메뉴 건너뛰기




Volumn 40, Issue 2, 1996, Pages 319-338

A requiem for the USA: Is small shareholder monitoring effective?

Author keywords

Corporate governance; Monitoring; Ownership structure; Shareholder activism

Indexed keywords


EID: 16144367015     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/0304-405X(95)00849-A     Document Type: Article
Times cited : (167)

References (32)
  • 1
    • 84971947837 scopus 로고
    • Large shareholders and the monitoring of managers: The case of antitakeover charter amendments
    • Agrawal, Anup and Gershon Mandelker, 1990, Large shareholders and the monitoring of managers: The case of antitakeover charter amendments, Journal of Financial and Quantitative Analysis 25, 143-161.
    • (1990) Journal of Financial and Quantitative Analysis , vol.25 , pp. 143-161
    • Agrawal, A.1    Mandelker, G.2
  • 2
    • 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
  • 3
    • 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
  • 4
    • 0000248133 scopus 로고
    • A reexamination of analysts' earnings forecasts for takeover targets
    • Brous, Peter A. and Omesh Kini, 1993, A reexamination of analysts' earnings forecasts for takeover targets, Journal of Financial Economics 33, 201-225.
    • (1993) Journal of Financial Economics , vol.33 , pp. 201-225
    • Brous, P.A.1    Kini, O.2
  • 5
    • 0000380080 scopus 로고
    • Poison or placebo? Evidence on the deterrence and wealth effects of modern antitakeover measures
    • Comment, Robert and G. William Schwert, 1995, Poison or placebo? Evidence on the deterrence and wealth 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
  • 6
    • 0001413464 scopus 로고
    • Two-agency cost explanations of dividends
    • Easterbrook, Frank H., 1984, Two-agency cost explanations of dividends, American Economic Review 74, 650-659.
    • (1984) American Economic Review , vol.74 , pp. 650-659
    • Easterbrook, F.H.1
  • 7
    • 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
  • 8
    • 0000172445 scopus 로고
    • Separation of ownership and control
    • Fama, Eugene and Michael C. 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.C.2
  • 9
    • 84993911479 scopus 로고
    • Information, ownership structure, and shareholder voting; Evidence from shareholder-sponsored corporate governance proposals
    • Gordon, Lilli A. and John Pound, 1993, Information, ownership structure, and shareholder voting; Evidence from shareholder-sponsored corporate governance proposals, Journal of Finance 48, 697-718.
    • (1993) Journal of Finance , vol.48 , pp. 697-718
    • Gordon, L.A.1    Pound, J.2
  • 10
    • 0002886905 scopus 로고
    • Takeover bids, the free-rider problem, and the theory of the corporation
    • Grossman, Sanford J. and Oliver D. Hart, 1980, Takeover bids, the free-rider problem, and the theory of the corporation, Bell Journal of Economics 11, 42-64.
    • (1980) Bell Journal of Economics , vol.11 , pp. 42-64
    • Grossman, S.J.1    Hart, O.D.2
  • 11
    • 0000328264 scopus 로고
    • The market mechanism as an incentive scheme
    • Hart, Oliver D., 1983, The market mechanism as an incentive scheme, Bell Journal of Economics 14, 366-382.
    • (1983) Bell Journal of Economics , vol.14 , pp. 366-382
    • Hart, O.D.1
  • 12
    • 0001658867 scopus 로고
    • Raiders or saviors? The evidence on six controversial investors
    • Holderness, Clifford G. and Dennis P. Sheehan, 1985, Raiders or saviors? The evidence on six controversial investors, Journal of Financial Economics 14, 555-579.
    • (1985) Journal of Financial Economics , vol.14 , pp. 555-579
    • Holderness, C.G.1    Sheehan, D.P.2
  • 13
    • 45949112827 scopus 로고
    • Shark repellents and stock prices: The effects of anti-takeover amendments since 1980
    • Jarrell, Gregg A. and Annette B. Poulsen, 1987, Shark repellents and stock prices: The effects of anti-takeover amendments since 1980, Journal of Financial Economics 19, 127-168.
    • (1987) Journal of Financial Economics , vol.19 , pp. 127-168
    • Jarrell, G.A.1    Poulsen, A.B.2
  • 14
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and ownership structure
    • Jensen, Michael C. and William Meckling, 1976, Theory of the firm: Managerial behavior, agency costs, and ownership structure, Journal of Financial Economics 3, 305-306.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-306
