Takeover Defenses, Ownership Structure and Stock Returns in The Netherlands : An Empirical Analysis  

Oleh:

Kabir, Rezaul ; Cantrijn, Dolph ; Jeunink, Andreas

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 18 no. 2 (1997), page 97-110.
Topik: stock return; takeover; defenses; ownership structure; stock return; empirical analysis

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This study empirically examines the relationships between a firm's takeover defenses and its ownership structure and stock returns. Analyzing data of dutch listed companies, we find that multiple anti take over defenses are increasingly adopted when firms are characterized by relatively lower ownership concentration. The evidence supports the hypotheses that more concentrated ownership of shares provides more effective monitoring of managers. As defense by issuing preferred share has recently been the most widely adopted mechanism in the netherlands, its impact on shareholders' wealth is also analyzed. We observe the presence of two opposing effects of this anti take over measure.

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