A Study on the Decision of Terminating Poison Pill Plan
Date Issued
2014
Date
2014
Author(s)
Chen, Kuo-Jui
Abstract
This study investigates the variables to the termination of poison pill plans. In contrast with the prior studies, which focus on the effectiveness of poison pills in deterring merger and acquisition (M & A) attempts as well as their impact on M & A premium, this study explores two different sets of variables that may help explain the termination of poison pills. Specifically, the sets of variables being explored in this study include firm attitude toward M&A and the characteristics of the firm. We find that institutional shareholding, outside director shareholding percentage, cash-to-total assets-ratio, staggered board, market value, and directors'' age significantly correlate with the firms'' ceasing these plans. This finding suggests that companies with sound corporate governance mechanism and/or the companies that do not look attractive to potential bidders appear to be more inclined to terminate the poison pill plan.
Subjects
毒藥丸計畫
公司治理
經理人鞏固私利假說
企業併購
反併購措施
Type
thesis
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