The decline of takeovers and disciplinary managerial turnover

• 成果类型: Article
• 署名作者: Mikkelson, WH; Partch, MM
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(97)00003-2
• 发表日期: 1997
• 页码: 205-228
• 关键词: CORPORATE GOVERNANCE; corporate takeovers; Mergers and Acquisitions; MANAGEMENT TURNOVER

摘要

We compare top management turnover in unacquired U.S. industrial companies during an active takeover market (1984-1988) and a less active takeover market (1989-1993). For firms in the lowest quartile of performance (measured by operating income scaled by assets), 33% experience complete turnover of the president, CEO, and board chair during the active takeover period and only 17% experience complete turnover during the less active period. Controlling for various determinants of management turnover, we provide evidence that turnover and performance are related only in the active takeover period, and conclude that takeover activity affects the intensity of managerial discipline.