메뉴 건너뛰기




Volumn 24, Issue 1, 2003, Pages 87-96

Failed takeover attempts, corporate governance and refocusing

Author keywords

Agency; Governance; Refocusing; Restructuring; Takeovers

Indexed keywords

COMPENSATION (PERSONNEL); DECISION MAKING; FORECASTING; INDUSTRIAL MANAGEMENT; MANAGERS; REGRESSION ANALYSIS;

EID: 0037225509     PISSN: 01432095     EISSN: None     Source Type: Journal    
DOI: 10.1002/smj.279     Document Type: Article
Times cited : (100)

References (58)
  • 1
    • 0019610159 scopus 로고
    • Risk reduction as a managerial motive for conglomerate mergers
    • Amihud Y, Lev B. 1981. Risk reduction as a managerial motive for conglomerate mergers. Bell Journal of Economics 12: 605-617.
    • (1981) Bell Journal of Economics , vol.12 , pp. 605-617
    • Amihud, Y.1    Lev, B.2
  • 2
    • 0001380868 scopus 로고
    • Independent directors and the ALI corporate governance project
    • Bainbridge SM. 1993. Independent directors and the ALI corporate governance project. George Washington Law Review 61: 1034-1083.
    • (1993) George Washington Law Review , vol.61 , pp. 1034-1083
    • Bainbridge, S.M.1
  • 3
    • 84977710826 scopus 로고
    • Beatrice: A study in the creation and destruction of value
    • Baker GP. 1992. Beatrice: a study in the creation and destruction of value. Journal of Finance 47: 1081-1119.
    • (1992) Journal of Finance , vol.47 , pp. 1081-1119
    • Baker, G.P.1
  • 4
    • 0031097135 scopus 로고    scopus 로고
    • Detecting long-run abnormal stock returns: The empirical power and specification of test statistics
    • Barber BM, Lyon JD. 1997. Detecting long-run abnormal stock returns: the empirical power and specification of test statistics. Journal of Financial Economics 43: 341-361.
    • (1997) Journal of Financial Economics , vol.43 , pp. 341-361
    • Barber, B.M.1    Lyon, J.D.2
  • 5
    • 77958406983 scopus 로고
    • Corporate governance and the board of directors: Performance effects of changes in board composition
    • Baysinger BD, Butler H. 1985. Corporate governance and the board of directors: performance effects of changes in board composition. Journal of Law, Economics and Organization 1: 101-134.
    • (1985) Journal of Law Economics and Organization , vol.1 , pp. 101-134
    • Baysinger, B.D.1    Butler, H.2
  • 6
    • 0001990250 scopus 로고
    • The composition of boards of directors and strategic control: Effects on corporate strategy
    • Baysinger BD, Hoskisson RE. 1990. The composition of boards of directors and strategic control: effects on corporate strategy. Academy of Management Review 15: 72-87.
    • (1990) Academy of Management Review , vol.15 , pp. 72-87
    • Baysinger, B.D.1    Hoskisson, R.E.2
  • 8
    • 0032331437 scopus 로고    scopus 로고
    • Portfolio restructuring and limits to hierarchical governance: The effects of environmental uncertainty and diversification strategy
    • Bergh DD, Lawless M. 1998. Portfolio restructuring and limits to hierarchical governance: the effects of environmental uncertainty and diversification strategy. Organization Science 9: 87-102.
    • (1998) Organization Science , vol.9 , pp. 87-102
    • Bergh, D.D.1    Lawless, M.2
  • 12
    • 0000106797 scopus 로고
    • Do outside directors monitor managers? Evidence from tender offer bids
    • Byrd J, Hickman K. 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
  • 13
  • 14
    • 0012477658 scopus 로고    scopus 로고
    • Independence of the chairman and board composition: Firm choices and shareholder value
    • Coles JW, Hesterley WS. 2000. Independence of the chairman and board composition: firm choices and shareholder value. Journal of Management 26: 195-214.
    • (2000) Journal of Management , vol.26 , pp. 195-214
    • Coles, J.W.1    Hesterley, W.S.2
  • 16
    • 0030355603 scopus 로고    scopus 로고
    • Governance patterns in bankruptcy reorganizations
    • Daily CM. 1996. Governance patterns in bankruptcy reorganizations. Strategic Management Journal 17(5): 355-375.
    • (1996) Strategic Management Journal , vol.17 , Issue.5 , pp. 355-375
    • Daily, C.M.1
  • 17
    • 84989096040 scopus 로고
    • Corporate governnance and the bankrupt firm: An empirical assessment
    • Daily CM, Dalton DR. 1994. Corporate governnance and the bankrupt firm: an empirical assessment. Strategic Management Journal 15(8): 643-654.
    • (1994) Strategic Management Journal , vol.15 , Issue.8 , pp. 643-654
    • Daily, C.M.1    Dalton, D.R.2
  • 18
    • 84989052439 scopus 로고
    • CEO and director turnover in failing firms: An illusion of change?
    • Daily CM, Dalton DR. 1995. CEO and director turnover in failing firms: an illusion of change? Strategic Management Journal 16(5): 393-400.
