Another look at the managerial entrenchment hypothesis of acquisitions: A replication of Humphery-Jenner (2014)
Donald D. Bergh,
Ronan Powell,
Yang Zhao
Abstract:Anti-takeover provisions have long been associated with managerial entrenchment, self-interested strategic behaviors, and lower performance. Humphery-Jenner (2014) offers an opposing view, arguing that anti-takeover provisions can lead to beneficial managerial entrenchment for acquiring firms in hard-to-value industries. These firms are particularly vulnerable to opportunistic takeovers and once shielded from those threats, managers could undertake acquisition strategies that offer positive performance outcome… Show more
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