Abstract
This paper's regression analyses from a sample of 261 firms that adopted 486 antitakeover provisions (supermajority, classified boards, fair-price, reduction in cumulative voting, antigreenmail and poison pills) in the 1984-88 period indicate that the negative market reactions to antitakeover provisions vary depending on firms' board structures. This paper's empirical evidence indicates that while separating the positions of CEO and chairperson of the board reduces the negative effect, increased outsider representation increases negative market reactions.
Original language | English (US) |
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Pages (from-to) | 231-245 |
Number of pages | 15 |
Journal | Strategic Management Journal |
Volume | 18 |
Issue number | 3 |
DOIs | |
State | Published - Mar 1997 |
Keywords
- Antitakeover provisions
- Board leadership
- Shareholder wealth
ASJC Scopus subject areas
- Business and International Management
- Strategy and Management