Board composition, ownership structure, and hostile takeovers

  title={Board composition, ownership structure, and hostile takeovers},
  author={A. Shivdasani},
  journal={Journal of Accounting and Economics},
  • A. Shivdasani
  • Published 1993
  • Business
  • Journal of Accounting and Economics
  • Abstract This paper examines whether differences in the structure of the board of directors and equity ownership contribute to the incidence of hostile takeovers. Evidence from a sample of completed and abandoned hostile takeover attempts that occurred during 1980–1988 indicates that, relative to a control sample, outside directors in hostile targets have lower ownership stakes and hold fewer additional outside directorships. Ownership by blockholders unaffiliated with management raises and… CONTINUE READING
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