The rise of corporate governance in corporate control research |
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Authors: | Jeffry Netter Annette Poulsen Mike Stegemoller |
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Affiliation: | 1. Rabobank Economic Research, Croeselaan 18, 3521 CB, Utrecht, The Netherlands;2. University of New Orleans, Economics and Finance, College of Business Administration, 2000 Lakeshore Drive, 70148 New Orleans, LA, United States;1. Northwestern University, School of Law and Kellogg School of Management, 375 E. Chicago Ave, Chicago, IL 60611, United States;2. FGV-EAESP, Av Nove de Julho, 2029 — Sala 912, São Paulo, SP 01313-902, Brazil;1. Department of Management Sciences, Mohammad Ali Jinnah University, Off Islamabad Expressway, Kahuta Road, Sihala, Islamabad, Pakistan;2. Head, Department of Accounting and Finance, International Islamic University, Sector H-10, Islamabad, Pakistan |
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Abstract: | This article has two related tasks. First, we review the articles published in this Special Issue on Corporate Control, Mergers, and Acquisitions. These articles provide new evidence on several aspects of corporate control and governance including the value and performance effects of various ownership groups, the impact of internal governance structures, the effects of regulatory changes on specific industries and evidence on bidding strategies in takeovers. This analysis leads us to our second task – to examine the evolution of corporate control research, broadly defined. Our analysis shows a movement in research from mergers and acquisitions to a broader analysis of corporate governance, especially internal governance features. We suggest that there is a trend toward an increase in the relative importance of internal governance compared to discipline from the market from corporate control. This trend reflects an important change over the past several decades in the means through which the market disciplines corporate behavior. |
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