Corporate culture and takeover vulnerability: evidence from machine learning and earnings conference calls
Pattanaporn Chatjuthamard,
Pandej Chintrakarn,
Suwongrat Papangkorn
et al.
Abstract:Purpose
Exploiting an innovative measure of corporate culture based on machine learning and earnings conference calls, this study aims to investigate how corporate culture is influenced by hostile takeover threats. To sidestep endogeneity, this study uses a unique measure of takeover vulnerability principally based on the staggered implementation of state legislations, which are plausibly exogenous.
Design/methodology/approach
In addition to the standard regression analysis, this study also executes a variet… Show more
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