{"id":"https://openalex.org/W1487063558","doi":null,"title":"What Do Managers Do When Immune from Hostile Takeover Threats","display_name":"What Do Managers Do When Immune from Hostile Takeover Threats","publication_year":2008,"publication_date":"2008-01-01","ids":{"openalex":"https://openalex.org/W1487063558","mag":"1487063558"},"language":"en","primary_location":{"id":"pmh:oai:hub.hku.hk:10722/130267","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10722/130267","pdf_url":null,"source":{"id":"https://openalex.org/S4377196271","display_name":"The HKU Scholars Hub (University of Hong Kong)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I889458895","host_organization_name":"University of Hong Kong","host_organization_lineage":["https://openalex.org/I889458895"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Conference_Paper"},"volume":null,"type":"conference-paper","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5012413134","display_name":"Liu Zheng","orcid":"https://orcid.org/0000-0003-1649-8942","observed_orcids":["https://orcid.org/0000-0003-1649-8942"]},"institutions":[{"id":"https://openalex.org/I889458895","display_name":"University of Hong Kong","ror":"https://ror.org/02zhqgq86","country_code":"HK","type":"education","lineage":["https://openalex.org/I889458895"]}],"countries":["HK"],"is_corresponding":false,"raw_author_name":"Liu Zheng","raw_affiliation_strings":["University of Hong Kong"],"raw_orcid":"https://orcid.org/0000-0003-1649-8942","affiliations":[{"raw_affiliation_string":"University of Hong Kong","institution_ids":["https://openalex.org/I889458895"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5026714805","display_name":"Rujing Meng","orcid":"https://orcid.org/0009-0006-0154-4132","observed_orcids":["https://orcid.org/0009-0006-0154-4132"]},"institutions":[{"id":"https://openalex.org/I889458895","display_name":"University of Hong Kong","ror":"https://ror.org/02zhqgq86","country_code":"HK","type":"education","lineage":["https://openalex.org/I889458895"]}],"countries":["HK"],"is_corresponding":false,"raw_author_name":"Rujing Meng","raw_affiliation_strings":["University of Hong Kong"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"University of Hong Kong","institution_ids":["https://openalex.org/I889458895"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I889458895"],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":null,"issue":null,"first_page":null,"last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":1.0,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12509","display_name":"Corporate Insolvency and Governance","score":0.0,"subfield":{"id":"https://openalex.org/subfields/3308","display_name":"Law"},"field":{"id":"https://openalex.org/fields/33","display_name":"Social Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12225","display_name":"Political Influence and Corporate Strategies","score":0.0,"subfield":{"id":"https://openalex.org/subfields/1408","display_name":"Strategy and Management"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/hostile-takeover-defenses","display_name":"hostile takeover defenses","score":0.6890000104904175},{"id":"https://openalex.org/keywords/capital-structure","display_name":"capital structure","score":0.8550000190734863},{"id":"https://openalex.org/keywords/free-cash-flow-hypothesis","display_name":"free cash flow hypothesis","score":0.8270000219345093},{"id":"https://openalex.org/keywords/corporate-investment","display_name":"corporate investment","score":0.4860000014305115},{"id":"https://openalex.org/keywords/capital-expenditure","display_name":"capital expenditure","score":0.7749999761581421},{"id":"https://openalex.org/keywords/corporate-acquisition","display_name":"corporate acquisition","score":0.8610000014305115},{"id":"https://openalex.org/keywords/firm-value","display_name":"firm value","score":0.8999999761581421},{"id":"https://openalex.org/keywords/managerial-ownership","display_name":"managerial ownership","score":0.9269999861717224},{"id":"https://openalex.org/keywords/institutional-ownership","display_name":"institutional