Chapter 10: Corporate Governance 341
35: 1626–1644; M. Ederhof, 2011, Incentive
compensation and promotion-based
incentives of mid-level managers: Evidence
from a multinational corporation, The
Accounting Review, 86: 131–154; C. L.
Staples, 2007, Board globalization in the
world’s largest TNCs 1993–2005, Corporate
Governance, 15: 311–332.
- G. Pandher & R. Currie, 2013, CEO
compensation: A resource advantage
and stakeholder-bargaining perspective,
Strategic Management Journal, 34: 22–41;
Y. Deutsch, T. Keil, & T. Laamanen, 2011, A
dual agency view of board compensation:
The joint effects of outside director and
CEO stock options on firm risk, Strategic
Management Journal, 32: 212–227. - Krause, Whitler, & Semadeni, Power to
the principals! An experimental look
at shareholder say-on-pay voting; L. K.
Meulbroek, 2001, The efficiency of equity-
linked compensation: Understanding
the full cost of awarding executive stock
options, Financial Management, 30: 5–44. - L H. Chan, K. W. Chen, C. Tai Yuan, &
Y. Yangxin, 2015, Substitution between real
and accruals-based earnings management
after voluntary adoption of compensation
clawback provisions, Accounting Review, 90:
147–174; 2013, The experts: Do companies
spend too much on ‘superstar’ CEOs? Wall
Street Journal, http://www.wsj.com, March 14. - E. K. Lim, 2015, The role of reference point
in CEO restricted stock and its impact
on R&D intensity in high-technology
firms, Strategic Management Journal,
36: 872–889; Z. Dong, C. Wang, & F. Xie,
2010, Do executive stock options induce
excessive risk taking? Journal of Banking
& Finance, 34: 2518–2529; C. E. Devers, R. M.
Wiseman, & R. M. Holmes, Jr., 2007, The
effects of endowment and loss aversion
in managerial stock option valuation,
Academy of Management Journal, 50:
191–208. - C. Veld & B. H. Wu, 2014, What drives
executive stock option backdating?,
Journal of Business Finance & Accounting,
41: 1042–1070; T. G. Pollock, H. M. Fischer,
& J. B. Wade, 2002, The role of politics in
reprising executive options, Academy of
Management Journal, 45: 1172–1182. - P. Berrone & L. R. Gomez-Mejia, 2009,
Environmental performance and executive
compensation: An integrated agency-
institutional perspective, Academy of
Management Journal, 52: 103–126. - R. V. Aguilera, K. Desender, M. K. Bednar, &
J. H. Lee, 2015, Connecting the dots:
Bringing external corporate governance
into the corporate governance puzzle,
Academy of Management Annals, 9:483–573;
V. V. Acharya, S. C. Myers, & R. G. Rajan,
2011, The internal governance of firms,
Journal of Finance, 66: 689–720; R. Sinha,
2006, Regulation: The market for corporate
control and corporate governance, Global
Finance Journal, 16: 264–282.
100. T. Laamanen, M. Brauer, & O. Junna, 2014,
Performance of divested assets: Evidence
from the U.S. software industry, Strategic
Management Journal, 35: 914–925;
T. Yoshikawa & A. A. Rasheed, 2010, Family
control and ownership monitoring in
family-controlled firms in Japan, Journal
of Management Studies, 47: 274–295; R. W.
Masulis, C. Wang, & F. Xie, 2007, Corporate
governance and acquirer returns, Journal of
Finance, 62: 1851–1889.
101. A. Macias & C. Pirinsky, C. 2015, Employees
and the market for corporate control,
Journal of Corporate Finance, 31: 33–53;
C. Devers, G. McNamara, J. Haleblian, &
M. Yoder, 2013, Do they walk the talk?
Gauging acquiring CEO and director
confidence in the value-creation potential
of announced acquisitions, Academy of
Management Journal, 56: 1679–1702;
P.-X. Meschi & E. Metais, 2013, Do firms forget
about their past acquisitions? Evidence from
French acquisitions in the United States
(1988–2006), Journal of Management, 39:
469–495; J. A. Krug & W. Shill, 2008, The big
exit: Executive churn in the wake of M&As,
Journal of Business Strategy, 29(4): 15–21.
102. H. Touryalai, 2014, Everybody loves hedge
funds, assets hit record $3 trillion, Forbes,
http://www.forbes.com, March 25.
