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Determinants of corporate anti-takeover provisions

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  • Juan Santaló

    (Instituto de Empresa)

Abstract

In this paper I study empirically the industry and firm characteristics that determine the level of corporate antitakeover protection. I find that the level of antitakeover protection is negatively associated with the level of firm-specific organizational capital and with stock market volatility. On the other hand, firms that allow a larger degree of antitakeover protection to their managers do indeed invest more in long term projects and operate in more concentrated industries. All these findings are consistent with a managerial entrenchment interpretation of corporate antitakeover provisions.

Suggested Citation

  • Juan Santaló, 2004. "Determinants of corporate anti-takeover provisions," Working Papers Economia wp04-28, Instituto de Empresa, Area of Economic Environment.
    • Handle: RePEc:emp:wpaper:wp04-28
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    Keywords

    Takeover defenses; Organizational capital; Product market competition; Managerial compensation;
    All these keywords.

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