메뉴 건너뛰기




Volumn 27, Issue 1, 2012, Pages 112-126

Founder management and the market for corporate control for IPO firms: The moderating effect of the power structure of the firm

Author keywords

Acquisition premiums; Agency theory; Founder CEOs; IPOs; Market for corporate control; Stewardship theory

Indexed keywords


EID: 81555218476     PISSN: 08839026     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbusvent.2010.06.001     Document Type: Article
Times cited : (49)

References (82)
  • 1
    • 27544515879 scopus 로고    scopus 로고
    • Powerful CEOs and their impact on corporate performance
    • Adams R.B., Almeida H., Ferreira D. Powerful CEOs and their impact on corporate performance. Review of Financial Studies 2005, 18(4):1403-1432.
    • (2005) Review of Financial Studies , vol.18 , Issue.4 , pp. 1403-1432
    • Adams, R.B.1    Almeida, H.2    Ferreira, D.3
  • 2
    • 26644465955 scopus 로고    scopus 로고
    • The boundaries and limitations of agency theory and stewardship theory in the venture capitalist / entrepreneur relationship
    • Arthurs J.D., Busenitz L.W. The boundaries and limitations of agency theory and stewardship theory in the venture capitalist / entrepreneur relationship. Entrepreneurship Theory and Practice 2003, 28(2):145-162.
    • (2003) Entrepreneurship Theory and Practice , vol.28 , Issue.2 , pp. 145-162
    • Arthurs, J.D.1    Busenitz, L.W.2
  • 4
    • 0347076594 scopus 로고    scopus 로고
    • The determinants of board structure at the initial public offering
    • Baker M., Gompers P.A. The determinants of board structure at the initial public offering. Journal of Law and Economics 2003, 46:569-597.
    • (2003) Journal of Law and Economics , vol.46 , pp. 569-597
    • Baker, M.1    Gompers, P.A.2
  • 5
    • 7044264756 scopus 로고    scopus 로고
    • Board composition, board effectiveness, and the observed form of takeover bids
    • Bange M.M., Mazzeo M.A. Board composition, board effectiveness, and the observed form of takeover bids. Review of Financial Studies 2004, 17:1185-1215.
    • (2004) Review of Financial Studies , vol.17 , pp. 1185-1215
    • Bange, M.M.1    Mazzeo, M.A.2
  • 6
    • 79960948624 scopus 로고
    • Top management incentives, monitoring, and risk sharing: a study of executive compensation, ownership and board structure in initial public offerings
    • Beatty R.P., Zajac E.J. Top management incentives, monitoring, and risk sharing: a study of executive compensation, ownership and board structure in initial public offerings. Administrative Science Quarterly 1994, 39:313-336.
    • (1994) Administrative Science Quarterly , vol.39 , pp. 313-336
    • Beatty, R.P.1    Zajac, E.J.2
  • 7
  • 8
    • 0036670754 scopus 로고    scopus 로고
    • Entrepreneurial transitions: factors influencing founder departure
    • Boeker W., Karichalil R. Entrepreneurial transitions: factors influencing founder departure. Academy of Management Journal 2002, 45(3):818-826.
    • (2002) Academy of Management Journal , vol.45 , Issue.3 , pp. 818-826
    • Boeker, W.1    Karichalil, R.2
  • 9
    • 0039563826 scopus 로고
    • The rationale behind interfirm tender offers: information or synergy?
    • Bradley M., Desai A., Kim E.H. The rationale behind interfirm tender offers: information or synergy?. Journal of Financial Economics 1983, 11:183-206.
    • (1983) Journal of Financial Economics , vol.11 , pp. 183-206
    • Bradley, M.1    Desai, A.2    Kim, E.H.3
  • 10
    • 0031161696 scopus 로고    scopus 로고
    • Leadership structure: separating the CEO and chairman of the board
    • Brickley J.A., Coles J.L., Jarrell G. Leadership structure: separating the CEO and chairman of the board. Journal of Corporate Finance 1997, 3:189-220.
