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The Impact of Antitakeover Amendments on Corporate Financial Performance

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Author Info

  • Johnson, Mark S
  • Rao, Ramesh P

Abstract

Previous event studies that examine the impact of antitakeover amendments on the firm value provide mixed results. Some studies support the management entrenchment hypothesis, while others support the shareholder interest hypothesis. In this study, a longitudinal approach is used to examine the impact of antitakeover amendments on several financial attributes of the firm including: operating and net income to total assets, operating and overhead expenses to sales, research and development to total sales, capital expenditures to sales, and debt relative to total assets. It is concluded that antitakeover amendments are not deleterious in terms of their impact on various fundamental firm performance measures. Copyright 1997 by MIT Press.

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Bibliographic Info

Article provided by Eastern Finance Association in its journal The Financial Review.

Volume (Year): 32 (1997)
Issue (Month): 4 (November)
Pages: 659-89

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Handle: RePEc:bla:finrev:v:32:y:1997:i:4:p:659-89

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Web page: http://www.easternfinance.org/
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Web: http://www.blackwellpublishing.com/subs.asp?ref=0732-8516

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Cited by:
  1. Belloc, Filippo, 2010. "Corporate governance and innovation: an organizational perspective," MPRA Paper 21495, University Library of Munich, Germany.
  2. Bebchuk, Lucian A. & Cohen, Alma, 2005. "The costs of entrenched boards," Journal of Financial Economics, Elsevier, vol. 78(2), pages 409-433, November.
  3. Rose, Caspar, 2001. "Corporate Financial Performance and the Use of Takeover Defenses," Working Papers 2001-4, Copenhagen Business School, Department of Finance.
  4. Bronwyn H. Hall, 2002. "The Financing of Research and Development," NBER Working Papers 8773, National Bureau of Economic Research, Inc.
  5. Rose, Caspar, 2005. "Takeover Defenses' Influence on Managerial Incentives," International Review of Law and Economics, Elsevier, vol. 25(4), pages 556-577, December.
  6. Caspar Rose, 2002. "Corporate Financial Performance and the Use of Takeover Defenses," European Journal of Law and Economics, Springer, vol. 13(2), pages 91-112, March.
  7. Bronwyn H. Hall & Josh Lerner, 2009. "The Financing of R&D and Innovation," NBER Working Papers 15325, National Bureau of Economic Research, Inc.
  8. Juan Santalo & Carl Kock, 2005. "Corporate governance & the environment: bad discretion, good discretion, and environmental (...)," Working Papers Economia wp05-24, Instituto de Empresa, Area of Economic Environment.

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