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Governance Mandates, Outside Directors and Acquirer Performance

Petmezas, D, Dahya, J, Golubov, A and Travlos, NG (2016) Governance Mandates, Outside Directors and Acquirer Performance Journal of Corporate Finance.

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We use hand-collected board data around the issuance of two distinct government-led board structure mandates in the U.K. to establish the effect of outside directors on acquirer performance. Increases in outside director representation are associated with better acquirer returns in deals involving listed targets, but not when the target is private. These results are consistent with greater outside director reputational exposure when publicity is high. While we do not advocate mandated board structures, our evidence suggests that the particular diktats we examine were associated with improved acquirer performance in public firm takeovers. We present corroborating evidence from the U.S. around a similar reform period.

Item Type: Article
Divisions : Surrey research (other units)
Authors :
Dahya, J
Golubov, A
Date : 18 November 2016
DOI : 10.1016/j.jcorpfin.2016.11.005
Uncontrolled Keywords : Board structures;, Mergers, Corporate governance
Related URLs :
Depositing User : Symplectic Elements
Date Deposited : 16 May 2017 15:38
Last Modified : 24 Jan 2020 15:07

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