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State Antitakeover Laws and Voluntary Disclosure

We test the relationship between takeover protection and voluntary disclosure in a setting of antitakeover laws in a firm?s state of incorporation. After correcting for the endogeneity of firms? incorporation choice, we find that firms incorporated in states with more antitakeover laws have higher levels of voluntary disclosure and stock market liquidity. Further tests based on the proprietary costs of voluntary disclosure do not support shareholder demands being the driving force for this association. Our findings are consistent with takeover protection and poor disclosure serving as substitute mechanisms for deterring takeovers. Therefore, as antitakeover statutes mitigate takeover threats, they enhance managers? incentives to disclose more in order to realize capital market benefits..Printed Journal

Ketersediaan

Call NumberLocationAvailable
JFQA4802PSB lt.dasar - Pascasarjana1
Penerbit Cambridge Cambridge University Press.,
Edisi -
Subjek Stock liquidity
Voluntary disclosure
Endogeneity
antitakeover laws
proprietary costs
ISBN/ISSN -
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Deskripsi Fisik -
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