ownership","score":0.8510000109672546},{"id":"https://openalex.org/keywords/internal-control","display_name":"internal control","score":0.6690000295639038},{"id":"https://openalex.org/keywords/corporate-governance","display_name":"corporate governance","score":0.49000000953674316}],"concepts":[{"id":"https://openalex.org/C2776662940","wikidata":"https://www.wikidata.org/wiki/Q6770802","display_name":"Market for corporate control","level":4,"score":0.669407844543457},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.6334182024002075},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5909286141395569},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.5899869799613953},{"id":"https://openalex.org/C2780334105","wikidata":"https://www.wikidata.org/wiki/Q9297784","display_name":"Free cash flow","level":3,"score":0.5744252800941467},{"id":"https://openalex.org/C36673458","wikidata":"https://www.wikidata.org/wiki/Q392896","display_name":"Agency cost","level":4,"score":0.5615301728248596},{"id":"https://openalex.org/C108170787","wikidata":"https://www.wikidata.org/wiki/Q3951828","display_name":"Agency (philosophy)","level":2,"score":0.5583189725875854},{"id":"https://openalex.org/C2775924081","wikidata":"https://www.wikidata.org/wiki/Q55608371","display_name":"Control (management)","level":2,"score":0.5351033806800842},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5308296084403992},{"id":"https://openalex.org/C2776291640","wikidata":"https://www.wikidata.org/wiki/Q2912517","display_name":"Value (mathematics)","level":2,"score":0.49921631813049316},{"id":"https://openalex.org/C83646750","wikidata":"https://www.wikidata.org/wiki/Q193893","display_name":"Capital (architecture)","level":2,"score":0.4990062713623047},{"id":"https://openalex.org/C23032112","wikidata":"https://www.wikidata.org/wiki/Q1344727","display_name":"Enterprise value","level":2,"score":0.4919164180755615},{"id":"https://openalex.org/C202552767","wikidata":"https://www.wikidata.org/wiki/Q1901350","display_name":"Market value","level":2,"score":0.49052828550338745},{"id":"https://openalex.org/C149933338","wikidata":"https://www.wikidata.org/wiki/Q950816","display_name":"Capital structure","level":3,"score":0.4812621772289276},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.47933635115623474},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.47287222743034363},{"id":"https://openalex.org/C172497479","wikidata":"https://www.wikidata.org/wiki/Q302208","display_name":"Capital expenditure","level":2,"score":0.4571641683578491},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.41759130358695984},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.36404621601104736},{"id":"https://openalex.org/C120757647","wikidata":"https://www.wikidata.org/wiki/Q381136","display_name":"Shareholder","level":3,"score":0.1942591369152069},{"id":"https://openalex.org/C39389867","wikidata":"https://www.wikidata.org/wiki/Q380767","display_name":"Corporate governance","level":2,"score":0.1502770483493805},{"id":"https://openalex.org/C111472728","wikidata":"https://www.wikidata.org/wiki/Q9471","display_name":"Epistemology","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C187736073","wikidata":"https://www.wikidata.org/wiki/Q2920921","display_name":"Management","level":1,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.0},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"pmh:oai:hub.hku.hk:10722/130267","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10722/130267","pdf_url":null,"source":{"id":"https://openalex.org/S4377196271","display_name":"The HKU Scholars Hub (University of Hong Kong)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I889458895","host_organization_name":"University of Hong Kong","host_organization_lineage":["https://openalex.org/I889458895"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"","raw_type":"Conference_Paper"},{"id":"mag:1487063558","doi":null,"is_oa":false,"landing_page_url":"http://hub.hku.hk/bitstream/10722/130272/1/Content.pdf","pdf_url":null,"source":null,"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[{"score":0.666700005531311,"display_name":"Peace, justice, and