메뉴 건너뛰기




Volumn 87, Issue 3, 2008, Pages 656-677

Board classification and managerial entrenchment: Evidence from the market for corporate control

Author keywords

Acquisition; Antitakeover provisions; Boards; Classified board; Corporate governance; Directors; Merger; Staggered board; Takeovers

Indexed keywords


EID: 40849094618     PISSN: 0304405X     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jfineco.2007.03.007     Document Type: Article
Times cited : (145)

References (34)
  • 1
    • 0037564563 scopus 로고    scopus 로고
    • Interaction terms in logit and probit models
    • Ai C., and Norton E.C. Interaction terms in logit and probit models. Economic Letters 80 (2003) 123-129
    • (2003) Economic Letters , vol.80 , pp. 123-129
    • Ai, C.1    Norton, E.C.2
  • 2
    • 84891458025 scopus 로고
    • The role of asset structure, ownership structure, and takeover defenses in determining acquisition likelihood
    • Ambrose B.W., and Megginson W.L. The role of asset structure, ownership structure, and takeover defenses in determining acquisition likelihood. Journal of Financial and Quantitative Analysis 27 (1992) 575-589
    • (1992) Journal of Financial and Quantitative Analysis , vol.27 , pp. 575-589
    • Ambrose, B.W.1    Megginson, W.L.2
  • 3
    • 7044264756 scopus 로고    scopus 로고
    • Board composition, board effectiveness, and the observed form of takeover bids
    • Bange M.M., and Mazzeo M.A. Board composition, board effectiveness, and the observed form of takeover bids. Review of Financial Studies 17 (2004) 1185-1215
    • (2004) Review of Financial Studies , vol.17 , pp. 1185-1215
    • Bange, M.M.1    Mazzeo, M.A.2
  • 4
    • 0042831035 scopus 로고    scopus 로고
    • Breaking up is hard to do? An analysis of termination fee provisions and merger outcomes
    • Bates T.W., and Lemmon M.L. Breaking up is hard to do? An analysis of termination fee provisions and merger outcomes. Journal of Financial Economics 69 (2003) 469-504
    • (2003) Journal of Financial Economics , vol.69 , pp. 469-504
    • Bates, T.W.1    Lemmon, M.L.2
  • 5
    • 33746216709 scopus 로고    scopus 로고
    • Shareholder wealth effects and bid negotiation in freeze-out deals: are minority shareholders left out in the cold?
    • Bates T.W., Lemmon M.L., and Linck J.M. Shareholder wealth effects and bid negotiation in freeze-out deals: are minority shareholders left out in the cold?. Journal of Financial Economics 81 (2006) 681-708
    • (2006) Journal of Financial Economics , vol.81 , pp. 681-708
    • Bates, T.W.1    Lemmon, M.L.2    Linck, J.M.3
  • 7
    • 0036579045 scopus 로고    scopus 로고
    • The powerful anti-takeover force of staggered boards: theory, evidence, and policy
    • Bebchuk L.A., Coates J.C., and Subramanian G. The powerful anti-takeover force of staggered boards: theory, evidence, and policy. Stanford Law Review 54 (2002) 887-951
    • (2002) Stanford Law Review , vol.54 , pp. 887-951
    • Bebchuk, L.A.1    Coates, J.C.2    Subramanian, G.3
  • 8
    • 40849106485 scopus 로고    scopus 로고
    • Bebchuk, L.A., Cohen, A., Ferrell, A., 2004. What matters in corporate governance? Unpublished working paper. Harvard University, John M. Olin Center for Law, Economics, and Business, Cambridge, MA.
    • Bebchuk, L.A., Cohen, A., Ferrell, A., 2004. What matters in corporate governance? Unpublished working paper. Harvard University, John M. Olin Center for Law, Economics, and Business, Cambridge, MA.
  • 9
    • 0346444531 scopus 로고    scopus 로고
    • Takeover defenses in the shadow of the pill: a critique of the scientific evidence
    • Coates J.C. Takeover defenses in the shadow of the pill: a critique of the scientific evidence. Texas Law Review 79 (2000) 271-382
    • (2000) Texas Law Review , vol.79 , pp. 271-382
    • Coates, J.C.1
  • 10
