The Impact of Antitakeover Amendments on Corporate Financial Performance
Mark S Johnson and
Ramesh Rao ()
The Financial Review, 1997, vol. 32, issue 4, 659-89
Previous event studies that examine the impact of antitakeover amendments on the firm value provide mixed results. Some studies support the management entrenchment hypothesis, while others support the shareholder interest hypothesis. In this study, a longitudinal approach is used to examine the impact of antitakeover amendments on several financial attributes of the firm including: operating and net income to total assets, operating and overhead expenses to sales, research and development to total sales, capital expenditures to sales, and debt relative to total assets. It is concluded that antitakeover amendments are not deleterious in terms of their impact on various fundamental firm performance measures. Copyright 1997 by MIT Press.
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Persistent link: https://EconPapers.repec.org/RePEc:bla:finrev:v:32:y:1997:i:4:p:659-89
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