    • (1997) Journal of Corporate Finance , vol.3 , pp. 189-220
    • Brickley, J.A.1    Coles, J.L.2    Jarrell, G.3
  • 11
    • 21344488155 scopus 로고
    • The role of the CEO in takeover resistance: effects of CEO incentives and individual characteristics
    • Buchholtz A.K., Ribbens B. The role of the CEO in takeover resistance: effects of CEO incentives and individual characteristics. Academy of Management Journal 1994, 37:554-579.
    • (1994) Academy of Management Journal , vol.37 , pp. 554-579
    • Buchholtz, A.K.1    Ribbens, B.2
  • 12
    • 34547912557 scopus 로고    scopus 로고
    • Incentive effects of illiquid stock and option holdings of target and acquirer CEOs
    • Cai J., Vijh A.M. Incentive effects of illiquid stock and option holdings of target and acquirer CEOs. Journal of Finance 2007, 62(4):1891-1933.
    • (2007) Journal of Finance , vol.62 , Issue.4 , pp. 1891-1933
    • Cai, J.1    Vijh, A.M.2
  • 13
    • 0038711745 scopus 로고    scopus 로고
    • Influencing initial public offering investors with prestige: signaling with board structures
    • Certo S.T. Influencing initial public offering investors with prestige: signaling with board structures. Academy of Management Journal 2003, 28(3):432-446.
    • (2003) Academy of Management Journal , vol.28 , Issue.3 , pp. 432-446
    • Certo, S.T.1
  • 15
    • 0031066545 scopus 로고    scopus 로고
    • Do independent directors enhance target shareholder wealth during tender offers?
    • Cotter J.F., Shivdasani A., Zenner M. Do independent directors enhance target shareholder wealth during tender offers?. Journal of Financial Economics 1997, 43:195-218.
    • (1997) Journal of Financial Economics , vol.43 , pp. 195-218
    • Cotter, J.F.1    Shivdasani, A.2    Zenner, M.3
  • 16
    • 21144484057 scopus 로고
    • Top managerial prestige, power and tender offer response: a study of elite networks and target firm cooperation during takeovers
    • D'Aveni R.A., Kesner I.F. Top managerial prestige, power and tender offer response: a study of elite networks and target firm cooperation during takeovers. Organizational Science 1993, 4(2):123-151.
    • (1993) Organizational Science , vol.4 , Issue.2 , pp. 123-151
    • D'Aveni, R.A.1    Kesner, I.F.2
  • 17
    • 0001801766 scopus 로고
    • Board of directors leadership and structure: control and performance implications
    • Daily C.M., Dalton D.R. Board of directors leadership and structure: control and performance implications. Entrepreneurship Theory and Practice 1993, 17(3):65-81.
    • (1993) Entrepreneurship Theory and Practice , vol.17 , Issue.3 , pp. 65-81
    • Daily, C.M.1    Dalton, D.R.2
  • 18
    • 0002780568 scopus 로고    scopus 로고
    • Sources of CEO power and firm financial performance: a longitudinal assessment
    • Daily C.M., Johnson J.L. Sources of CEO power and firm financial performance: a longitudinal assessment. Journal of Management 1997, 23(2):97-117.
    • (1997) Journal of Management , vol.23 , Issue.2 , pp. 97-117
    • Daily, C.M.1    Johnson, J.L.2
  • 20
    • 14944371020 scopus 로고    scopus 로고
    • The relevance of non-financial performance measures for CEO compensation: evidence from the airline industry
    • Davilla A., Venkatachalam M. The relevance of non-financial performance measures for CEO compensation: evidence from the airline industry. Review of Accounting Studies 2004, 9:443-464.
    • (2004) Review of Accounting Studies , vol.9 , pp. 443-464
    • Davilla, A.1    Venkatachalam, M.2
  • 22
    • 0000833892 scopus 로고
    • Antitakeover charter amendments and stockholder wealth
    • DeAngelo H., Rice E. Antitakeover charter amendments and stockholder wealth. Journal of Financial Economics 1983, 11:329-360.
