Do Hostile Takeovers Stifle Innovation? Evidence from Antitakeover Legislation and Corporate Patenting

被引：396
|
作者：
Atanassov, Julian [1 ]
机构：
[1] Univ Oregon, Dept Finance, Lundquist Coll Business, Eugene, OR 97403 USA
来源：
JOURNAL OF FINANCE | 2013年 / 68卷 / 03期
关键词：
AGENCY COSTS; GOVERNANCE; OWNERSHIP; INDUSTRY; FINANCE; MARKET; FIRM;
D O I：
10.1111/jofi.12019
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
I examine how strong corporate governance proxied by the threat of hostile takeovers affects innovation and firm value. I find a significant decline in the number of patents and citations per patent for firms incorporated in states that pass antitakeover laws relative to firms incorporated in states that do not. Most of the impact of antitakeover laws on innovation occurs 2 or more years after they are passed, indicating a causal effect. The negative effect of antitakeover laws is mitigated by the presence of alternative governance mechanisms such as large shareholders, pension fund ownership, leverage, and product market competition.
引用
收藏
页码：1097 / 1131
页数：35
相关论文
共 50 条
  • [1] Do Eastern Religious Traditions Stifle or Encourage Corporate Innovation? Evidence from China
    Liang, Lihong
    Liu, Siyi
    Yang, Daoguang
    Zhang, Chunqiu
    [J]. JOURNAL OF INTERNATIONAL ACCOUNTING RESEARCH, 2024, 23 (01) : 139 - 167
  • [2] Do takeover laws matter? Evidence from five decades of hostile takeovers
    Cain, Matthew D.
    McKeon, Stephen B.
    Solomon, Steven Davidoff
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2017, 124 (03) : 464 - 485
  • [3] Do Antitakeover Provisions Spur Corporate Innovation? A Regression Discontinuity Analysis
    Chemmanur, Thomas J.
    Tian, Xuan
    [J]. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2018, 53 (03) : 1163 - 1194
  • [4] Do corporations learn from mispricing? Evidence from takeovers and corporate performance
    Adra, Samer
    Barbopoulos, Leonidas G.
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2020, 68
  • [5] Do progressive social norms affect economic outcomes? Evidence from corporate takeovers
    Chen, Yangyang
    Podolski, Edward J.
    Rhee, S. Ghon
    Veeraraghavan, Madhu
    [J]. JOURNAL OF EMPIRICAL FINANCE, 2017, 41 : 76 - 95
  • [6] Rents and quasi rents in the wage structure: Evidence from hostile takeovers
    Neumark, D
    Sharpe, SA
    [J]. INDUSTRIAL RELATIONS, 1996, 35 (02): : 145 - 179
  • [7] The impact of international patenting on corporate patenting activities: Evidence from Korea
    Kim, Sangdong
    Lee, Jihong
    [J]. TECHNOVATION, 2024, 130
  • [8] Codetermination, stakeholder rights, and hostile takeovers: A reevaluation of the evidence from abroad
    Robilotti, MG
    [J]. HARVARD INTERNATIONAL LAW JOURNAL, 1997, 38 (02) : 536 - 567
  • [9] Identifying control motives in managerial ownership: Evidence from antitakeover legislation
    Cheng, SJ
    Nagar, V
    Rajan, MV
    [J]. REVIEW OF FINANCIAL STUDIES, 2005, 18 (02): : 637 - 672
  • [10] Leverage and corporate performance: Evidence from unsuccessful takeovers
    Safieddine, A
    Titman, S
    [J]. JOURNAL OF FINANCE, 1999, 54 (02): : 547 - 580
12345