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Author : Kenneth J. Martin
Publisher :
ISBN 13 :
Total Pages : 17 pages
Book Rating : 4.:/5 (658 download)
Download or read book Corporate Performance, Corporate Takeovers, and Management Turnover written by Kenneth J. Martin and published by . This book was released on 1991 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Randall Morck
Publisher :
ISBN 13 :
Total Pages : 39 pages
Book Rating : 4.:/5 (129 download)
Download or read book Alternative Mechanisms for Corporate Control written by Randall Morck and published by . This book was released on 2013 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: We examine performance and management characteristics of Fortune 500 firms experiencing one of three types of control change: internally precipitated management turnover, hostile takeover, and friendly takeover. We find that firms experiencing internally precipitated management turnover perform poorly relative to other firms in their industries, but are not concentrated in poorly performing industries. In contrast, targets of hostile takeovers are concentrated in troubled industries. There is also weaker evidence that hostile takeover targets underperform their industry peers. We interpret this evidence as consistent with the idea that the board of directors is capable of firing managers whose leadership leads to poor performance relative to industry, but that an external challenge in the form of a hostile takeover is often required when the whole industry is in decline. The evidence also indicates that firms run by a member of the founding family are less likely to experience either internally precipitated top management turnover or a hostile takeover. On the other hand, firms whose top management team is dominated by a single, relatively young top executive, while lacking in internal discipline, are more likely to experience a hostile takeover.
Author : Omesh Kini
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Corporate Takeovers, Firm Performance, and Board Composition written by Omesh Kini and published by . This book was released on 1999 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the relationship between corporate takeovers and the hoard of directors as alternative control mechanisms to discipline top management. Previous research shows that CEO turnover subsequent to corporate takeovers is inversely related to pre-takeover market-related performance. We find this relation is concentrated in targets with insider-dominated boards of directors. Our results support the notion that, as an alternative control device, takeovers serve as a quot;substitutequot; for outside directors. Further, we show that the discipline associated with corporate takeovers extends beyond top management to effect restructuring of the entire board. The nature of the discipline depends on the composition of the target board prior to the takeover. Disciplinary takeovers result in two general effects: (1) for inside-dominated targets, the number of inside directorships decreases while the number of outside directorships remains about the same; and (2) for outside-dominated boards, the number of inside directorships increases while the number of outside directorships decreases. As a result, the board is recomposed toward a more even balance between inside and outside directorships.
Author : Sanjai Bhagat
Publisher : MIT Press
ISBN 13 : 9780262524384
Total Pages : 138 pages
Book Rating : 4.5/5 (243 download)
Download or read book The Econometrics of Corporate Governance Studies written by Sanjai Bhagat and published by MIT Press. This book was released on 2005 with total page 138 pages. Available in PDF, EPUB and Kindle. Book excerpt: An investigation of the relationships among takeovers, takeover defenses, management turnover, corporate performance, corporate capital structure, and corporate ownership performance.
Author : Florian Jung
Publisher : GRIN Verlag
ISBN 13 : 3346543234
Total Pages : 96 pages
Book Rating : 4.3/5 (465 download)
Download or read book Employee Turnover in the Context of Mergers and Acquisitions Transactions written by Florian Jung and published by GRIN Verlag. This book was released on 2021-11-23 with total page 96 pages. Available in PDF, EPUB and Kindle. Book excerpt: Master's Thesis from the year 2021 in the subject Business economics - Business Management, Corporate Governance, grade: 2,0, FH Vienna, language: English, abstract: Which factors impact the likelihood and extent of employee turnover after M&A transactions? What measures can be taken during post-merger integration to retain key players? This master thesis gathered and evaluated knowledge of experts in the field of M&A regarding employee turnover and employee retention. The yearly number of worldwide M&A transactions increased from 1990 to 2019 by nearly five times. The yearly average increased steadily over the last decades. The 1990’s averaged about 20.500 deals, the 2000’s 37.000 deals and the 2010’s 46.500 deals per year. (Thomson Financial, Institute for Mergers, Acquisitions and Alliances [IMAA], 2020) Smith (2002) analyzed 49 studies regarding the success rates of organizational change. Among them were also 9 studies concerning M&A transactions. The median success rates for these transactions stated at 33%, while the median success rate for all analyzed studies in different forms of organizational change, ranging from strategy deployment to general culture change or software implementation, also was 33%. It should be mentioned that the measurements of success for most forms of organizational change are varying or sometimes not disclosed at all and therefore these results should be taken with caution. A valuable takeaway of Smith’s analysis though definitely should be the assumption that change in organizations is very often accompanied by a myriad of hurdles and challenges. More recent academic work also backs that statement. Malmendier, Moretti, and Peters (2018) looked at stock performance of winning and losing bidders. They conclude that the entities that lost takeover bids on average outperform the winning bidders by 24 to 37% over the next 3 years. King, Dalton, Daily, and Covin (2004) come to the conclusion that on average M&A activity does not lead to improvements of financial performance for the acquiring company. Instead, their results show either no or a slightly negative change in performance post-merger.
