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Ownership structure, managerial turnover and takeovers: Further UK evidence on the market for corporate control
Author(s)
Date Issued
1998-03
Date Available
2016-02-16T10:45:17Z
Abstract
This article investigates the impact that successful hostile and friendly takeovers have on the rates of top management change for U.K. target firms. The results shows that hostile takeovers are associated with a greater degree of both top executive and top team forced departure rates compared to that of friendly takeovers. Furthermore, prior to takeover, hostile targets have lower abnormal returns, lower profitability, higher debt, lower managerial ownership and a high ownership stake held by external block holders relative to friendly targets. The results give further support to the disciplining role of the hostile takeover.
Type of Material
Journal Article
Publisher
Global Business Publications
Journal
Multinational Finance Journal
Volume
2
Issue
1
Start Page
62
End Page
83
Copyright (Published Version)
1998 Multinational Finance Society
Classification
G3
Language
English
Status of Item
Peer reviewed
This item is made available under a Creative Commons License
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