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The Market for Corporate Control with Influential- and Dependent-Stakeholder Protection

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This paper investigates how the level of stakeholder protection affects the market for corporate control. Two types of stakeholder protection are distinguished: the influential stakeholders' claims apply to the part of the firm's revenues that is not diverted by the manager as private benefits; the dependent stakeholders obtain a fraction of the firm's revenues once the private benefits have been realized. Stakeholder protection is not irrelevant for the market for corporate control, and its effects on the price paid by the bidder, the success or failure of takeovers, and their frequency depend crucially on the types of stakeholder protection. (JEL: G34)
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Document Type: Research Article

Publication date: 01 September 2017

This article was made available online on 15 July 2016 as a Fast Track article with title: "The Market for Corporate Control with Influential- and Dependent-Stakeholder Protection".

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  • Founded as Zeitschrift für die gesamte Staatswissenschaft in 1844.

    As one of the oldest journals in the field of political economy, the Journal of Institutional and Theoretical Economics (JITE) deals traditionally with the problems of economics, social policy, and their legal framework. JITE is listed in the Journal of Economic Literature, the Social Science Citation Index, the International Bibliography of the Social Sciences, and COREJ.

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    From 2013 on all accepted articles are published in an Online First version (in their final layout) to make them searchable and citable by their DOI immediately after peer review and acceptance. Once the article is published in an issue of the journal, the Online First version will be removed.

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