Potential effects of managers' entrenchment and shareholdings on competitiveness

European Journal of Operational Research

Volumn 118, Issue 2, 1999, Pages 332-349

  Gadhoum, Yoser ^a,b  

^a UNIVERSITÉ DU QUÉBEC EN OUTAOUAIS   (Canada)

^b UNIVERSITÉ LAVAL   (Canada)

Author keywords

[No Author keywords available]

Indexed keywords

DECISION MAKING; INDUSTRIAL ECONOMICS; INDUSTRY; INTERNATIONAL TRADE; MANAGEMENT SCIENCE; SUPERVISORY PERSONNEL;

BLOCKHOLDERS; COMPETITIVENESS; MANAGEMENT ENTRENCHMENT; OWNERSHIP STRUCTURE;

COMPETITION;

EID: 0033337096     PISSN: 03772217     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0377-2217(99)00029-6     Document Type: Article

References (50)

1. Aldrich, J.H., Nelson, F.D. 1986. Linear Probability, Logit and Probit Models, Series: Quantitative Applications in the Social Sciences, Sage Publications, London.
2. Amihud Y., Lev B. Risk reduction as a managerial motive for conglomerate mergers. The Bell Journal of Economics. 12:1981;605-617.
3. Asquith P., Bruner R.F., Mullins D.W. The gains to bidding firms from mergers. Journal of Financial Economic. 11:1983;121-139.
4. Belsley, A.D., Kuh, E., Welsch, R.E. 1980. Regression Diagnostics: Identifying Influential Data and Sources of Collinearity, Wiley Series in Probability and Mathematical Statistics, New York.
5. Berle, A.A., Means, G.C. 1932. The Modern Corporation and Private Property, 2nd ed., Commerce Clearing House, MacMillan, New York.
6. Caves R.E. Mergers, takeovers and economic efficiency. International Journal of Industrial Organisation. 7:1989;151-174.
7. Chandler, A.D. 1977. The Visible Hand: The Managerial Revolution in American Business, Belkamp Press, Cambridge.
8. Charreaux, G. 1997. Le gouvernement des entreprises, Economica, Paris.
9. Coleman J.S. Social capital in the creation of human capital. American Journal of Sociology. 94:1988;95-120.
10. Daniels, R.J., Morck, R. 1995. Corporate Decision Making in Canada, University of Calgary Press, Calgary, Alb.
11. Demsetz H., Lehn K. The structure of corporate ownership. Journal of Political Economy. 93:1985;1155-1177.
12. Easterbook F.H. Two agency-cost explanation of dividends. American Economic Review. 74:1984;650-659.
13. Eckbo B.E., Verma S. Managerial shareownership, voting power and cash dividend policy. Journal of Corporate Finance. 1:1994;33-62.
14. Fama E.F. Agency problems and the theory of the firm. Journal of Political Economy. 88:1980;288-307.
15. Fama E.F., Jensen M.C. Separation of ownership and control. Journal of Law and Economics. 26:1983;301-326.
16. Gadhoum, Y. 1995. Concentration de la propriété et décisions de dividendes, Ph.D. dissertation, Faculté des Sciences de l'Administration, Université Laval, Quebec, Que.
17. Gadhoum, Y., Kettani, O. 1997. Mondialisation, compétitivité et régie des entreprises, in: Globalisation and Competitiveness: Implications for Policy and Strategy Formulation, Bilkent University Press, Ankara.
18. Galbraith, J.K. 1967. The New Industrial State, New American Library, New York.
19. Gedajlovic E. Ownership, Strategy and Performance: is the dichotomy sufficient? Organization Studies. 14/5:1993;731-752.
20. Hart O.D. The market mechanism as an incentive scheme. The Bell Journal of Economics. 14/2:1983;366-382.
21. Hayes, R.H. 1985. Strategic Planning-Forward in Reverse? Harvard Business Review, November-December, pp. 111-119.
22. Hayes, R.H., Wheelwright, S.C. 1984. Restoring Our Competitive Edge, Wiley, New York.
23. Hill C.W., Snell S.A. Effects of ownership structure and control on corporate productivity. Academy of Management Journal. 32/1:1989;25-46.
24. Howe, J.S., Lin, C.J. 1992. Dividend policy and the bid-ask spread: An empirical analysis, Journal of Financial Research 15, Spring.
25. Jensen M., Ruback R. The market for corporate control: The scientific evidence. Journal of Financial Economics. 11:1983;5-50.
26. Jensen M.C. Agency cost of free cash flow. Corporate finance, and takeover, American Economic Review. 76:1986;323-329.
27. Jensen M.C., Meckling W.H. Theory of the firm, managerial behavior, agency costs and ownership structure. Journal of Financial Economics. 1:1976;305-360.
28. Karnani A. Generic competitive strategies - an analytical approach. Strategic Management Journal. 5:1984;367-380.
29. Karnani A. Strategic implications of market share models. Management Science. 315:1985;536-547.
30. Machiavel, A. 1513. The Prince, Librairie générale francaise, French edition 1993.
31. Mansfield, E. 1969. Industrial Research and Technological Innovation, New York, Norton.
32. Martel, A., Oral, M. 1997. Challenges for Quebec firms to become globally competitive: As perceived by Quebec managers, in: Globalisation and Competitiveness: Implications for Policy and Strategy Formulation, Bilkent University Press, Ankara.
33. McGee J., Thomas H. Strategic groups: Theory, research and taxonomy. Strategic Management Journal. 7:1986;141-160.
34. Miller, M., Rock, K. 1985. Dividend policy under asymmetric information, Journal of Finance, September, pp. 1031-1051.
35. Morck R., Shleifer A., Vishny R.W. Management ownership and market valuation: An empirical analysis. Journal of Financial Economics. 20:1988;293-315.
36. Mueller D.C. The effects of conglomerate mergers. Journal of Banking and Finance. 1:1978;315-347.
37. Murphy H.J. Corporate performance and managerial remuneration: An empirical analysis. Journal of Accounting and Economics. 7:1985;11-42.
38. Oral M. A methodology of competitiveness analysis and strategy formulation in glass industry. European Journal of Operational Research. 68:1993;9-22.
39. Oral M., Dominique C.R. An analytical approach to competitive strategy formulation. IEE Transactions. 29/3:1989;271-278.
40. Oral M., Singer E., Kettani O. The level of international competitiveness and strategic implications. Journal of Research in Marketing. 6:1989;267-282.
41. Porter, M.E. 1980. Competitive Strategy, Free Press, New York.
42. Porter, M.E. 1985. Competitive Advantage, Free Press, New York.
43. Porter, M.E. 1990. The Competitive Advantage of Nations, Free Press, New York.
44. Rosentein S., Watt J.G. Outside directors, board independence and shareholder wealth. Journal of Financial Economics. 26:1990;175-191.
45. Rozeff M. Growth, Beta and Agency costs as determinants of dividend payout ratios. Journal of Financial Research. 5/3:1982;249-259.
46. Rumelt R.P. Diversification strategy and profitability. Strategic Management Journal. 3:1982;359-369.
47. Scherrer F.M. Corporate takeovers: The efficiency arguments. The Journal of Economic Perspective. 2:1988;2-20.
48. Shleifer A., Vishny R.W. Management entrenchment: the case of managers specific investments. Journal of Financial Economics. 25:1989;123-139.
49. Warner J.B., Watts R.L., Wruck K.H. Stock prices and top management change. Journal of Financial Economics. 20:1988;461-492.
50. Williamson, O.E. 1985. The Economic Institutions of Capitalism, Free Press, New York.