The Life Cycle Effects of Corporate Takeover Defenses

2021 ◽  
Author(s):  
William C Johnson ◽  
Jonathan M Karpoff ◽  
Sangho Yi
Keyword(s):  
Life Cycle ◽  
Firm Value ◽  
Adjustment Costs ◽  
Costs And Benefits ◽  
Firm Age ◽  
Young Firms ◽  
Takeover Defenses ◽  
Corporate Takeover ◽  
Life Cycle Effects ◽  
Do So

Abstract We document that the relation between firm value and the use of takeover defenses is positive for young firms but becomes negative as firms age. This value reversal pattern reflects specific changes in the costs and benefits of takeover defenses as firms age and arises because defenses are sticky and rarely removed. Firms can attenuate the value reversal by removing defenses, but do so only when the defenses become very costly and adjustment costs are low. The value reversal explains previous mixed evidence about takeover defenses and implies that firm age proxies for takeover defenses’ heterogeneous impacts on firm value.

The Life Cycle Effects of Corporate Takeover Defenses

2021 ◽  
Author(s):  
William C Johnson ◽  
Jonathan M Karpoff ◽  
Sangho Yi
Keyword(s):  
Life Cycle ◽  
Firm Value ◽  
Adjustment Costs ◽  
Costs And Benefits ◽  
Firm Age ◽  
Young Firms ◽  
Takeover Defenses ◽  
Corporate Takeover ◽  
Life Cycle Effects ◽  
Do So

Abstract We document that the relation between firm value and the use of takeover defenses is positive for young firms but becomes negative as firms age. This value reversal pattern reflects specific changes in the costs and benefits of takeover defenses as firms age and arises because defenses are sticky and rarely removed. Firms can attenuate the value reversal by removing defenses, but do so only when the defenses become very costly and adjustment costs are low. The value reversal explains previous mixed evidence about takeover defenses and implies that firm age proxies for takeover defenses’ heterogeneous impacts on firm value.

Hostile Takeovers and Anti-takeover Defenses in the Russian Corporate Market

2007 ◽  
pp. 70-84 ◽  
Author(s):  
E. Demidova
Keyword(s):  
Cost Benefit Analysis ◽  
Cost Benefit ◽  
Benefit Analysis ◽  
Costs And Benefits ◽  
Hostile Takeovers ◽  
Russian Market ◽  
Takeover Defenses ◽  
The Cost ◽  
European Markets

This article analyzes definitions and the role of hostile takeovers at the Russian and European markets for corporate control. It develops the methodology of assessing the efficiency of anti-takeover defenses adapted to the conditions of the Russian market. The paper uses the cost-benefit analysis, where the costs and benefits of the pre-bid and post-bid defenses are compared.

Production of uredinia and telia by stalactiform blister rust in British Columbia

1993 ◽  
Vol 71 (3) ◽  
pp. 519-521 ◽  
Author(s):  
B. J. van der Kamp
Keyword(s):  
British Columbia ◽  
Life Cycle ◽  
Key Words ◽  
Alternate Host ◽  
Alternate Hosts ◽  
Blister Rust ◽  
Dry Areas ◽  
Do So

Records of uredinia and telia production on the alternate hosts of Cronartium coleosporioides in British Columbia and inoculation of Castilleja miniata with aeciospores collected from various locations showed that rust isolates from dry areas of the interior of British Columbia do not produce uredinia and may have lost the ability to do so. Collections from somewhat wetter areas produced uredinia or mixtures of uredinia and telia immediately following aeciospore inoculations, and field collections from such areas in June commonly had mixtures of uredinia and telia. Loss of the uredinial stage may be a response to climates that are often unsuitable for the spread or survival of the rust on the alternate host. Key words: stalactiform rust, uredinia, telia, rust life cycle.

Are Busy Directors Harmful or Helpful? Evidence from the Great Recession

2018 ◽  
Vol 18 (2) ◽  
Author(s):  
Pradit Withisuphakorn ◽  
Pornsit Jiraporn
Keyword(s):  
Standard Deviation ◽  
Financial Crisis ◽  
Great Recession ◽  
Firm Value ◽  
Costs And Benefits ◽  
Governance Mechanisms ◽  
Great Caution ◽  
Crisis Period ◽  
The Great Recession

Abstract We contribute to the debate on the costs and benefits of busy directors by investigating the effect of busy directors on firm value during a stressful time, i. e. during the Great Recession. Our results show that busy directors improve firm value significantly during the financial crisis. In particular, a rise in directors’ busyness by one standard deviation results in an improvement in Tobin’s q by 6.41 %. Directors with multiple board seats appear to help firms navigate the crisis more successfully, supporting the notion that multiple board seats signal higher quality. Outside the crisis period, however, we find that busy directors reduce firm value, consistent with many prior studies. Our results are crucial as they show that governance mechanisms function differently during stressful times than they do during normal times. Firms should exercise great caution before imposing limits on outside board seats on their directors.

