Wealth Creation and Resistance in U. K. Takeover Bids  

Oleh:

Holl, Peter ; Kyriazis, Dimitris

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Strategic Management Journal vol. 18 no. 6 (1997), page 483-498.
Topik: wealth creation; wealth creation; hostile bids; agency conflict; corporate governance

Ketersediaan

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

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Isi artikel

In this paper we investigate the determinants of, and relationship between, wealth creation and bid resistance for a sample of 178 successful take over bids in the U. K. within the context of an event study approach we test a range of hypotheses against a background that recognizes the existence of agency conflict and the role of corporate governance mechanisms desiigned to mitigate its effect. The results obtained are interperted within the context of the U. K. corporate wnvironments. We find that wealth creation and bid resistance a re mutually dpendent on each other. We find evidence suggesting the presence of managerial and financial synergy but the absence of operational synergy. Our results also sugest that there is some conflict between managers and shareholders but that significant monitoring is exercised by the particular governance mechanisms we investigate.

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