Author : Hicham Meghouar
Publisher : John Wiley & Sons
ISBN 13 : 1848219172
Total Pages : 240 pages
Book Rating : 4.8/5 (482 download)
Download or read book Corporate Takeover Targets written by Hicham Meghouar and published by John Wiley & Sons. This book was released on 2016-04-11 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: The term "takeover", of which the first form is mergers and acquisitions (M&A), refers to the transfer of control of a business from one group of shareholders to another. Considering the importance of this issue and the real drives behind takeovers, it has become imperative to identifying companies that are vulnerable to takeover by two types: tender offer and exchange offer. This book thus presents the legal aspects, the theoretical justifications and the empirical contributions of takeovers, and analyzes the economic and financial characteristics of targets in order to assess the probability of being acquired. An empirical approach based on two quantitative studies is then applied to the European market, which is still virgin territory in terms of academic research. Finally, acquisition probability models have been developed and they have a 72% forecast accuracy average rate of targets. Corporate Takeover Targets is aimed at students and researchers in economic and management, as well as M&A consultants.
Author : C. Edward Fee
Publisher :
ISBN 13 :
Total Pages : 60 pages
Book Rating : 4.:/5 (129 download)
Download or read book Management Turnover Across the Corporate Hierarchy written by C. Edward Fee and published by . This book was released on 2002 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study management turnover in the set of top 5 executives for a sample of 443 large firms from 1993-1998. Using information from news articles and severance disclosures in proxy statements, we find that the rate of forced turnover for non-CEOs is at least as great as the rate for CEOs, but the sensitivity of turnover to aggregate firm performance is relatively smaller for non-CEOs. The probability that a non-CEO leaves office is highly elevated around CEO dismissals, particularly when the replacement CEO is an outsider. We find that the labor market penalties from a job dismissal are quite severe for both CEOs and non-CEOs. While many dismissed executives gain new employment in an executive capacity, on average their new positions appear to be significantly inferior to their old positions as measured by compensation, seniority, and firm size. Our results suggest that: (1) the turnover process is effective at eliminating lower ability managers across the corporate hierarchy, (2) aggregate firm performance is a less informative signal of ability for executives below the CEO, and (3) the management team is evaluated, at least partially, as a team.
Author : Patrick A. Gaughan
Publisher : John Wiley & Sons
ISBN 13 : 0470135948
Total Pages : 639 pages
Book Rating : 4.4/5 (71 download)
Download or read book Mergers, Acquisitions, and Corporate Restructurings written by Patrick A. Gaughan and published by John Wiley & Sons. This book was released on 2007-12-10 with total page 639 pages. Available in PDF, EPUB and Kindle. Book excerpt: Modern restructuring techniques for a global business landscape Corporate restructurings are an indispensable tool in building a new generation of re-engineered companies with the power and resources to compete on a global playing field. Written from a practical and historical perspective, Mergers, Acquisitions, and Corporate Restructurings, Fourth Edition carefully analyzes the strategies and motives that inspire M&As, the laws and rules that govern the field, as well as the offensive and defensive techniques of hostile acquisitions. In this thoroughly revised Fourth Edition, author and business valuation expert Patrick Gaughan provides a fresh perspective on M&As in today's global business landscape, and how your company can reap the benefits from the various forms of restructurings available. Packed with the most up-to-date research, graphs, and case studies, Mergers, Acquisitions, and Corporate Restructurings, Fourth Edition explores: * Recent takeover trends including the role of private equity firms and hedge funds * Most effective offensive and defensive tactics in hostile bids * A review of the effect of shareholder wealth on a variety of takeover actions * Modern, historical, and global perspectives on the field * The various forms of downsizing including divestitures, spinoffs, and equity carve-outs * Bankruptcy as an effective restructuring technique * Latest developments in corporate governance * Pros and cons of joint ventures and strategic alliances * Primary methods used to value public and private companies
Author : Joanne P. Healy
Publisher :
ISBN 13 :
Total Pages : 322 pages
Book Rating : 4.:/5 (324 download)
Download or read book Financial Performance, CEO Turnover, and Corporate Takeover Attempts written by Joanne P. Healy and published by . This book was released on 1994 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Randall Morck
Publisher :
ISBN 13 :
Total Pages : 29 pages
Book Rating : 4.:/5 (279 download)
Download or read book Alternative Mechanisms for Corporate Control written by Randall Morck and published by . This book was released on 1988 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Jay Dahya