    • (1983) Journal of Financial Economics , vol.11 , pp. 329-360
    • DeAngelo, H.1    Rice, E.2
  • 23
    • 22944490189 scopus 로고    scopus 로고
    • Organizational roles and transitions to entrepreneurship
    • Dobrev S.D., Barnett W.P. Organizational roles and transitions to entrepreneurship. Academy of Management Journal 2005, 48(3):433-449.
    • (2005) Academy of Management Journal , vol.48 , Issue.3 , pp. 433-449
    • Dobrev, S.D.1    Barnett, W.P.2
  • 24
    • 84964127697 scopus 로고
    • Stewardship theory or agency theory: CEO governance and shareholder returns
    • Donaldson L., Davis J.H. Stewardship theory or agency theory: CEO governance and shareholder returns. Australian Journal of Management 1991, 16:49-64.
    • (1991) Australian Journal of Management , vol.16 , pp. 49-64
    • Donaldson, L.1    Davis, J.H.2
  • 25
    • 0036591270 scopus 로고    scopus 로고
    • The roles of performance measures and monitoring in annual governance decisions in entrepreneurial firms
    • Engel E., Gordon E.A., Hayes R. The roles of performance measures and monitoring in annual governance decisions in entrepreneurial firms. Journal of Accounting Research 2002, 40:485-518.
    • (2002) Journal of Accounting Research , vol.40 , pp. 485-518
    • Engel, E.1    Gordon, E.A.2    Hayes, R.3
  • 26
    • 0000806744 scopus 로고
    • Agency problems and the theory of the firm
    • Fama E.F. Agency problems and the theory of the firm. Journal of Political Economy 1980, 88:288-307.
    • (1980) Journal of Political Economy , vol.88 , pp. 288-307
    • Fama, E.F.1
  • 28
    • 0026902902 scopus 로고
    • Power in top management teams: dimensions, measurement, and validation
    • Finkelstein S. Power in top management teams: dimensions, measurement, and validation. Academy of Management Journal 1992, 35:505-538.
    • (1992) Academy of Management Journal , vol.35 , pp. 505-538
    • Finkelstein, S.1
  • 29
    • 0007122285 scopus 로고
    • CEO duality as a double-edged sword: how boards of directors balance entrenchment avoidance and unity of command
    • Finkelstein S., D'Aveni R.A. CEO duality as a double-edged sword: how boards of directors balance entrenchment avoidance and unity of command. Academy of Management Journal 1994, 37(5):1079-1108.
    • (1994) Academy of Management Journal , vol.37 , Issue.5 , pp. 1079-1108
    • Finkelstein, S.1    D'Aveni, R.A.2
  • 30
    • 4544384575 scopus 로고    scopus 로고
    • Effects of social capital and power on surviving transformational change: the case of initial public offerings
    • Fisher H.M., Pollock T.G. Effects of social capital and power on surviving transformational change: the case of initial public offerings. Academy of Management Journal 2004, 47(4):463-481.
    • (2004) Academy of Management Journal , vol.47 , Issue.4 , pp. 463-481
    • Fisher, H.M.1    Pollock, T.G.2
  • 31
    • 84989040346 scopus 로고
    • Determinants of tender offer post-acquisition value
    • Fowler L., Schmidt D. Determinants of tender offer post-acquisition value. Strategic Management Journal 1989, 10:339-350.
    • (1989) Strategic Management Journal , vol.10 , pp. 339-350
    • Fowler, L.1    Schmidt, D.2
  • 32
    • 0031283718 scopus 로고    scopus 로고
    • Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms
    • Gimeno J., Folta T.B., Cooper A.C., Woo C.Y. Survival of the fittest? Entrepreneurial human capital and the persistence of underperforming firms. Administrative Science Quarterly 1997, 42:750-783.
    • (1997) Administrative Science Quarterly , vol.42 , pp. 750-783
    • Gimeno, J.1    Folta, T.B.2    Cooper, A.C.3    Woo, C.Y.4
  • 34
    • 0000194533 scopus 로고
    • Upper echelons: the organization as a reflection of its top managers
    • Hambrick D., Mason P. Upper echelons: the organization as a reflection of its top managers. Academy of Management Review 1984, 9:193-206.
