The Corporate Takeover Market: Common Takeover Tactics, Antitakeover Defenses, and Corporate Governance

DePamphilis, Donald M.

doi:10.1016/b978-0-12-815075-7.00003-6

Mergers, Acquisitions, and Other Restructuring Activities 2019

DOI: 10.1016/b978-0-12-815075-7.00003-6

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The Corporate Takeover Market: Common Takeover Tactics, Antitakeover Defenses, and Corporate Governance

Donald M. DePamphilis¹

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Cited by 2 publications

References 116 publications

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Corporate Governance and Agency Cost: Empirical Evidence from Vietnam

Nguyen

Doan

Nguyen

2020

JRFM

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This study examines the impact of corporate governance, reflecting a wide spectrum of board characteristics and ownership structure on agency costs in 281 listed companies on Ho Chi Minh Stock Exchange (HOSE) in Vietnam in the period 2013–2018. For this purpose, three board characteristics were chosen: (1) the size of board of directors, (2) equilibrium between non-executive and executive members of the board of directors, (3) the CEO chair duality and three types of ownership structures were chosen: (1) management ownership, (2) government ownership, (3) foreign ownership. An inverse proxy of agency costs is used: asset utilization ratio (asset turnover), which reflects the managerial efficiency. The research methodology includes three statistical approaches: Ordinary least squares (OLS), fixed effects model (FEM) and random effects model (REM) are considered to employ to address econometric issues and to improve the accuracy of the regression coefficients. The results can create effective corporate governance mechanisms in controlling the managerial opportunistic behavior to lower agency conflicts, and hence lower agency costs.

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Corporate Governance and Agency Cost: Empirical Evidence from Vietnam

Nguyen

Doan

Nguyen

2020

JRFM

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The Effect of Corporate Governance on the Degree of Agency Cost in the Korean Market

Lee,

Tulcanaza-Prieto

2024

Risks

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This study examines the relationship between corporate governance (CG) and agency costs using Korean market data, particularly for chaebol firms. The final sample includes 660 firm-year observations between 2016 and 2020 for Korean non-financial firms listed on the Korean Composite Stock Price Index (KOSPI). This study employs an ordinary least-squares panel data regression model using two proxies for agency costs, namely, asset utilization ratio and operating expense ratio, and six CG individual metrics as independent variables (CG score, protection of shareholder rights, board structure, disclosure, audit organization, and managerial discretion and error management). We find that firms with high CG experience lower agency costs than those with low CG. Moreover, our evidence suggests that firms can decrease agency costs by improving the quality of CG. The results of our regression model also support the idea that CG is effective in reducing agency costs for chaebol firms but not for non-chaebol firms. Finally, our findings suggest that the implementation of effective CG mechanisms in firms might improve managerial behavior through better decision-making to maximize the value of firms.

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The Corporate Takeover Market: Common Takeover Tactics, Antitakeover Defenses, and Corporate Governance

Cited by 2 publications

References 116 publications

Corporate Governance and Agency Cost: Empirical Evidence from Vietnam

Corporate Governance and Agency Cost: Empirical Evidence from Vietnam

The Effect of Corporate Governance on the Degree of Agency Cost in the Korean Market

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