strong institutions","id":"https://metadata.un.org/sdg/16"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":55,"referenced_works":["https://openalex.org/W1494703832","https://openalex.org/W1567448068","https://openalex.org/W1577338957","https://openalex.org/W1584886768","https://openalex.org/W1587222246","https://openalex.org/W1606272114","https://openalex.org/W1967358294","https://openalex.org/W1979927021","https://openalex.org/W1984640356","https://openalex.org/W2007946665","https://openalex.org/W2033442258","https://openalex.org/W2036281662","https://openalex.org/W2041380708","https://openalex.org/W2049350168","https://openalex.org/W2091530448","https://openalex.org/W2095619114","https://openalex.org/W2122479412","https://openalex.org/W2124115302","https://openalex.org/W2127731095","https://openalex.org/W2129123189","https://openalex.org/W2136122167","https://openalex.org/W2141013059","https://openalex.org/W2145788913","https://openalex.org/W2148416404","https://openalex.org/W2158269427","https://openalex.org/W2160184254","https://openalex.org/W2164323143","https://openalex.org/W2170082342","https://openalex.org/W2170790204","https://openalex.org/W2752617332","https://openalex.org/W2902987049","https://openalex.org/W3021302892","https://openalex.org/W3021889044","https://openalex.org/W3121131820","https://openalex.org/W3121176210","https://openalex.org/W3121250421","https://openalex.org/W3121319487","https://openalex.org/W3121819860","https://openalex.org/W3121850914","https://openalex.org/W3122288015","https://openalex.org/W3122302359","https://openalex.org/W3122398884","https://openalex.org/W3122610520","https://openalex.org/W3123655838","https://openalex.org/W3124114405","https://openalex.org/W3124117485","https://openalex.org/W3124125015","https://openalex.org/W3124242212","https://openalex.org/W3124620510","https://openalex.org/W3124871904","https://openalex.org/W3125087107","https://openalex.org/W3125140669","https://openalex.org/W3125397542","https://openalex.org/W3125649628","https://openalex.org/W3125688476"],"related_works":["https://openalex.org/W7095590347","https://openalex.org/W2296056914","https://openalex.org/W2127731095","https://openalex.org/W2132933406","https://openalex.org/W1944980881","https://openalex.org/W4313134108","https://openalex.org/W1631730680","https://openalex.org/W2581462851","https://openalex.org/W2144849973","https://openalex.org/W1942893820"],"abstract_inverted_index":{"This":[0],"paper":[1],"adopts":[2],"the":[3,16,51,86,89,111,123],"mid-1990s":[4],"Delaware":[5],"antitakeover":[6],"regime":[7],"shift":[8],"as":[9],"a":[10],"natural":[11],"experiment":[12],"to":[13,110],"examine":[14],"how":[15,31],"removal":[17],"of":[18,47,56,88,113,126],"hostile":[19],"takeover":[20],"threats":[21],"affects":[22],"managers\u2019":[23],"decisions":[24],"on":[25,34],"corporate":[26,70],"financing":[27,63],"and":[28,30,50,64,69],"investment,":[29],"it":[32],"impacts":[33,87,125],"firm":[35,80],"value.":[36,81],"Our":[37],"Differences-in-Differences-in-Differences":[38],"analysis":[39],"shows":[40],"that,":[41],"consistent":[42],"with":[43,100],"managerial":[44,102],"agency":[45],"models":[46],"capital":[48,67,128],"structure":[49],"free":[52],"cash":[53],"flow":[54],"hypothesis":[55],"Jensen":[57,114],"(1986),":[58],"managers":[59],"use":[60],"lower":[61,101,105],"debt":[62],"make":[65],"higher":[66],"expenditures":[68],"acquisitions":[71],"when":[72],"protected":[73],"from":[74],"takeovers.":[75],"These":[76],"entrenched":[77],"behaviors":[78],"destroy":[79],"In":[82],"addition,":[83],"we":[84],"find":[85],"exogenous":[90],"changes":[91],"in":[92],"market":[93,129],"control":[94,119],"are":[95],"more":[96],"significant":[97],"for":[98],"firms":[99],"ownerships":[103],"or":[104],"institutional":[106],"holdings,":[107],"lending":[108],"supports":[109],"arguments":[112],"(1993)":[115],"that":[116],"effective":[117],"internal":[118],"systems":[120],"can":[121],"alleviate":[122],"negative":[124],"weakened":[127],"controls.":[130]},"counts_by_year":[],"updated_date":"2026-11-08T12:12:28.789561","created_date":"2016-06-24T00:00:00"}