    • (1984) Academy of Management Review , vol.9 , pp. 193-206
    • Hambrick, D.1    Mason, P.2
  • 35
    • 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 2003, 69:51-83.
    • (2003) Journal of Financial Economics , vol.69 , pp. 51-83
    • Harford, J.1
  • 36
    • 39749154752 scopus 로고    scopus 로고
    • Do founders matter? A study of executive compensation, governance structure and firm performnce
    • He L. Do founders matter? A study of executive compensation, governance structure and firm performnce. Journal of Business Venturing 2008, 23(3):257-279.
    • (2008) Journal of Business Venturing , vol.23 , Issue.3 , pp. 257-279
    • He, L.1
  • 37
    • 0001387430 scopus 로고
    • The effect of board compensation and direct incentives on firm performance
    • Hermalin B.E., Weisbach M.S. The effect of board compensation and direct incentives on firm performance. Financial Management 1991, 20(4):101-112.
    • (1991) Financial Management , vol.20 , Issue.4 , pp. 101-112
    • Hermalin, B.E.1    Weisbach, M.S.2
  • 38
    • 0348194856 scopus 로고    scopus 로고
    • Endogenously chosen boards of directors and their monitoring of the CEO
    • Hermalin B.E., Weisbach M.S. Endogenously chosen boards of directors and their monitoring of the CEO. American Economic Review 1998, 88:96-118.
    • (1998) American Economic Review , vol.88 , pp. 96-118
    • Hermalin, B.E.1    Weisbach, M.S.2
  • 40
    • 0001130746 scopus 로고
    • Corporate acquisitions: a process perspective
    • Jemison D., Sitkin S. Corporate acquisitions: a process perspective. Academy of Management Review 1986, 11:145-163.
    • (1986) Academy of Management Review , vol.11 , pp. 145-163
    • Jemison, D.1    Sitkin, S.2
  • 41
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen M.C. Agency costs of free cash flow, corporate finance, and takeovers. American Economic Review 1986, 76:323-329.
    • (1986) American Economic Review , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 42
    • 44649197264 scopus 로고
    • The theory of the firm: managerial behavior, agency costs, and ownership structure
    • Jensen M.C., Meckling W. The theory of the firm: managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 1976, 3:305-360.
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.2
  • 43
    • 34447504242 scopus 로고
    • The market for corporate control: the scientific evidence
    • Jensen M.C., Ruback R.S. The market for corporate control: the scientific evidence. Journal of Financial Economics 1983, 11:5-50.
    • (1983) Journal of Financial Economics , vol.11 , pp. 5-50
    • Jensen, M.C.1    Ruback, R.S.2
  • 44
    • 0001642328 scopus 로고
    • Golden parachutes, shark repellents, and hostile tender offers
    • Knoeber C.R. Golden parachutes, shark repellents, and hostile tender offers. The American Economic Review 1986, 76(1):155-167.
    • (1986) The American Economic Review , vol.76 , Issue.1 , pp. 155-167
    • Knoeber, C.R.1
  • 45
    • 84934561624 scopus 로고
    • Greenmail: a study of board performance in corporate governance
    • Kosnik R.D. Greenmail: a study of board performance in corporate governance. Administrative Science Quarterly 1987, 32:163-185.
    • (1987) Administrative Science Quarterly , vol.32 , pp. 163-185
    • Kosnik, R.D.1
  • 46
    • 36749031204 scopus 로고    scopus 로고
    • The impact of board composition and top management team ownership structure on post-IPO performance in young, entrepreneurial firms
    • Kroll M., Walters B.A., Le S.A. The impact of board composition and top management team ownership structure on post-IPO performance in young, entrepreneurial firms. Academy of Management Journal 2007, 50(5):1198-1216.
    • (2007) Academy of Management Journal , vol.50 , Issue.5 , pp. 1198-1216
    • Kroll, M.1    Walters, B.A.2    Le, S.A.3
  • 47
    • 33746788174 scopus 로고    scopus 로고
    • CEO turnover after acquisitions: are bad bidders fired?
