The Takeover Market, Corporate Board Composition, and Ownership Structure: The Case of Banking

摘要: HE incentive conflict arising from the separation of the management and ownership of corporate resources has been extensively researched.'Recently, interest has focused on the interaction between external devices that control managerial behavior (for example, the market for takeovers) and internal mechanisms for control (for example, boards of directors). In particular, Eugene F. Fama, Eugene F. Fama and Michael C. Jensen, and Oliver E. Williamson have hypothesized that the composition of the board of directors will reflect the …