Publisher :
ISBN 13 :
Total Pages : 56 pages
Book Rating : 4.3/5 ( download)
Download or read book Cadbury committee, corporate performance and top management turnover written by Jay Dahya and published by . This book was released on 1999 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Alessandro Sinatra
Publisher : Springer
ISBN 13 : 1349130168
Total Pages : 544 pages
Book Rating : 4.3/5 (491 download)
Download or read book The Management of Corporate Acquisitions written by Alessandro Sinatra and published by Springer. This book was released on 2016-07-27 with total page 544 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finally! A comprehensive volume on the management of corporate acquisitions that summarizes contemporary research, and that moves what we know about acquisition management a step further. The book encompasses innovative works from several countries, related to a variety of issues; managerial motives, the role of acquisitions in competitive strategy, as well as organizational and political processes. Unlike several other works on acquisitions, this book emphasizes the most critical issue faced by managers today; how to manage successfully already acquired companies and operations. Both researchers, managers and students of strategy and organization will find this book an important supplement.
Author : Marta Pedro Varanda
Publisher :
ISBN 13 :
Total Pages : 122 pages
Book Rating : 4.:/5 (273 download)
Download or read book Top Management Turnover, Operational Changes and Organizational Performance written by Marta Pedro Varanda and published by . This book was released on 1991 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Francis A Okanigbuan Jnr
Publisher : Routledge
ISBN 13 : 042989578X
Total Pages : 215 pages
Book Rating : 4.4/5 (298 download)
Download or read book Corporate Takeover Law and Management Discipline written by Francis A Okanigbuan Jnr and published by Routledge. This book was released on 2019-12-06 with total page 215 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the effectiveness of corporate takeovers. The dominant ideologies of corporate takeovers include synergistic gains and its managerial disciplinary role. These dominant themes are being undermined by the challenges of costly acquisitions. The UK Takeover Code is a regulatory response to the role of managers of target companies only. Also, the regulatory framework for takeovers in the United States is largely focused on target companies. The book demonstrates that managements can influence the role of takeovers, thereby undermining its synergistic and disciplinary values. Presenting an identification and evaluation of the limits of current regulatory and judicial control over the role of management during takeovers in the UK and the US -Delaware, it will identify the relevance of institutional control as an effective mechanism for addressing the challenges of managerial influence over takeover functions. It will also identify how the role of managements can be addressed with the complementary benefit to shareholder and employee interests; thereby challenging the shareholder/ stakeholder primacy debate in corporate law, particularly in relation to takeovers. This book will be essential reading for scholars and students interested in the market for corporate control, corporate law and company law.
Author : James Wilurn Logan
Publisher :
ISBN 13 :
Total Pages : 364 pages
Book Rating : 4.:/5 (284 download)
Download or read book The Influence of Prior Performance, Slack and Top Management Turnover on Divestiture and Subsequent Firm Performance written by James Wilurn Logan and published by . This book was released on 1990 with total page 364 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Barnali Choudhury
Publisher : Cambridge University Press
ISBN 13 : 1108210945
Total Pages : 351 pages
Book Rating : 4.1/5 (82 download)
Download or read book Understanding the Company written by Barnali Choudhury and published by Cambridge University Press. This book was released on 2017-07-20 with total page 351 pages. Available in PDF, EPUB and Kindle. Book excerpt: What is the purpose of the company and its role in society? From their origin in medieval times to their modern incarnation as powerful transnational bodies, companies remain an important part of business and society at large. Drawing from a variety of perspectives, this book adopts a normative approach to understanding the modern company and provides insights into how companies should be conceptualized. It considers key topics such as the development of corporate theory, the rights and obligations of the company, and the means and ends of corporate governance. Written by leading experts of different jurisdictions, this book provides important international viewpoints on some of the most pressing corporate governance questions.
Author : James Wilburn Logan
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (18 download)
Download or read book The Influence of Prior Performance, Slack, and Top Management Turnover on Divestiture and Subsequent Firm Performance written by James Wilburn Logan and published by . This book was released on 1992 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
