Extraordinary Antitakeover Provisions and Insider Ownership Structure: The Case of Converting Savings and Loans

Glenn Boyle (), Richard B. Carter and Roger D. Stover

Journal of Financial and Quantitative Analysis, 1998, vol. 33, issue 2, 291-304

Abstract: Insider ownership and antitakeover provisions both affect a firm's vulnerability to takeover, its value, and its managers' incentives and utility. We examine the simultaneous determination of insider ownership and takeover protection using data from mutual savings and loan associations converting to stock form. At low levels of insider ownership, we find that ownership is negatively related to the number of extraordinary antitakeover provisions; at higher levels, ownership is not related to the number of antitakeover provisions. These results are consistent with insider entrenchment.

Date: 1998
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