Reexamining staggered boards and shareholder value

Alma Cohen; Charles C.Y. Wang

doi:10.1016/j.jfineco.2017.06.004

Reexamining staggered boards and shareholder value

Alma Cohen, Charles C.Y. Wang

School of Economics

Tel Aviv University

Research output: Contribution to journal › Article › peer-review

Abstract

Cohen and Wang (2013) (CW2013) provide evidence consistent with market participants perceiving staggered boards to be value reducing. Amihud and Stoyanov (2016) (AS2016) contests these findings, reporting some specifications under which the results are not statistically significant. We show that the results retain their significance under a wide array of robustness tests that address the concerns expressed by AS2016. Our empirical findings reinforce the conclusions of CW2013.

Original language	English
Pages (from-to)	637-647
Number of pages	11
Journal	Journal of Financial Economics
Volume	125
Issue number	3
DOIs	https://doi.org/10.1016/j.jfineco.2017.06.004
State	Published - Sep 2017

Keywords

Airgas
Antitakeover provisions
Corporate governance
Delaware
Firm value
Staggered boards
Takeover defense

All Science Journal Classification (ASJC) codes

Accounting
Finance
Economics and Econometrics
Strategy and Management

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10.1016/j.jfineco.2017.06.004

Cite this

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title = "Reexamining staggered boards and shareholder value",

abstract = "Cohen and Wang (2013) (CW2013) provide evidence consistent with market participants perceiving staggered boards to be value reducing. Amihud and Stoyanov (2016) (AS2016) contests these findings, reporting some specifications under which the results are not statistically significant. We show that the results retain their significance under a wide array of robustness tests that address the concerns expressed by AS2016. Our empirical findings reinforce the conclusions of CW2013.",

keywords = "Airgas, Antitakeover provisions, Corporate governance, Delaware, Firm value, Staggered boards, Takeover defense",

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N2 - Cohen and Wang (2013) (CW2013) provide evidence consistent with market participants perceiving staggered boards to be value reducing. Amihud and Stoyanov (2016) (AS2016) contests these findings, reporting some specifications under which the results are not statistically significant. We show that the results retain their significance under a wide array of robustness tests that address the concerns expressed by AS2016. Our empirical findings reinforce the conclusions of CW2013.

AB - Cohen and Wang (2013) (CW2013) provide evidence consistent with market participants perceiving staggered boards to be value reducing. Amihud and Stoyanov (2016) (AS2016) contests these findings, reporting some specifications under which the results are not statistically significant. We show that the results retain their significance under a wide array of robustness tests that address the concerns expressed by AS2016. Our empirical findings reinforce the conclusions of CW2013.

KW - Airgas

KW - Antitakeover provisions

KW - Corporate governance

KW - Delaware

KW - Firm value

KW - Staggered boards

KW - Takeover defense

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U2 - 10.1016/j.jfineco.2017.06.004

DO - 10.1016/j.jfineco.2017.06.004

M3 - مقالة

SN - 0304-405X

VL - 125

SP - 637

EP - 647

JO - Journal of Financial Economics

JF - Journal of Financial Economics

IS - 3

ER -

Reexamining staggered boards and shareholder value

Abstract

Keywords

All Science Journal Classification (ASJC) codes

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