103. M. Hitoshi, 2014, Hedge Fund activism in
Japan: The limits of shareholder primacy,
Administrative Science Quarterly, 59: 366–369;
N. M. Boyson & R. M. Mooradian, 2011,
Corporate governance and hedge fund
activism, Review of Derivatives Research,
169–204; L. A. Bebchuk & M. S. Weisbach,
2010, The state of corporate governance
research, Review of Financial Studies, 23:
939–961.
104. A. Gara, 2015, Breakup artist hedge funds
betting billions on corporate marriages,
Forbes, February 18, 6.
105. S. Bainbridge, 2011, Hedge funds as activist
investors, ProfessorBainbridge.com, http://www.
professorbainbridge.com, March 21.
106. D. Benoit & J. Bear, 2015, Goldman Sachs
recaptures mojo with DuPont win, Wall
Street Journal, http://www.wsj.com, May 22.
107. S. Ovide & D. Clark, 2015, Silicon Valley grits
teeth over activist investors, Wall Street
Journal, May 27, B1.
108. M. Cremers & A. Ferrell, 2014, Thirty years of
shareholder rights and firm value, Journal
of Finance, 69: 1167–1196; M. L. Humphery-
Jenner & R. G. Powell, 2011, Firm size,
takeover profitability, and the effectiveness
of the market for corporate control: Does
the absence of anti-takeover provisions
make a difference? Journal of Corporate
Finance, 17: 418–437.
109. J. P. Walsh & R. Kosnik, 1993, Corporate
raiders and their disciplinary role in the
market for corporate control, Academy of
Management Journal, 36: 671–700.
110. K. Amess, S. Girma, & M. Wright, 2014, The
wage and employment consequences of
ownership change, Managerial & Decision
Economics, 35: 161–171; M. Schijven &
M. A. Hitt, 2012, The vicarious wisdom of
crowds: Toward a behavioral perspective
on investor reactions to acquisition
announcements, Strategic Management
Journal, 33: 1247–1268; J. Haleblian, C. E.
Devers, G. McNamara, M. A. Carpenter, &
R. B. Davison, 2009, Taking stock of what
we know about mergers and acquisitions:
A review and research agenda, Journal of
Management, 35: 469–502.
- F. Bauer & K. Matzler, 2014, Antecedents
of M&A success: The role of strategic
complementarity, cultural fit and degree
and speed of integration, Strategic
Management Journal, 35: 269–291;
S. Mingo, 2013, The impact of acquisitions
on the performance of existing
organizational units In the acquiring firm:
The case of the agribusiness company,
Management Science, 59: 2687–2701;
A. Sleptsov, J. Anand, & G. Vasudeva,
2013, Relational configurations with
information intermediaries: The effect of
firm-investment bank ties on expected
acquisition performance, Strategic
Management Journal, 34: 957–977. - 2014, Hostile takeover, Investopedia, http://www.
investopedia.com, accessed on June 8. - M. Straska & G. Waller, 2014, Antitakeover
provisions and shareholder wealth:
A survey of the literature, Journal of
Financial & Quantitative Analysis, 49: 1–32;
P. Jiraporn & Y. Liu, 2011, Staggered boards,
accounting discretion and firm value,
Applied Financial Economics, 21: 271–285;
O. Faleye, 2007, Classified boards, firm
value, and managerial entrenchment,
Journal of Financial Economics, 83: 501–529. - M. Holmén, E. Nivorozhkin, & R. Rana,
2014, Do anti-takeover devices affect
the takeover likelihood or the takeover
premium? European Journal of Finance,
20: 319–340; T. Sokoly, 2011, The effects of
antitakeover provisions on acquisition
targets, Journal of Corporate Finance,
17: 612–627; 2007, Leaders: Pay slips;
management in Europe, Economist,
June 23, 14. - J. A. Pearce II & R. B. Robinson, Jr., 2004,
Hostile takeover defenses that maximize
shareholder wealth, Business Horizons 47:
15–24. - M. Humphery-Jenner, 2014, Takeover
defenses, innovation and value creation:
Evidence from acquisition decisions,
Strategic Management Journal, 35: 668–690;
A. Kacperzyk, 2009, With greater power
comes greater responsibility? Takeover
protection and corporate attention to
stakeholders, Strategic Management Journal,
30: 261–285. - P. Sieger, T. Zellweger, & K. Aquino, 2013,
Turning agents into psychological
principals: Aligning interests of non-
owners through psychological ownership,
Journal of Management Studies, 50:
361–388.