The structure of ownership and corporate acquisition strategies

• 成果类型: Article
• 署名作者: Wright, P; Kroll, M; Lado, A; van Ness, B
• 署名单位: University of Memphis; University of Louisiana System; Louisiana Technical University; University System of Ohio; Cleveland State University; Kansas State University
• 刊物名称: STRATEGIC MANAGEMENT JOURNAL
• ISSN/ISSBN: 0143-2095
• DOI: 10.1002/smj.208
• 发表日期: 2002
• 页码: 41-53
• 关键词: Agency theory; corporate acquisition strategies; firm risk taking; ACQUISITION PERFORMANCE

摘要

In this study, we examine in an agency-theoretic context the influence of executive equity stakes upon corporate strategy and firm value. We argue that beneficial, risk-increasing corporate strategies may initially be emphasized but non-value-maximizing, risk-reducing strategies may subsequently be emphasized as managers expand their stock ownership. We alternatively contend that stock options may have a consistently positive impact on firm risk taking and acquisition returns. The empirical findings are supportive of our expectations. Copyright (C) 2002 John Wiley & Sons, Ltd.