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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | Defense mechanisms of hostile takeovers and company performance - An empirical analysis comparing the US and Swiss corporate governance system |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 63 |
| Date | 2021 |
| Abstract Text | This thesis studies the connection between company performance and corporate governance, thereby focusing on the role of anti-takeover defense mechanisms. It investigates a number of specific determinants as the principal-agent problem or the respective legal frameworks which impact corporate governance. The sample includes 936 US and 134 Swiss firms for the years 2005 to 2019. For the empirical analysis, three takeover defense indices are developed and regressed against Tobin’s Q and ROA. Results find empirical evidence that having a higher index value results in a significant lower firm performance and profitability controlling for other factors like firm’s size or leverage. |
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