Antitakeover Provisions and Shareholder Wealth: A Survey of the Literature
72 Pages Posted: 11 Jul 2012 Last revised: 14 Feb 2013
Date Written: January 22, 2013
We survey theoretical and empirical research on antitakeover provisions, focusing on the relationship between antitakeover provisions and shareholder value. We divide the empirical studies based upon the evidence that they provide: short-term event studies, studies on performance and policy changes around adopting antitakeover provisions or passing state antitakeover laws, studies on the impact of antitakeover provisions on takeovers, studies on the relation between antitakeover provisions and firm characteristics, and long-term studies on the relation between antitakeover provisions and firm performance or policies. We also discuss the place of antitakeover provisions in the current debate about "good governance" practices.
Keywords: Antitakeover Provisions, Governance Index, Corporate Governance, G-Index, E-Index
JEL Classification: G30, G34, K22
Suggested Citation: Suggested Citation