    • Lehn K.M., Zhao M. CEO turnover after acquisitions: are bad bidders fired?. Journal of Finance 2006, 61(4):1759-1811.
    • (2006) Journal of Finance , vol.61 , Issue.4 , pp. 1759-1811
    • Lehn, K.M.1    Zhao, M.2
  • 48
    • 0000140435 scopus 로고
    • Information asymmetries, financial structure, and financial intermediation
    • Leland H., Pyle D. Information asymmetries, financial structure, and financial intermediation. Journal of Finance 1977, 32:371-387.
    • (1977) Journal of Finance , vol.32 , pp. 371-387
    • Leland, H.1    Pyle, D.2
  • 49
    • 0002721187 scopus 로고    scopus 로고
    • Going public and the ownership structure of the firm
    • Mello A.S., Parsons J.E. Going public and the ownership structure of the firm. Journal of Financial Economics 1998, 49:79-109.
    • (1998) Journal of Financial Economics , vol.49 , pp. 79-109
    • Mello, A.S.1    Parsons, J.E.2
  • 50
    • 15344347036 scopus 로고    scopus 로고
    • Let's make a deal! How shareholder control impacts merger payoffs
    • Moeller T. Let's make a deal! How shareholder control impacts merger payoffs. Journal of Financial Economics 2005, 76:167-190.
    • (2005) Journal of Financial Economics , vol.76 , pp. 167-190
    • Moeller, T.1
  • 52
    • 0042343634 scopus 로고    scopus 로고
    • The persistence of founder influence: management, ownership, and performance effects at initial public offering
    • Nelson T. The persistence of founder influence: management, ownership, and performance effects at initial public offering. Strategic Management Journal 2003, 24:707-724.
    • (2003) Strategic Management Journal , vol.24 , pp. 707-724
    • Nelson, T.1
  • 54
    • 37649006783 scopus 로고    scopus 로고
    • Founders versus non-founders in large companies: financial incentives and the call for regulation
    • Palia D., Ravid S.A., Wang C.J. Founders versus non-founders in large companies: financial incentives and the call for regulation. Journal of Regulatory Economics 2008, 33:55-86.
    • (2008) Journal of Regulatory Economics , vol.33 , pp. 55-86
    • Palia, D.1    Ravid, S.A.2    Wang, C.J.3
  • 56
    • 0033247483 scopus 로고    scopus 로고
    • Industry categorization and the politics of the comparable firm in CEO compensation
    • Porac J.F., Wade J.B., Pollock T.G. Industry categorization and the politics of the comparable firm in CEO compensation. Administrative Science Quarterly 1999, 44:112-144.
    • (1999) Administrative Science Quarterly , vol.44 , pp. 112-144
    • Porac, J.F.1    Wade, J.B.2    Pollock, T.G.3
  • 57
    • 21144478397 scopus 로고
    • Organizational escalation and exit: lessons from the Shoreham nuclear power plant
    • Ross J., Staw B.M. Organizational escalation and exit: lessons from the Shoreham nuclear power plant. Academy of Management Journal 1993, 36:701-732.
    • (1993) Academy of Management Journal , vol.36 , pp. 701-732
    • Ross, J.1    Staw, B.M.2
  • 58
    • 21844511022 scopus 로고
    • Managing international interdependence: CEO characteristics in a resource based framework
    • Roth K. Managing international interdependence: CEO characteristics in a resource based framework. Academy of Management Journal 1995, 38:200-231.
    • (1995) Academy of Management Journal , vol.38 , pp. 200-231
    • Roth, K.1
  • 59
    • 38249008096 scopus 로고
    • Replacing the founder: exploding the myth of the entrepreneur's disease
    • Rubenson G.C., Gupta A.K. Replacing the founder: exploding the myth of the entrepreneur's disease. Business Horizon 1992, 35(6):53-57.
