2014 Fiscal Year Final Research Report
An Empirical Research on Adoption of Anti-Takeover Provisions and Earnings Management.
| Project/Area Number |
24730402
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Multi-year Fund |
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| Research Field |
Accounting
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| Research Institution | Otemon Gakuin University |
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Principal Investigator |
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| Project Period (FY) |
2012-04-01 – 2015-03-31
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| Keywords | 買収防衛策 / 経営者保身 / 利益マネジメント |
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| Outline of Final Research Achievements |
The number of firm that adopts anti-takeover provisions to protect against hostile corporate acquisitions has been increasing. It has been pointed out that adoption of anti-takeover provisions could have influence principal agent relationship between manager and shareholder. Through review of prior research and empirical analysis, this research found three main findings. Firstly, manager adopts ATP for his entrenchment. Secondly, if a firm announces ATP adoption, stock market has a tendency to undervalue ATP adopter. Finally, manager of ATP adopter operates negative earnings management.
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| Free Research Field |
会計学
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