Corpus ID: 3049166

Do AntiTakeover Provisions Spur Corporate Innovation ?

@inproceedings{Chemmanur2012DoAP,
  title={Do AntiTakeover Provisions Spur Corporate Innovation ?},
  author={Thomas J. Chemmanur},
  year={2012}
}

Thomas J. Chemmanur

Published 2012

We study the relation between antitakeover provisions (ATPs) and corporate innovation, and show that one of the ways through which ATPs affect firm value is through this novel “innovation channel.” We test two different hypotheses: the “long-term value creation” hypothesis, which implies that ATPs spur corporate innovation by insulating managers from short-term pressures arising from the equity market, allowing them to focus on long-term value creation; and the “management entrenchment… CONTINUE READING

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