    • 0000380080 scopus 로고
    • Poison or placebo? Evidence on the deterrence and wealth effects of modern anti-takeover measures
    • Comment R., and Schwert G.W. Poison or placebo? Evidence on the deterrence and wealth effects of modern anti-takeover measures. Journal of Financial Economics 39 (1995) 3-43
    • (1995) Journal of Financial Economics , vol.39 , pp. 3-43
    • Comment, R.1    Schwert, G.W.2
  • 11
    • 0035588238 scopus 로고    scopus 로고
    • Do IPO charters maximize firm value? Anti-takeover protection in IPOs
    • Daines R., and Klausner M. Do IPO charters maximize firm value? Anti-takeover protection in IPOs. Journal of Law, Economics, and Organization 17 (2001) 83-120
    • (2001) Journal of Law, Economics, and Organization , vol.17 , pp. 83-120
    • Daines, R.1    Klausner, M.2
  • 12
    • 0000833892 scopus 로고
    • Anti-takeover charter amendments and stockholder wealth
    • DeAngelo H., and Rice E.M. Anti-takeover charter amendments and stockholder wealth. Journal of Financial Economics 11 (1983) 329-360
    • (1983) Journal of Financial Economics , vol.11 , pp. 329-360
    • DeAngelo, H.1    Rice, E.M.2
  • 13
    • 33846508475 scopus 로고    scopus 로고
    • Classified boards, firm value, and managerial entrenchment
    • Faleye O. Classified boards, firm value, and managerial entrenchment. Journal of Financial Economics 83 (2007) 501-529
    • (2007) Journal of Financial Economics , vol.83 , pp. 501-529
    • Faleye, O.1
  • 14
    • 0043095579 scopus 로고    scopus 로고
    • Takeover defenses of IPO firms
    • Field L.C., and Karpoff J.M. Takeover defenses of IPO firms. Journal of Finance 57 (2002) 1857-1889
    • (2002) Journal of Finance , vol.57 , pp. 1857-1889
    • Field, L.C.1    Karpoff, J.M.2
  • 16
    • 0036977604 scopus 로고    scopus 로고
    • Takeover defenses work. Is that such a bad thing?
    • Gordon M. Takeover defenses work. Is that such a bad thing?. Stanford Law Review 55 (2002) 819-837
    • (2002) Stanford Law Review , vol.55 , pp. 819-837
    • Gordon, M.1
  • 17
    • 0004296209 scopus 로고    scopus 로고
    • Prentice-Hall, Upper Saddle River, NJ
    • Greene W.H. Econometric analysis (2003), Prentice-Hall, Upper Saddle River, NJ
    • (2003) Econometric analysis
    • Greene, W.H.1
  • 18
    • 0038309562 scopus 로고    scopus 로고
    • Takeover bids and target directors' incentives: retention, experience, and settling up
    • Harford J. Takeover bids and target directors' incentives: retention, experience, and settling up. Journal of Financial Economics 69 (2003) 51-83
    • (2003) Journal of Financial Economics , vol.69 , pp. 51-83
    • Harford, J.1
  • 19
    • 0842281968 scopus 로고    scopus 로고
    • What's in it for me? Personal benefits obtained by CEOs whose firms are acquired
    • Hartzell J., Ofek. E., and Yermack D. What's in it for me? Personal benefits obtained by CEOs whose firms are acquired. Review of Financial Studies 17 (2004) 37-61
    • (2004) Review of Financial Studies , vol.17 , pp. 37-61
    • Hartzell, J.1    Ofek., E.2    Yermack, D.3
  • 20
    • 0000948407 scopus 로고
    • The characteristics of takeover targets: q and other measures
    • Hasbrouck J. The characteristics of takeover targets: q and other measures. Journal of Banking and Finance 9 (1985) 351-362
    • (1985) Journal of Banking and Finance , vol.9 , pp. 351-362
    • Hasbrouck, J.1
  • 21
    • 33748574933 scopus 로고    scopus 로고
    • On the use of poison pills and defensive payouts by takeover targets
    • Heron R.A., and Lie E. On the use of poison pills and defensive payouts by takeover targets. Journal of Business 79 (2006) 1783-1807
    • (2006) Journal of Business , vol.79 , pp. 1783-1807
    • Heron, R.A.1    Lie, E.2
  • 22
    • 40849135723 scopus 로고    scopus 로고
