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Who disciplines management in poorly performing companies?

Abstract:

Economic theory points to five parties disciplining management of poorly performing firms: holders of large share blocks, acquirers of new blocks, bidders in takeovers, non-executive directors, and investors during periods of financial distress. This paper reports the first comparative evaluation of the role of these different parties in disciplining management. We find that, in the UK, most parties, including holders of substantial share blocks, exert little disciplining and that some, for e...

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Publication status:
Published

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Publisher:
University of Oxford
Series:
Department of Economics Discussion Paper Series
Publication date:
2001-04-01
Paper number:
1999-FE-01
Keywords:
Pubs id:
1144345
Local pid:
pubs:1144345
Deposit date:
2020-12-15

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