Khalaf, Haifa Mohammmed Jaafer
(1997)
Managerial motives in the market for corporate control.
PhD thesis, London School of Economics and Political Science.
Abstract
The study examines the impact of corporate takeover activities upon managerial and non-managerial remuneration in the acquiring companies. A regression model is empirically tested on a large panel data from LSE FT-All Share Index list for the period 1980 through 1992. The data is collected through DATASTREAM (361 companies) and also supplemented by a survey conducted by the researcher on Executive Share Options in a sample of organisations size 79 companies. The remuneration measures are regressed separately onto a common set of exogenous variables which measure corporate acquisition activities, size, performance and governance. The model thus is also employed to provide an explanation of the impact of corporate size, performance and governance upon managerial and non-managerial remuneration. The relationship is examined using Arellano and Bond's Generalised Method of Moments estimators after accounting for some of the statistical problems encountered when modelling the data. The findings of this study reveal that corporate size and acquisition activities are significantly related to managerial remuneration. The results also suggest that non-managerial remuneration is not significantly related to corporate acquisition but instead to corporate size, performance and governance.
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