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Outside board monitoring and the economic outcomes of acquisitions: a test of the substitution hypothesis

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  • Desai, Ashay
  • Kroll, Mark
  • Wright, Peter
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    File URL: http://www.sciencedirect.com/science/article/B6V7S-4CB0P4J-1/2/b785328db7efdc41d0b1220df45ef818
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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Business Research.

    Volume (Year): 58 (2005)
    Issue (Month): 7 (July)
    Pages: 926-934

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    Handle: RePEc:eee:jbrese:v:58:y:2005:i:7:p:926-934

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    Web page: http://www.elsevier.com/locate/jbusres

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    References

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    1. Bradley, Michael & Desai, Anand & Kim, E. Han, 1988. "Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms," Journal of Financial Economics, Elsevier, vol. 21(1), pages 3-40, May.
    2. Fama, Eugene F, 1980. "Agency Problems and the Theory of the Firm," Journal of Political Economy, University of Chicago Press, vol. 88(2), pages 288-307, April.
    3. Slusky, Alexander R & Caves, Richard E, 1991. "Synergy, Agency, and the Determinants of Premia Paid in Mergers," Journal of Industrial Economics, Wiley Blackwell, vol. 39(3), pages 277-96, March.
    4. Jacquemin, Alexis P & Berry, Charles H, 1979. "Entropy Measure of Diversification and Corporate Growth," Journal of Industrial Economics, Wiley Blackwell, vol. 27(4), pages 359-69, June.
    5. John M. Griffith, 1999. "CEO ownership and firm value," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 20(1), pages 1-8.
    6. Franks, Julian & Harris, Robert & Titman, Sheridan, 1991. "The postmerger share-price performance of acquiring firms," Journal of Financial Economics, Elsevier, vol. 29(1), pages 81-96, March.
    7. Fama, Eugene F & Jensen, Michael C, 1983. "Separation of Ownership and Control," Journal of Law and Economics, University of Chicago Press, vol. 26(2), pages 301-25, June.
    8. Warner, Jerold B. & Watts, Ross L. & Wruck, Karen H., 1988. "Stock prices and top management changes," Journal of Financial Economics, Elsevier, vol. 20(1-2), pages 461-492, January.
    9. Jensen, Michael C. & Meckling, William H., 1976. "Theory of the firm: Managerial behavior, agency costs and ownership structure," Journal of Financial Economics, Elsevier, vol. 3(4), pages 305-360, October.
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    Cited by:
    1. Jaskiewicz, Peter & Klein, Sabine, 2007. "The impact of goal alignment on board composition and board size in family businesses," Journal of Business Research, Elsevier, vol. 60(10), pages 1080-1089, October.
    2. Díaz Díaz, Belén & Sanfilippo Azofra, Sergio & López Gutiérrez, Carlos, 2013. "Synergies or overpayment in European corporate M&A," MPRA Paper 51070, University Library of Munich, Germany.
    3. Malcolm Arnold & David Parker, 2009. "Stock market perceptions of the motives for mergers in cases reviewed by the UK competition authorities: an empirical analysis," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 30(4), pages 211-233.
    4. Almudena Martinez-Campillo & Roberto Fernandez-Gago, 2008. "The Diversification-Performance relationship in Spanish Firms: Does The CEO/S Behaviour Style matter?," European Research Studies Journal, European Research Studies Journal, vol. 0(1-2), pages 57-70.
    5. Yuan Chen & Michael Young, 2010. "Cross-border mergers and acquisitions by Chinese listed companies: A principal–principal perspective," Asia Pacific Journal of Management, Springer, vol. 27(3), pages 523-539, September.
    6. Kobeissi, Nada & Sun, Xian & Wang, Haizhi, 2010. "Managerial labor-market discipline and the characteristics of merger and acquisition transactions," Journal of Business Research, Elsevier, vol. 63(7), pages 721-728, July.
    7. Kuan, Tsung-Han & Li, Chu-Shiu & Chu, Shin-Herng, 2011. "Cash holdings and corporate governance in family-controlled firms," Journal of Business Research, Elsevier, vol. 64(7), pages 757-764, July.

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