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Anti-Takeover Amendments, Managerial Entrenchment, And Shareholders' Interests

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  • Atreya Chakraborty

    (Department of Economics, Boston College)

  • Christopher F. Baum

    () (Department of Economics, Boston College)

Abstract

This paper focuses on testing alternative hypotheses that relate the adoption of anti-takeover defences to the financial characteristics of firms that adopt them. We focus on the creation of a composite measure of anti-takeover defences and then relate the intensity of this measure to the motives for instituting these defences. Our estimates indicate that while the intensity of takeover defences is negatively related to Tobin's Q and financial leverage to a significant degree, proxies for inside information play no casual role in explaining this intensity. We interpret our results as supportive of the managerial entrenchment hypotheses.

Suggested Citation

  • Atreya Chakraborty & Christopher F. Baum, 1993. "Anti-Takeover Amendments, Managerial Entrenchment, And Shareholders' Interests," Boston College Working Papers in Economics 220, Boston College Department of Economics.
  • Handle: RePEc:boc:bocoec:220
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    References listed on IDEAS

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    1. James E. Anderson & J. Peter Neary, 1996. "A New Approach to Evaluating Trade Policy," Review of Economic Studies, Oxford University Press, vol. 63(1), pages 107-125.
    2. Tatsuo Hatta, 1977. "A Theory of Piecemeal Policy Recommendations," Review of Economic Studies, Oxford University Press, vol. 44(1), pages 1-21.
    3. Lopez, Ramon & Panagariya, Arvind, 1992. "On the Theory of Piecemeal Tariff Reform: The Case of Pure Imported Intermediate Inputs," American Economic Review, American Economic Association, pages 615-625.
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    5. Anderson, James E & Neary, J Peter, 1992. "Trade Reform with Quotas, Partial Rent Retention, and Tariffs," Econometrica, Econometric Society, vol. 60(1), pages 57-76, January.
    6. Fukushima, Takashi, 1979. "Tariff Structure, Nontraded Goods and Theory of Piecemeal Policy Recommendations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 20(2), pages 427-435, June.
    7. Anderson, James E. & Bannister, Geoffrey, 1992. "The trade restrictiveness index : an application to Mexican agriculture," Policy Research Working Paper Series 874, The World Bank.
    8. Bertrand, Trent J & Vanek, Jaroslav, 1971. "The Theory of Tariffs, Taxes, and Subsidies: Some Aspects of the Second Best," American Economic Review, American Economic Association, pages 925-931.
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