The Structure of Ownership and Corporate Acquisition Strategies  

Oleh:

Wright, Peter ; Kroll, Mark ; Lado, Augustine ; Ness, Bonnie Van

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 23 no. 1 (2002), page 41-54.
Topik: Structure; agency theory; corporate acquisition strategic; firm risk taking; acquisition performance

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: SS30.8 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

In this study, we examine in an agency - theoretic context the infuence of executive equity stakes upon corproate strategy and firm value. We argue that beneficial, risk - increasing corporate strategies may initially be emphasized but not - value - maximizing, risk - reducing strategies may subsequently be emphasized as managers expand their stock ownership. We alternatively contend that stock options may have a consistenly positive impact on firm risk taking and acquisition returns. The empirical findings are supportive of our expectations.

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