    • (1995) Strategic Management Journal , vol.16 , Issue.5 , pp. 393-400
    • Daily, C.M.1    Dalton, D.R.2
  • 19
    • 0346762522 scopus 로고    scopus 로고
    • Meta-analytic reviews of board composition, leadership structure and financial performance
    • Dalton DR, Daily CM, Ellstrand AE, Johnson JL. 1998. Meta-analytic reviews of board composition, leadership structure and financial performance. Strategic Management Journal 19(3): 269-290.
    • (1998) Strategic Management Journal , vol.19 , Issue.3 , pp. 269-290
    • Dalton, D.R.1    Daily, C.M.2    Ellstrand, A.E.3    Johnson, J.L.4
  • 20
    • 84934453286 scopus 로고
    • Agents without principles? The spread of the poison pill through the intercorporate network
    • Davis GF. 1991. Agents without principles? The spread of the poison pill through the intercorporate network. Administrative Science Quarterly 36: 583-613.
    • (1991) Administrative Science Quarterly , vol.36 , pp. 583-613
    • Davis, G.F.1
  • 21
    • 0028600212 scopus 로고
    • The decline and fall of the conglomerate firm in the 1980s: The deinstitutionalization of an organizational form
    • Davis GF, Diekmann KA, Tinsley CH. 1994. The decline and fall of the conglomerate firm in the 1980s: the deinstitutionalization of an organizational form. American Sociological Review 59: 547-570.
    • (1994) American Sociological Review , vol.59 , pp. 547-570
    • Davis, G.F.1    Diekmann, K.A.2    Tinsley, C.H.3
  • 23
    • 0039646787 scopus 로고    scopus 로고
    • Agency problems, equity ownership, and corporate diversification
    • Denis DJ, Denis DK, Sarin A. 1997. Agency problems, equity ownership, and corporate diversification. Journal of Finance 52: 135-160.
    • (1997) Journal of Finance , vol.52 , pp. 135-160
    • Denis, D.J.1    Denis, D.K.2    Sarin, A.3
  • 24
  • 26
    • 0000485653 scopus 로고
    • Proxy reform as a means of increasing shareholder participation in corporate governance: Too little, but not too late
    • Goforth C. 1994. Proxy reform as a means of increasing shareholder participation in corporate governance: too little, but not too late. American University Law Review 43: 379-465.
    • (1994) American University Law Review , vol.43 , pp. 379-465
    • Goforth, C.1
  • 27
    • 0000855326 scopus 로고
    • Managerial performance, boards of directors and takeover bidding
    • Hershleifer D, Thakor A. 1994. Managerial performance, boards of directors and takeover bidding. Journal of Corporate Finance 1: 63-90.
    • (1994) Journal of Corporate Finance , vol.1 , pp. 63-90
    • Hershleifer, D.1    Thakor, A.2
  • 30
    • 84989023359 scopus 로고
    • Corporate restructuring and strategic change: The effect on diversification strategy and R&D intensity
    • Hoskisson RE, Johnson RA. 1992. Corporate restructuring and strategic change: the effect on diversification strategy and R&D intensity. Strategic Management Journal 13(8): 625-634.
    • (1992) Strategic Management Journal , vol.13 , Issue.8 , pp. 625-634
    • Hoskisson, R.E.1    Johnson, R.A.2
  • 31
    • 0001108640 scopus 로고
    • Corporate restructuring: Governance and control limits of the internal capital market
    • Hoskisson RE, Turk TA. 1990. Corporate restructuring: governance and control limits of the internal capital market. Academy of Management Review 15, 459-477.
    • (1990) Academy of Management Review , vol.15 , pp. 459-477
    • Hoskisson, R.E.1    Turk, T.A.2
  • 32
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen MC. 1986. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 76: 323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 33
    • 84993848601 scopus 로고
    • The modern industrial revolution, exit, and the failure of internal control systems
    • Jensen MC. 1993. The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance 48: 831-880.
    • (1993) Journal of Finance , vol.48 , pp. 831-880
    • Jensen, M.C.1
  • 34
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs and ownership structure
    • Jensen MC. Meckling WH. 1976. Theory of the firm: managerial behavior, agency costs and ownership structure. Journal of Financial Economics 3:305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 37
    • 84989078035 scopus 로고
    • Board of director involvement in restructuring: The effects of board vs managerial controls and characteristics
    • Summer Special Issue
    • Johnson RA, Hoskisson RE, Hitt MA. 1993. Board of director involvement in restructuring: the effects of board vs managerial controls and characteristics. Strategic Management Journal, Summer Special Issue 14: 33-50.
    • (1993) Strategic Management Journal , vol.14 , pp. 33-50
    • Johnson, R.A.1    Hoskisson, R.E.2    Hitt, M.A.3
  • 38
    • 0026940375 scopus 로고
