An Antitakeover Amendment for Stakeholders?  

Oleh:

Meade, Nancy L. ; Brown, Robert M. ; Johnson, Dana J.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Journal of Business Ethics vol. 16 no. 15 (Nov. 1997), page 1651-1659.
Topik: Antitakevoer Amendment; Stakeholders

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: BB27.30 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

The non-financial effects (NFE) anti-takeover amendment addresses the duties of company directors and manageemnt when faced with a possible takeover bid. The NFE amendment either permits or requires managers to consider the interest of the company's stakeholders during takeover bids. Other types of antitakeover devices have been viewed as protecting either stockhodler or management interests. The NFE amendment would appear to protect a broad spectrum of interests including hose of company employees, creditors, and the community in which the compnay operates. Positive market returns to the adoption of NFE amendments provide some evidence that ivnestors approve. The percent of both management and institutional ownership are positively related to the market reaction to the NFE amendment adoption. To the extent that institutional ownership proxies for the broad spectrum of stakeholder interest, NFE devices, unlike some other amendments that have been studied, appear to be in the interests of more than a single interest group.

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