    • (1992) Business Horizon , vol.35 , Issue.6 , pp. 53-57
    • Rubenson, G.C.1    Gupta, A.K.2
  • 60
    • 0011034247 scopus 로고
    • Corporate takeovers: financial boom or organizational bust?
    • Oxford University Press, New York, J.C. Coffee, L. Lowenstein, S. Rose-Ackermann (Eds.)
    • Salter M., Weinhold W.A. Corporate takeovers: financial boom or organizational bust?. Knights, Raiders, and Targets 1988, 135-149. Oxford University Press, New York. J.C. Coffee, L. Lowenstein, S. Rose-Ackermann (Eds.).
    • (1988) Knights, Raiders, and Targets , pp. 135-149
    • Salter, M.1    Weinhold, W.A.2
  • 61
    • 0000413215 scopus 로고
    • The disciplinary role of takeovers
    • Scharfstein D. The disciplinary role of takeovers. Review of Economic Studies 1988, 55(2):185-199.
    • (1988) Review of Economic Studies , vol.55 , Issue.2 , pp. 185-199
    • Scharfstein, D.1
  • 63
    • 0038648568 scopus 로고    scopus 로고
    • Control as a motivation for underpricing: a comparison of dual and single-class IPOs
    • Smart S.B., Zutter C.J. Control as a motivation for underpricing: a comparison of dual and single-class IPOs. Journal of Financial Economics 2003, 69(1):85-110.
    • (2003) Journal of Financial Economics , vol.69 , Issue.1 , pp. 85-110
    • Smart, S.B.1    Zutter, C.J.2
  • 64
    • 84989060034 scopus 로고
    • Type of entrepreneur, type of firm, and managerial motivation: implications for organizational life cycle theory
    • Smith N.R., Miner J.B. Type of entrepreneur, type of firm, and managerial motivation: implications for organizational life cycle theory. Strategic Management Journal 1983, 4:325-340.
    • (1983) Strategic Management Journal , vol.4 , pp. 325-340
    • Smith, N.R.1    Miner, J.B.2
  • 65
    • 84972065982 scopus 로고
    • The impact of managerial ownership on acquisition attempts and target shareholder wealth
    • Song M.H., Walking R.H. The impact of managerial ownership on acquisition attempts and target shareholder wealth. Journal of Financial and Quantitative Analysis 1993, 28:439-457.
    • (1993) Journal of Financial and Quantitative Analysis , vol.28 , pp. 439-457
    • Song, M.H.1    Walking, R.H.2
  • 66
    • 0000638836 scopus 로고
    • A paradigm of entrepreneurship: entrepreneurship management
    • Stevenson H.H., Jarillo J.C. A paradigm of entrepreneurship: entrepreneurship management. Strategic Management Journal 1990, 11:17-27.
    • (1990) Strategic Management Journal , vol.11 , pp. 17-27
    • Stevenson, H.H.1    Jarillo, J.C.2
  • 67
    • 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 1988, 20:25-54.
    • (1988) Journal of Financial Economics , vol.20 , pp. 25-54
    • Stulz, R.1
  • 68
    • 84977715389 scopus 로고
    • The distribution of target ownership and the division of gains in successful takeovers
    • Stulz R.M., Walking R.A., Song M.H. The distribution of target ownership and the division of gains in successful takeovers. The Journal of Finance 1990, 45(3):817-833.
    • (1990) The Journal of Finance , vol.45 , Issue.3 , pp. 817-833
    • Stulz, R.M.1    Walking, R.A.2    Song, M.H.3
  • 69
    • 0038711748 scopus 로고    scopus 로고
    • Control and collaboration: paradoxes of governance
    • Sundaramurthy C., Lewis M. Control and collaboration: paradoxes of governance. Academy of Management Review 2003, 28(3):397-415.
    • (2003) Academy of Management Review , vol.28 , Issue.3 , pp. 397-415
    • Sundaramurthy, C.1    Lewis, M.2
  • 70
    • 0000251280 scopus 로고    scopus 로고
    • Ownership structure and economic performance in the largest European companies
    • Thomsen S., Pedersen T. Ownership structure and economic performance in the largest European companies. Strategic Management Journal 2000, 21:689-705.