    • Jensen, M.C.1    Meckling, W.2
  • 15
    • 84936016411 scopus 로고
    • Performance pay and top management incentives
    • Jensen, Michael C. and Kevin J. Murphy, 1990a, Performance pay and top management incentives, Journal of Political Economy 98, 225-264.
    • (1990) Journal of Political Economy , vol.98 , pp. 225-264
    • Jensen, M.C.1    Murphy, K.J.2
  • 16
    • 0025423265 scopus 로고
    • CEO incentives - It's not how much you pay but how
    • Jensen, Michael C. and Kevin J. Murphy, 1990b, CEO incentives - it's not how much you pay but how, Harvard Business Review 90, 138-153.
    • (1990) Harvard Business Review , vol.90 , pp. 138-153
    • Jensen, M.C.1    Murphy, K.J.2
  • 17
    • 84989095374 scopus 로고
    • An investigation of the relation between board composition and stockholder suits
    • Kesner, Idalene F. and Roy B. Johnson, 1990, An investigation of the relation between board composition and stockholder suits, Strategic Management Journal 11, 327-336.
    • (1990) Strategic Management Journal , vol.11 , pp. 327-336
    • Kesner, I.F.1    Johnson, R.B.2
  • 18
    • 0000435597 scopus 로고
    • Golden parachutes, executive decision-making, and shareholder wealth
    • Lambert, Richard E. and David Larcker, 1985, Golden parachutes, executive decision-making, and shareholder wealth, Journal of Accounting and Economics 7, 179-203.
    • (1985) Journal of Accounting and Economics , vol.7 , pp. 179-203
    • Lambert, R.E.1    Larcker, D.2
  • 19
    • 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
  • 20
    • 0000297803 scopus 로고
    • Mergers and the market for corporate control
    • Manne, Henry G., 1965, Mergers and the market for corporate control, Journal of Political Economy 73, 110-120.
    • (1965) Journal of Political Economy , vol.73 , pp. 110-120
    • Manne, H.G.1
  • 21
    • 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
  • 22
    • 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
  • 23
    • 0013590421 scopus 로고
    • Proxy contests and the efficiency of shareholder oversight
    • Pound, John, 1988, Proxy contests and the efficiency of shareholder oversight, Journal of Financial Economics 20, 237-265.
    • (1988) Journal of Financial Economics , vol.20 , pp. 237-265
    • Pound, J.1
  • 24
    • 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
  • 25
    • 84986465448 scopus 로고
    • Growth, beta and agency costs as determinants of dividend payout ratios
    • Rozeff, Mark, 1982, Growth, beta and agency costs as determinants of dividend payout ratios, Journal of Financial Research 5, 249-259.
    • (1982) Journal of Financial Research , vol.5 , pp. 249-259
    • Rozeff, M.1
  • 26
    • 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
  • 27
    • 84936823587 scopus 로고
    • Large shareholders and corporate control
    • Shleifer, Andrei and Robert W. Vishny, 1986, Large shareholders and corporate control, Journal of Political Economy 95, 461-488.
    • (1986) Journal of Political Economy , vol.95 , pp. 461-488
    • Shleifer, A.1    Vishny, R.W.2
  • 28
    • 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
  • 29
    • 21844511380 scopus 로고
    • Who opts out of state antitakeover protection? The case of Pennsylvania's SB 1310
    • Wahal, Sunil, Kenneth W. Wiles, and Marc Zenner, 1995, Who opts out of state antitakeover protection? The case of Pennsylvania's SB 1310, Financial Management 24, 22-39.
    • (1995) Financial Management , vol.24 , pp. 22-39
    • Wahal, S.1    Wiles, K.W.2    Zenner, M.3
  • 30
    • 0003632893 scopus 로고
    • Unpublished manuscript (University of North Carolina, Chapel Hill, NC)
    • Wahal, Sunil, 1995, Pension fund activism and firm performance, Unpublished manuscript (University of North Carolina, Chapel Hill, NC).
    • (1995) Pension Fund Activism and Firm Performance
    • Wahal, S.1
  • 31
    • 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
  • 32
    • 0000095552 scopus 로고
    • A heteroskedasticity-consistent covariance matrix estimator and direct test for heteroskedasticity
    • White, Halbert, 1980, A heteroskedasticity-consistent covariance matrix estimator and direct test for heteroskedasticity, Econometrica 48, 817-838.
    • (1980) Econometrica , vol.48 , pp. 817-838
    • White, H.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.