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UK corporate governance and takeover performance

Guest, P, Cosh, AD and Hughes, A (2008) UK corporate governance and takeover performance In: The Economics of Corporate Governance and Mergers. Edward Elgar. ISBN 1847207154

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This chapter addresses the changing nature of corporate governance in the United Kingdom over recent decades and examines whether these changes have had an impact on the UK market for corporate control. The disappointing outcomes for acquiring company shareholders in the majority of corporate acquisitions, public discontent with some pay deals for top executives and some high profile corporate scandals led in the early 1990s to a call for governance reform. The scrutiny of governance in UK companies has intensified since the publication of the Cadbury Report in 1992 and has resulted in calls for changes in the size, composition and role of boards of directors, in the role of institutional shareholders, the remuneration and appointment of executives, and in legal and accounting regulations. We review the background to these changes and the consequences of the changes since 1990 for governance structures. Finally, we examine whether these changes have affected takeover performance in recent years. Our analysis is specific to the institutional circumstances of the UK although we refer where appropriate to takeover studies in other countries.

Item Type: Book Section
Divisions : Surrey research (other units)
Authors : Guest, P, Cosh, AD and Hughes, A
Editors :
Gugler, K
Yurtoglu, B
Date : 2008
Uncontrolled Keywords : Corporate governance; takeovers; UK; financial performance; Cadbury
Depositing User : Symplectic Elements
Date Deposited : 28 Mar 2017 14:08
Last Modified : 23 Jan 2020 12:50

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