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Mecanismos internos de superversi¢n, costes de agencia, eficiencia empresarial y tomas de control en Espa¤a

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El presente trabajo analiza la influencia de los mecanismos internos de control, los costes de agencia, la eficiencia empresarial, la posibilidad de sinergias fiscales y la posici¢n de liquidez como determinantes de los procesos de oferta p£blica de adquisici¢n (OPA) de sociedades cotizadas ocurridos en Espa¤a durante el per¡odo 1991-1995. A tal fin se formulan una serie de hip¢tesis que relacionan los determinantes anteriores con la ocurrencia de una toma de control, para su posterior contrastaci¢n mediante la estimaci¢n de modelos logit. Los resultados proporcionan una cierta evidencia emp¡rica de que las sociedades objetivo de OPA, en comparaci¢n con las no adquiridas, presentan una supervisi¢n interna menos intensa, una mayor liquidez y flexibilidad financiera, as¡ como mayores costes de agencia. No se encontraron, sin embargo, diferencias significativas en las variables de eficiencia relativa y de sinergias fiscales. This paper undertakes an empirical analysis of takeovers and their relationship with internal monitoring mechanisms, agency costs, performance, tax synergies and corporate liquidity. Based on tender offers implemented in the Spanish stock market from 1991 to 1995, we define and contrast several logistic regressions in order to identify significant differences between targets and non-targets firms. Our results indicate that althoug target firms exhibit higher agency costs than non-acquired firms, the most relevant differences between both groups of firms monitoring mechanisms and liquidity and financial slack. In addition, we find no evidence that support the role of corporate performance and tax synergies in explaining takeovers.

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Paper provided by Interuniversity Research Master and Doctorate Program (with a quality mention of ANECA) on "Business Economics", Universities of Valladolid, Burgos, Salamanca and León (Spain). Until 2008, Interuniversity Doctorate Program (with a quality mention of ANECA) “New trends in Business Administration”, Universities of Valladolid, Burgos, and Salamanca (Spain). Master en Investigación y Programa de Doctorado Interuniversitarios (con mención de calidad de la ANECA) en "Economía de la Empresa", Universidades de Valladolid, Burgos, Salamanca y León (España). Hasta 2008, Programa de Doctorado Interuniversitario (con mención de calidad de la ANECA) “Nuevas Tendencias en Dirección de Empresas”, Universidades de Valladolid, Burgos y Salamanca (España). in its series Working Papers "New Trends on Business Administration". Documentos de Trabajo "Nuevas Tendencias en Dirección de Empresas". with number 2001-05.

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Date of creation: Jun 2001
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Publication status: Published in Revista Europea de Direcci¢n y Econom¡a de la Empresa, vol. 11, no. 4, 2002, pages 203-220 with the title "Mecanismos internos de supervisi¢n y tomas de control en Espa¤a".
Handle: RePEc:ntd:wpaper:2001-05

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Keywords: Mercado de control empresarial; tomas de control; OPAs; costes de agencia; gobierno empresarial. Market for corporate control; takeover; tender offer; agency costs; corporate governance.;

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