The Market for Non-executives: Takeover Performance and the Subsequent Holding of Directorships
- When?
- Wednesday 27 February 2013, 15.00 to 16.30
- Where?
- 33 MS 03
- Open to:
- Public, Alumni, Staff, Students
- Speaker:
- Marc Goergen - Cardiff Business School
The Finance and Accounting Group is proud to present Marc Goergen speaking on the Market for Non-executives
Abstract
This study examines whether the holding of directorships by non-executives, subsequent to their company acquiring another company, is sensitive to the acquirer’s post-acquisition performance for 488 non-executives involved in 147 acquisitions completed between 1994 and 2003. We relate subsequent changes in directorships held by these non-executives to a range of performance measures of the acquiring firms. We find that the holding of directorships by non-executives is not sensitive to the post-acquisition performance of acquirers. This suggests that the market for non-executives does not punish non-executives on the basis of the quality of their previous decisions with fewer board positions.
The full paper is available to view here:
Marc Goergen full paper (365.67KB - Requires Adobe Reader)