    • Institutional Shareholder Services, 2005. Governance at a crossroads. 2006 Proxy Season Preview/2005 review, October.
    • Institutional Shareholder Services, 2005. Governance at a crossroads. 2006 Proxy Season Preview/2005 review, October.
  • 24
    • 38149046493 scopus 로고    scopus 로고
    • Linck, J., Netter, J., Yang, T., 2007. The determinants of board structure. Journal of Financial Economics, doi:10.1016/j.jfineco.2007.03.007.
    • Linck, J., Netter, J., Yang, T., 2007. The determinants of board structure. Journal of Financial Economics, doi:10.1016/j.jfineco.2007.03.007.
  • 25
    • 0001428439 scopus 로고
    • The wealth effect of merger activity and the objective functions of merging firms
    • Malatesta P.H. The wealth effect of merger activity and the objective functions of merging firms. Journal of Financial Economics 11 (1983) 155-181
    • (1983) Journal of Financial Economics , vol.11 , pp. 155-181
    • Malatesta, P.H.1
  • 26
    • 34547880030 scopus 로고    scopus 로고
    • Corporate governance and acquirer returns
    • Masulis R.W., Wang C., and Xie F. Corporate governance and acquirer returns. Journal of Finance 62 (2007) 1851-1889
    • (2007) Journal of Finance , vol.62 , pp. 1851-1889
    • Masulis, R.W.1    Wang, C.2    Xie, F.3
  • 27
    • 0001873667 scopus 로고
    • Predicting takeover targets: a methodological and empirical analysis
    • Palepu K.G. Predicting takeover targets: a methodological and empirical analysis. Journal of Accounting and Economics 8 (1986) 3-35
    • (1986) Journal of Accounting and Economics , vol.8 , pp. 3-35
    • Palepu, K.G.1
  • 28
    • 84936824259 scopus 로고
    • The effects of antitakeover amendments on takeover activity: some direct evidence
    • Pound J. The effects of antitakeover amendments on takeover activity: some direct evidence. Journal of Law and Economics 30 (1987) 353-367
    • (1987) Journal of Law and Economics , vol.30 , pp. 353-367
    • Pound, J.1
  • 29
    • 0040211631 scopus 로고    scopus 로고
    • Hostility of takeovers: in the eyes of the beholder
    • Schwert G.W. Hostility of takeovers: in the eyes of the beholder. Journal of Finance 55 (2000) 2599-2640
    • (2000) Journal of Finance , vol.55 , pp. 2599-2640
    • Schwert, G.W.1
  • 30
    • 84934564015 scopus 로고
    • Takeover threats and managerial myopia
    • Stein J.C. Takeover threats and managerial myopia. Journal of Political Economy 96 (1988) 61-80
    • (1988) Journal of Political Economy , vol.96 , pp. 61-80
    • Stein, J.C.1
  • 31
    • 45549112378 scopus 로고
    • Managerial control of voting rights: financing policies and the market for corporate control
    • Stulz R. Managerial control of voting rights: financing policies and the market for corporate control. Journal of Financial Economics 20 (1988) 25-54
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.1
  • 32
    • 40849147139 scopus 로고    scopus 로고
    • Wall Street Journal, 2005. More Boards May End Staggered Terms. Bhattiprolu Murti, June 8.
    • Wall Street Journal, 2005. More Boards May End Staggered Terms. Bhattiprolu Murti, June 8.
  • 33
    • 4344641116 scopus 로고    scopus 로고
    • Do CEOs in mergers trade power for premium? Evidence from mergers of equals
    • Wulf J. Do CEOs in mergers trade power for premium? Evidence from mergers of equals. Journal of Law, Economics, and Organization 20 (2004) 60-101
    • (2004) Journal of Law, Economics, and Organization , vol.20 , pp. 60-101
    • Wulf, J.1
  • 34
    • 4344638635 scopus 로고    scopus 로고
    • Remuneration, retention, and reputation incentives for outside directors
    • Yermack D. Remuneration, retention, and reputation incentives for outside directors. Journal of Finance 59 (2004) 2281-2308
    • (2004) Journal of Finance , vol.59 , pp. 2281-2308
    • Yermack, D.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.