    • Institutional and strategic choice perspectives on board involvement in the strategic decision process
    • Judge WQ Jr, Zeithaml CP. 1992. Institutional and strategic choice perspectives on board involvement in the strategic decision process. Academy of Management Journal 35: 766-794.
    • (1992) Academy of Management Journal , vol.35 , pp. 766-794
    • Judge W.Q., Jr.1    Zeithaml, C.P.2
  • 39
    • 84977712240 scopus 로고
    • The success of acquisitions: Evidence from divestitures
    • Kaplan S, Weisbach MS. 1992. The success of acquisitions: evidence from divestitures. Journal of Finance 47: 107-138.
    • (1992) Journal of Finance , vol.47 , pp. 107-138
    • Kaplan, S.1    Weisbach, M.S.2
  • 40
    • 84911059380 scopus 로고
    • Tobin's q, corporate diversification, and firm performance
    • Lang HP, Stulz RM. 1994. Tobin's q, corporate diversification, and firm performance. Journal of Political Economy 102, 1248-1280.
    • (1994) Journal of Political Economy , vol.102 , pp. 1248-1280
    • Lang, H.P.1    Stulz, R.M.2
  • 42
    • 21144459267 scopus 로고
    • Effects of board composition and stock ownership on the adoption of 'poison pills
    • Mallette P, Fowler KL. 1992. Effects of board composition and stock ownership on the adoption of 'poison pills'. Academy of Management Journal 35: 1010-1026.
    • (1992) Academy of Management Journal , vol.35 , pp. 1010-1026
    • Mallette, P.1    Fowler, K.L.2
  • 43
    • 0001441133 scopus 로고
    • Corporate governance in Chapter 11: The fiduciary relationship between directors and stockholders of solvent and insolvent corporation
    • Miller HR. 19893. Corporate governance in Chapter 11: the fiduciary relationship between directors and stockholders of solvent and insolvent corporation. Seton Hall Law Review 23: 1467-1515.
    • (1993) Seton Hall Law Review , vol.23 , pp. 1467-1515
    • Miller, H.R.1
  • 45
    • 84989095272 scopus 로고
    • Diversification strategy, profit performance and the entropy measure
    • Palepu K. 1985. Diversification strategy, profit performance and the entropy measure. Strategic Management Journal 6(3): 239-255.
    • (1985) Strategic Management Journal , vol.6 , Issue.3 , pp. 239-255
    • Palepu, K.1
  • 48
    • 0039657042 scopus 로고    scopus 로고
    • Leverage and corporate performance: Evidence from unsuccessful takeovers
    • Safieddine A, Titmans S. 1999. Leverage and corporate performance: evidence from unsuccessful takeovers. Journal of Finance 54: 547-580.
    • (1999) Journal of Finance , vol.54 , pp. 547-580
    • Safieddine, A.1    Titmans, S.2
  • 49
    • 0039056187 scopus 로고    scopus 로고
    • The value of diversification during the conglomerate merger wave
    • Servaes H. 1996. The value of diversification during the conglomerate merger wave. Journal of Finance 51: 1201-1225.
    • (1996) Journal of Finance , vol.51 , pp. 1201-1225
    • Servaes, H.1
  • 50
    • 84988074907 scopus 로고
    • The acquisition of restructured firms: An illustration of market discipline?
    • Seward JK, Walsh JP. 1995. The acquisition of restructured firms: an illustration of market discipline? Journal of Economic and Management Strategy 3: 585-603.
    • (1995) Journal of Economic and Management Strategy , vol.3 , pp. 585-603
    • Seward, J.K.1    Walsh, J.P.2
  • 54
    • 0030497377 scopus 로고    scopus 로고
    • Governance antecedents and board entrenchment: The case of classified board provisions
    • Sundaramurthy C, Rechner P. Wang W. 1996. Governance antecedents and board entrenchment: the case of classified board provisions. Journal of Management 22: 783-799.
    • (1996) Journal of Management , vol.22 , pp. 783-799
    • Sundaramurthy, C.1    Rechner, P.2    Wang, W.3
  • 55
    • 0000837829 scopus 로고
    • On the efficiency of internal and external corporate control mechanisms
    • Walsh JP, Seward JK. 1990. On the efficiency of internal and external corporate control mechanisms. Academy of Management Review 15: 421-458.
    • (1990) Academy of Management Review , vol.15 , pp. 421-458
    • Walsh, J.P.1    Seward, J.K.2
  • 57
    • 0033248829 scopus 로고    scopus 로고
    • Collaboration in the boardroom: Behavioral and performance consequences of CEO-board social ties
    • Westphal JD. 1999. Collaboration in the boardroom: behavioral and performance consequences of CEO-board social ties. Academy of Management Journal 42: 7-24.
    • (1999) Academy of Management Journal , vol.42 , pp. 7-24
    • Westphal, J.D.1
  • 58
    • 84934563215 scopus 로고
    • Corporate governance
    • Williamson OE. 1984. Corporate governance. Yale Law Journal 93: 1197-1230.
    • (1984) Yale Law Journal , vol.93 , pp. 1197-1230
    • Williamson, O.E.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.