Impact of Classified Board on M&A Target Shareholder Value: Nurturing Innovation through Entrenchment
DC Field | Value | Language |
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dc.contributor.author | Kim, Chaehyun | - |
dc.contributor.author | Kang, Shinwoo | - |
dc.contributor.author | Shim, Hyeongsop | - |
dc.date.available | 2020-04-06T06:37:33Z | - |
dc.date.created | 2020-04-02 | - |
dc.date.issued | 2020-03 | - |
dc.identifier.issn | 1369-412X | - |
dc.identifier.uri | https://scholarworks.bwise.kr/gachon/handle/2020.sw.gachon/26087 | - |
dc.description.abstract | We find that classified board in the M&A target firm is positively related to the target shareholder value, but only for firms with both intensive R&D investment and strong external governance. We also find that firms with classified board exhibit superior quality innovation when they have both intensive R&D investment and strong external governance. These findings are consistent with the view that classified board provides long-term perspectives that promote productive but risky R&D investment, which is highly valued in M&A. Our findings are distinct from the view expressed in extant literature that classified board enhances target shareholder value because of stronger bargaining power. | - |
dc.language | 영어 | - |
dc.language.iso | en | - |
dc.publisher | WILEY | - |
dc.relation.isPartOf | INTERNATIONAL REVIEW OF FINANCE | - |
dc.title | Impact of Classified Board on M&A Target Shareholder Value: Nurturing Innovation through Entrenchment | - |
dc.type | Article | - |
dc.type.rims | ART | - |
dc.description.journalClass | 1 | - |
dc.identifier.wosid | 000517097300011 | - |
dc.identifier.doi | 10.1111/irfi.12205 | - |
dc.identifier.bibliographicCitation | INTERNATIONAL REVIEW OF FINANCE, v.20, no.1, pp.261 - 273 | - |
dc.identifier.scopusid | 2-s2.0-85080977441 | - |
dc.citation.endPage | 273 | - |
dc.citation.startPage | 261 | - |
dc.citation.title | INTERNATIONAL REVIEW OF FINANCE | - |
dc.citation.volume | 20 | - |
dc.citation.number | 1 | - |
dc.contributor.affiliatedAuthor | Shim, Hyeongsop | - |
dc.type.docType | Article | - |
dc.subject.keywordPlus | CORPORATE GOVERNANCE | - |
dc.subject.keywordPlus | STAGGERED BOARDS | - |
dc.subject.keywordPlus | FIRM VALUE | - |
dc.subject.keywordPlus | RISK | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Business, Finance | - |
dc.description.journalRegisteredClass | ssci | - |
dc.description.journalRegisteredClass | scopus | - |
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