Pl. Rechner et al., CORPORATE GOVERNANCE PREDICTORS OF ADOPTION OF ANTITAKEOVER AMENDMENTS - AN EMPIRICAL-ANALYSIS, Journal of business ethics, 12(5), 1993, pp. 371-378
This study of 481 corporations provides an assessment of the relations
hip between several corporate governance variables (board composition,
type of board leadership, officer and director stock holdings, instit
utional stock holdings, number of majority owners, existence of severa
nce agreements) and adoption of anti-takeover amendments. The results
of analysis suggest that the two groups (adopters/non-adopters) differ
significantly in regards to these variables.