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Inflation, Firm Control-Type and Vulnerability to Takeover

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  • Chapman, D R
  • Junor, C W

Abstract

This paper brings together three aspects of the theory of the firm as a takeover victim: inflation adjustment of perfromance data, the rel ationship between performance and vulnerability to takeover, and the role of control type. Using a sample of Australian industrial compani es, this study identifies failure to revalue assets as an indicator o f the likelihood of takeover. Partitioning firms into owner and manag er control types establishes different behavior of the inflation-adju sted valuation ratio of the two groups. Some insights are thereby gained into the factors which make manager-controlled fir ms differ among themselves in their critical valuation ratios. Copyright 1987 by Royal Economic Society.

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  • Chapman, D R & Junor, C W, 1987. "Inflation, Firm Control-Type and Vulnerability to Takeover," Oxford Economic Papers, Oxford University Press, vol. 39(3), pages 500-515, September.
    • Handle: RePEc:oup:oxecpp:v:39:y:1987:i:3:p:500-15
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