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Title: Cultural foundations of corporate control: an empirical enquiry
Authors: Bayat, Ali
Kawalek, Peter
Keywords: Culture of honour
Corporate governance
Corporate control
Hostile takeovers
Takeover resistance
Issue Date: 2017
Publisher: © Academy of Management
Citation: BAYAT, A. and KAWALEK, P., 2017. Cultural foundations of corporate control: an empirical enquiry. Academy of Management Proceedings, January 2017 (Meeting Abstract Supplement) 13524
Abstract: This paper argues for the importance of culture for corporate governance practices. We utilise both the contemporary and early patterns in settlement of Scots-Irish in the United States to study the effect of honour culture on the defensive behaviour of target firms in corporate control contests. Honour culture is characterised by reputation maintenance and defence. We compare the behaviour of target firms in places with varying degree of honour culture. We empirically examine if firms located in places with an honour culture are more resistant to hostile takeovers when becoming a target. We find that these firms show more resistance to hostile takeovers when becoming a target, and are more likely to win the contests. Beyond the existing explanations for target firm resistance, this study sheds light on how cultural dynamics can shape takeover resistance and corporate control.
Description: This paper was published in Academy of Management Proceedings and the definitive published version is available at https://doi.org/10.5465/AMBPP.2017.13524abstract.
Version: Accepted for publication
DOI: 10.5465/AMBPP.2017.13524abstract
URI: https://dspace.lboro.ac.uk/2134/27003
Publisher Link: https://doi.org/10.5465/AMBPP.2017.13524abstract
ISSN: 0065-0668
Appears in Collections:Conference Papers and Presentations (Business School)

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