scholarly journals METODE INTERAKSI PARENTING: UPAYA MENGOPTIMALKAN PENDIDIKAN SISWA SEJAK DINI

2016 ◽  
Vol 3 (02) ◽  
Author(s):  
Moh Rifai
Keyword(s):  
Life Cycle ◽  
Elementary Students ◽  
Key Words ◽  
Well Being ◽  
Good Schools ◽  
Children Education ◽  
First Time ◽  
Do So ◽  
The Way

<p>Parents are obliged to take care of their children’s future, especially by rendering sufficient education. Children are believed to bring about happiness every now and then, who generate family’s pride up to the almighty judication. Some people are save and some are not in that court, where children will give sigificant contribution in it. That’s why the children’s well being has become the parents obligation. To bring about children’s well being, parents should also render the good treatments during the life cycle of their children. The main duties of parents for their children are giving them the good names, sending them to the good schools where they can learn religion, and marry them to their good spouses. Psychologically, when children are sent to school for the first time, they will feel that they are put apart from parents’ care, so that may of them have to go difficult phase of adjustment. The adjustment includes that of education so as to run as naturally as possible. To get the naturality of the education delegation, teachers and educators are obliged to be able to nurture any value to students as naturally as possible. Parenting model of teaching serves the requirements of teaching children just the way the parrents do, so that it is assumptively effective in teaching elementary students by taking consideration on the psychologial aspect of children.</p><p> </p><p>Key words:   Parenting Model of teaching, children education optimalization</p>

scholarly journals Penilaian Dampak Lingkungan Industri Tahu Menggunakan Life Cycle Assessment (Studi Kasus: Pabrik Tahu Sari Murni Kampung Krajan, Surakarta)

2021 ◽  
Vol 6 (4) ◽  
Author(s):  
Elvis Umbu Lolo ◽  
Richardus Indra Gunawan ◽  
Agerippa Yanuranda Krismani ◽  
Yonathan Suryo Pambudi
Keyword(s):  
Life Cycle Assessment ◽  
Life Cycle ◽  
Functional Unit ◽  
Steam Boiler ◽  
Inventory Data ◽  
Energy Materials ◽  
Toxicity Potential ◽  
Human Toxicity Potential ◽  
Efficient Consumption ◽  
Do So

The problem faced by the tofu industry is waste management. So, it is necessary to do so that tofu waste does not pollute the environment by managing waste and emissions, efficient consumption of energy, materials, andwater. One way to identify environmental pollution is by Life Cycle Assessment. This study uses the Life Cycle Assessment (LCA) method. The LCA flow in this study is to determine goals and scopes, create inventory data, make grouping impacts and how much impact they generate, as well as interpreting to provide improvements. The functional unit in this study is 1 kg of tofu which is produced in 1 day. The results of this study were divided into five impact categories, namely, climate change, the most important being 2195 kg CO2, human toxicity potential at 2187 kg 1,4-Dikchloro benzene, eutrophication at 0.935 kg PO4, photo oxidant at 0.797 kg C2H4, and acidification at 15,915 kg. SO2. The recommended improvement alternative is to make efforts to use water efficiently during the tofu production process, including the need to clean the scale in the steam boiler to increase the volume of steam produced, so that the use of water and energy is more efficient.

scholarly journals Pengaruh Risiko Bisnis, Life Cycle Dan Diversifikasi Terhadap Struktur Modal Serta Hubungannya Dengan Nilai Perusahaan Manufaktur Di Indonesia

2016 ◽  
Vol 9 (1) ◽  
Author(s):  
Septi Diana Sari
Keyword(s):  
Life Cycle ◽  
Capital Structure ◽  
Firm Value ◽  
Order Theory ◽  
Diversification Strategy ◽  
Single Segment ◽  
Unrelated Diversification ◽  
Related Diversification ◽  
Positive Effect ◽  
The Capital Structure

This study aims to examine the factors that affect the capital structure. The task of the financial manager is to determine the amount of capital structure to enhance shareholder value. Since the capital structure associated with firm value , this study also aimed to examine the effect of capital structure on firm value by considering the company's diversification strategy and corporate life cycle stages . By using the data obtained from the OSIRIS period 2009-2012, researchers used multiple regression test and path analysis to test the hypothesis. From the test results stated that only companies which are in the start-up phase which has a significant positive effect on the capital structure , as well as the diversification strategy has an influence on the capital structure of the company's capital structure with a sequence of related diversification > unrelated diversification > single segment. But when regressed diversification strategy with corporate values, only a single segment strategy and related diversification which significantly affect the value of the company, as well as the positive effect of capital structure on firm value. Most of the results of this study can be explained by the signaling effect and the pecking order theory. 

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