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Takeovers, corporate control, and return to target shareholders

Author

Listed:
  • Han Donker
  • Saif Zahir

Abstract

In this paper, we investigated the impact of ownership concentration on the returns to target shareholders. In order to determine such impact, we have employed three models namely: the atomistic shareholder model; the large shareholder model; the single shareholder model. We found empirical evidence that the degree of ownership concentration in target firms has a significant negative effect on the returns to shareholders. These findings are consistent with the theoretical takeover models which support a negative relationship between bid premium and ownership concentration of target firms.

Suggested Citation

  • Han Donker & Saif Zahir, 2008. "Takeovers, corporate control, and return to target shareholders," International Journal of Corporate Governance, Inderscience Enterprises Ltd, vol. 1(1), pages 106-134.
    • Handle: RePEc:ids:ijcgov:v:1:y:2008:i:1:p:106-134
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