BOARD STRUCTURE, ANTITAKEOVER PROVISIONS, AND STOCKHOLDER WEALTH

This paper's regression analyses from a sample of 261 firms that adopt ed 486 antitakeover provisions (supermajority, classified boards, fair -price, reduction in cumulative voting, anti-greenmail and poison pill s) in the 1984-88 period indicate that the negative market reactions t o antitakeover provisions vary depending on firms' board structures. T his paper's empirical evidence indicates that while separating the pos itions of CEO and chairperson of the board reduces the negative effect , increased outsider representation increases negative marker reaction s. (C) 1997 by John Wiley & Sons, Ltd.