Canadian takeover announcements and the job security of top managers

Canadian Journal of Administrative Sciences

Volumn 24, Issue 4, 2007, Pages 250-267

  Tannous, George F ^a,c   Cheng, Bin ^b  

^a UNIVERSITY OF SASKATCHEWAN   (Canada)

^b Portman Holdings ^*

^c UNIVERSITY OF SASKATCHEWAN   (Canada)

Author keywords

Corporate governance; Corporate takeovers; Managerial turnover rate; Market performance

Indexed keywords

EID: 38349056445     PISSN: 08250383     EISSN: None     Source Type: Journal    
DOI: 10.1002/cjas.30     Document Type: Article

References (40)

1. Agrawal, A., & Walkling, R.A. (1994). Executive careers and compensation surrounding takeover bids. The Journal of Finance, 49(3), 985-1014.
2. Akhigbe, A., Madura, J., & Spencer, C. (2004). Partial acquisitions, corporate control, and performance. Applied Financial Economics, 14, 847-857.
3. Amoako-Adu, B., & Smith, B. (1993). Comparative study of complete tender offers and partial acquisitions. Journal of Banking and Finance, 17, 1097-1110.
4. Andrade, G., Mitchell, M., & Stafford, E. (2001). New evidence and perspectives on mergers. The Journal of Economic Perspectives, 15(2), 103-121.
5. Ang, J., Cole, R., & Lin, J. (2000). Agency costs and ownership structure. Journal of Finance, 55, 81-106.
6. Barber, B.M., & Lyon, J.D. (1997). Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics, 43, 341-372.
7. Boeker, W., & Goodstein, J. (1993). Performance and successor choice: The moderating effects of governance and ownership. Academy of Management Journal, 36, 172-186.
8. Byrd, J., & Stammerjohan, W. (1997). Success and Failure in the Market for Corporate Control: Evidence from the Petroleum Industry. The Financial Review, 32(3), 635-658
9. Chatterjee, S., Harrison, J.S., & Bergh, D.D. (2003). Failed takeover attempts, corporate governance and refocusing. Strategic Management Journal, 24(1), 87.
10. DeAngelo, H., & DeAngelo, L.E. (1989). Proxy contests and the governance of publicly held corporation. Journal of Financial Economics, 23(1), 29-59.
11. Denis, D.J., Denis, D.K., & Sarin, A. (1997). Agency problems, equity ownership, and corporate diversification. Journal of Finance, 52, 135-160.
12. Eckbo, B.E. (1986). Mergers and the market for corporate control: The Canadian evidence. The Canadian Journal of Economics, 19(2), 236-260.
13. Fama, E.F. (1980). Agency problems and the theory of the firm. The Journal of Political Economy, 88(2), 288-307.
14. Fama, E.F., & Jensen, M.C. (1983). Separation of ownership and control. Journal of Law & Economics, 26, 301-325.
15. Fosberg, R.H., & Rosenberg, S. (2003). Agency cost control. Journal of American Academy of Business, 3(1/2), 299-303.
16. Furtado, E.P.H., & Karan, V. (1990). Causes, consequences, and shareholder wealth effects of management turnover: A review of the empirical evidence. Financial Management, 19(2): 60-75.
17. Hansen, R.G. (1987). A Theory for the Choice of Exchange Medium in Mergers and Acquisitions. Journal of Business, 60, 75-95
18. Hartzell, J.C., Ofek, E., & Yermack, D. (2004). What's in it for me? top managers whose firms are acquired. The Review of Financial Studies, 17(1), 37-61.
19. Hogg, R.V., & Craig, A.T. (1995). Introduction to Mathematical Statistics. New Jersey: Prentice-Hall.
20. Huson, M.R., Parrino, R., & Starks, L.T. (2001). Internal monitoring mechanisms and top manager turnover: A long-term perspective. Journal of Finance, 56(6), 2265-2297.
21. Jensen, M.C., & Meckling, W.H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3, 305-360.
22. Jensen, M.C., & Ruback, R.S. (1983). The market for corporate control: The scientific evidence. Journal of Financial Economics, 11, 5-50.
23. Kennedy, V.A., & Limmack, R.J. (1996). Takeover activity, top manager turnover, and the market for corporate control. Journal of Business Finance & Accounting, 23(2), 267-285.
24. Lorsch, J.W., & MacIver, E. 1989. Pawns or potentates: The reality of America's corporate boards. Boston: Harvard Business School Press.
25. Lubatkin, M., Schweiger, D., & Weber, Y. (1999). Top management turnover in related M&A's: An additional test of the theory of relative standing. Journal of Management, 25(1), 55-73.
26. Martin, K., & McConnell, J. (1991). Corporate performance, corporate takeovers and management turnover. Journal of Management, 25(1), 55-73.
27. Masse, I., Hanrahan, R., & Kushner, J. (1990). The effect of the method of payment on stock returns in Canadian tender offers and merger proposals for both target and bidding firms. Quarterly Journal of Business and Economics, 29(4), 102-124.
28. Mikkelson, W., & Ruback, R. (1985). An empirical analysis of the interfirm equity investment process. Journal of Financial Economics, 14(4), 523-553.
29. Mikkelson, W.H., & Partch, M.M. (1997). The decline of takeovers and disciplinary managerial turnover. Journal of Financial Economics, 44(2), 205-228.
30. Morck, R., & Yeung, B. (2003). Agency problems in large family business groups. Entrepreneurship Theory and Practice, 27(4), 367-382.
31. Rajand, M., & Forsyth, M. (2002). Hostile bidders, long-term performance, and restructuring methods: Evidence From the UK. American Business Review, 20(1), 71-81.
32. St-Pierre, J. (1994). Takeover bid resistance and the managerial welfare hypothesis: Evidence from the Canadian market. Canadian Journal of Administrative Sciences, 11(1), 86-97.
33. Sudarsanam, S. (1996). Large shareholders, takeovers, and target valuation. Journal of Business Finance & Accounting, 23, 295-315.
34. Varian, H.R. 1988. Symposium on takeovers. Journal of Economic Perspectives, 2(1): 3-5.
35. Walsh, J.P. (1989). Doing a deal: Merger and acquisition negotiations and their impact upon target company top management turnover. Strategic Management Journal, 10(4), 307-322.
36. Walsh, J.P., & Ellwood, J.W. (1991). Mergers, acquisitions, and the pruning of managerial deadwood. Strategic Management Journal, 12(3), 201-217.
37. Walsh, J.P., & Kosnik, R.D. (1993). Corporate raiders and their disciplinary role in the market for corporate control. The Academy of Management Journal, 36(4), 671-700.
38. Walsh, J.P., & Seward, K. (1990). On the efficiency of internal and external corporate control mechanisms. Academy of Management Review, 15, 421-458.
39. Wansley, J.W., Lane, W.R., & Yang, H.C. (1987). Gains to bidder firms in cash and securities transactions. The Financial Review, 22(4), 403-415.
40. Webster, A. (1992). Applied Statistics for Business and Economics. Boston: Irwin.