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Managerial Entrenchment and Antitakeover Provisions in Japan
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Hosono, Kaoru | - |
dc.contributor.author | Takizawa, Miho | - |
dc.contributor.author | Tsuru, Kotaro | - |
dc.date.accessioned | 2011-11-04T07:00:18Z | - |
dc.date.available | 2011-11-04T07:00:18Z | - |
dc.date.issued | 2011-07 | - |
dc.identifier.citation | Seoul Journal of Economics, Vol.24 No.3, pp. 287-331 | - |
dc.identifier.issn | 1225-0279 | - |
dc.identifier.uri | https://hdl.handle.net/10371/74496 | - |
dc.description.abstract | We analyze the characteristics of the firms that introduce antitakeover
provisions using a Japanese firm-level dataset. We find that the likelihood of the adoption of antitakeover provisions is correlated positively with firm age and the proportion of cross-shareholding and negatively with the share of managerial ownership. The adoption of antitakeover measures is suggested to be motivated by selfprotection on the part of managers and is influenced by the conflicts of interest between managers and shareholders. We also find that the operating performance or the stock market valuation does not affect the likelihood of the adoption of antitakeover provisions. | - |
dc.description.sponsorship | K. Hosono and K. Tsuru acknowledge
the support of RIETI and the Grant-in-Aid for Scientific Research (C) No. 20530228, Japan Society for the Promotion of Science. K. Hosono also acknowledges the support of the Grant-in-Aid for Scientific Research (S) No. 22223004, Japan Society for the Promotion of Science. | - |
dc.language.iso | en | - |
dc.publisher | Institute of Economic Research, Seoul National University | - |
dc.subject | Antitakeover provisions | - |
dc.subject | Entrenchment | - |
dc.subject | Japan | - |
dc.title | Managerial Entrenchment and Antitakeover Provisions in Japan | - |
dc.type | SNU Journal | - |
dc.citation.journaltitle | Seoul Journal of Economics | - |
dc.citation.endpage | 331 | - |
dc.citation.number | 3 | - |
dc.citation.pages | 287-331 | - |
dc.citation.startpage | 287 | - |
dc.citation.volume | 24 | - |
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