The role of managerial incentives in corporate acquisitions: the 1990s evidence

摘要: Abstract This paper examines the relationship between likelihood a firm is acquired and governance financial characteristics of firm. Given many developments in corporate control market late 1980s, I suspect that process governing takeover may have changed 1990s. examine sample 342 NYSE/AMEX firms were during 1990–1997 period compare them to matched nonacquired firms. find over this can be characterized as having lower managerial ownership higher by outsiders, particularly nonmanagement blockholders with board representation. The fact negatively related consistent studies using data from 1970s 1980s. suggests helps managers maintain control, or alternatively proxies for how much care about control.