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 posición de liquidez como determinantes de los procesos de oferta pública de adquisición (OPA) de sociedades cotizadas ocurridos en España durante el período 1991-1995. A tal fin se formulan una serie de hipótesis que relacionan los determinantes anteriores con la ocurrencia de una toma de control, para su posterior contrastación mediante la estimación de modelos logit. Los resultados proporcionan una cierta evidencia empírica de que las sociedades objetivo de OPA, en comparación con las no adquiridas, presentan una supervisión interna menos intensa, una mayor liquidez y flexibilidad financiera, así 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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Length: Date of creation: Jun 2001 Date of revision: Publication status: Published in Revista Europea de Dirección y Economía de la Empresa, vol. 11, no. 4, 2002, pages 203-220 with the title "Mecanismos internos de supervisión y tomas de control en España". Handle: RePEc:ntd:wpaper:2001-05
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