifer, A.1    Vishny, R.2
  • 35
    • 38249002753 scopus 로고
    • Corporate governance through the proxy process: Evidence from the 1989 Honeywell proxy solicitation
    • Van Nuys, Karen, 1993, Corporate governance through the proxy process: Evidence from the 1989 Honeywell proxy solicitation, Journal of Financial Economics 34, 101-132.
    • (1993) Journal of Financial Economics , vol.34 , pp. 101-132
    • Van Nuys, K.1
  • 37
    • 85075674481 scopus 로고
    • Agency theory, managerial welfare and takeover bid resistance
    • Walkling, Ralph and Michael Long, 1984, Agency theory, managerial welfare and takeover bid resistance, Rand Journal of Economics 15, 54-68.
    • (1984) Rand Journal of Economics , vol.15 , pp. 54-68
    • Walkling, R.1    Long, M.2
  • 38
    • 33845790377 scopus 로고
    • Outside directors and CEO turnover
    • Weisbach, Michael S., 1988, Outside directors and CEO turnover, Journal of Financial Economics 20, 431-460.
    • (1988) Journal of Financial Economics , vol.20 , pp. 431-460
    • Weisbach, M.S.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.