Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s
Corporate Governance and Merger Activity in the United States: Making Sense of the 1980s and 1990s
复制标题
DOI：
10.1257/jep.15.2.121
复制
发表时间：
2001-05
影响因子：
8.4
通讯作者：
Bengt R. Holmstrom;S. Kaplan
中科院分区：
文献类型：
--
作者：
Bengt R. Holmstrom;S. Kaplan
本文描述并考虑了自1980年以来美国公司治理和兼并活动变化的原因。20世纪80年代的公司治理主要是以杠杆收购和敌意为特征的激烈合并活动。在20世纪90年代初的短暂下降之后，大量的合并活动在20世纪90年代的后半期重新开始，而杠杆收购和敌意则没有。相反，内部公司治理机制似乎在1990年代发挥了更大的作用。我们的结论是考虑这些变化和股东价值的运动是否可能是永久的。
This paper describes and considers explanations for changes in corporate governance and merger activity in the United States since 1980. Corporate governance in the 1980s was dominated by intense merger activity distinguished by the prevalence of leveraged buyouts (LBOs) and hostility. After a brief decline in the early 1990s, substantial merger activity resumed in the second half of the decade, while LBOs and hostility did not. Instead, internal corporate governance mechanisms appear to have played a larger role in the 1990s. We conclude by considering whether these changes and the movement toward shareholder value are likely to be permanent.