Board Composition, Board Effectiveness, and the Observed Form of Takeover Bids
Board Composition, Board Effectiveness, and the Observed Form of Takeover Bids
复制标题
董事会的组成、董事会的有效性以及收购要约的观察形式
DOI：
10.1093/rfs/hhh001
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发表时间：
2004
影响因子：
8.2
通讯作者：
Michael A. Mazzeo
中科院分区：
文献类型：
--
作者：
Mary M. Bange;Michael A. Mazzeo
We show that bidding firms consider target board characteristics when deciding takeover offer types and initial offer premiums. We study a sample of 436 proposed negotiated mergers and bypass offers. Firms with individuals holding the titles of both chief executive officer (CEO) and board chair are more likely to receive bypass offers. These offers are more likely to be successful and generate higher target shareholder gains over the takeover offer period. When the target's board is independent, the target is less likely to receive a high premium and the offer is less likely to succeed. Copyright 2004, Oxford University Press.