    • (2000) Strategic Management Journal , vol.21 , pp. 689-705
    • Thomsen, S.1    Pedersen, T.2
  • 71
    • 0041738622 scopus 로고    scopus 로고
    • Tender offers and target management responses: managerial entrenchment versus stockholder interest revisited
    • Thosar S. Tender offers and target management responses: managerial entrenchment versus stockholder interest revisited. Financial Review 1996, 31(1):87-104.
    • (1996) Financial Review , vol.31 , Issue.1 , pp. 87-104
    • Thosar, S.1
  • 72
    • 84965441387 scopus 로고
    • Takeover resistance, information leakage, and target firm value
    • Turk T. Takeover resistance, information leakage, and target firm value. Journal of Management 1992, 18:502-522.
    • (1992) Journal of Management , vol.18 , pp. 502-522
    • Turk, T.1
  • 73
    • 85075674481 scopus 로고
    • Agency theory, managerial welfare, and takeover bid resistance
    • Walking R.A., Long M.S. Agency theory, managerial welfare, and takeover bid resistance. The Rand Journal of Economics 1984, 15(1):54-68.
    • (1984) The Rand Journal of Economics , vol.15 , Issue.1 , pp. 54-68
    • Walking, R.A.1    Long, M.S.2
  • 74
    • 84970685969 scopus 로고
    • Key executive succession and stockholder wealth: the influence of successor's origin, position, and age
    • Wallace N.D., Worrell D.L., Cheng L. Key executive succession and stockholder wealth: the influence of successor's origin, position, and age. Journal of Management 1990, 16:647-664.
    • (1990) Journal of Management , vol.16 , pp. 647-664
    • Wallace, N.D.1    Worrell, D.L.2    Cheng, L.3
  • 75
    • 0000837829 scopus 로고
    • On the efficiency of internal and external corporate control mechanisms
    • Walsh J.P., Seward J.K. On the efficiency of internal and external corporate control mechanisms. The Academy of Management Review 1990, 15(3):421-458.
    • (1990) The Academy of Management Review , vol.15 , Issue.3 , pp. 421-458
    • Walsh, J.P.1    Seward, J.K.2
  • 76
  • 77
    • 0038612965 scopus 로고    scopus 로고
    • Founder-CEO succession and the paradox of the entrepreneurial success
    • Wasserman
    • Wasserman Founder-CEO succession and the paradox of the entrepreneurial success. Organization Science 2003, 14:149-172.
    • (2003) Organization Science , vol.14 , pp. 149-172
  • 78
    • 33751250488 scopus 로고    scopus 로고
    • Stewards, agents, and the founder discount: executive compensation in new ventures
    • Wasserman N. Stewards, agents, and the founder discount: executive compensation in new ventures. Academy of Management Journal 2006, 49(5):960-976.
    • (2006) Academy of Management Journal , vol.49 , Issue.5 , pp. 960-976
    • Wasserman, N.1
  • 79
    • 84977703615 scopus 로고
    • Seasoned offerings, imitation costs, and the underpricing of initial public offerings
    • Welch I. Seasoned offerings, imitation costs, and the underpricing of initial public offerings. Journal of Finance 1989, 44:421-449.
    • (1989) Journal of Finance , vol.44 , pp. 421-449
    • Welch, I.1
  • 81
    • 46149128200 scopus 로고
    • Costly monitoring, financial intermediation, and equilibrium credit rationing
    • Williamson S.D. Costly monitoring, financial intermediation, and equilibrium credit rationing. Journal of Monetary Economics 1986, 18(2):159-179.
    • (1986) Journal of Monetary Economics , vol.18 , Issue.2 , pp. 159-179
    • Williamson, S.D.1
  • 82
    • 0001277064 scopus 로고
    • Insider ownership and the decision to go public
    • Zingales L. Insider ownership and the decision to go public. Review of Economic Studies 1995, 62:425-448.
    • (1995) Review of Economic Studies , vol.62 , pp. 425-448
    • Zingales, L.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.