3 Merger and Acquisition Transactions and Executive Compensation: A Review of the Empirical Evidence

References

• Agrawal , A. and Knoeber , C.R. 1996 . Firm performance and mechanisms to control agency problems between managers and shareholders . Journal of Financial and Quantitative Analysis , 31 (3) : 377 – 397 .
   Web of Science ®Google Scholar
• Agrawal , A. and Knoeber , C.R. 1998 . Managerial compensation and the threat of takeover . Journal of Financial Economics , 47 (2) : 219 – 239 .
   Web of Science ®Google Scholar
• Agrawal , A. and Mandelker , G.N. 1987 . Managerial incentives and corporate investment and financing decisions . Journal of Finance , 42 (4) : 823 – 837 .
   Web of Science ®Google Scholar
• Agrawal , A. and Walkling , R.A. 1994 . Executive careers and compensation surrounding takeover bids . Journal of Finance , 49 (3) : 985 – 1014 .
   Google Scholar
• Amihud , Y. , Dodd , P. and Weinstein , M. 1986 . Conglomerate mergers, managerial motives and stockholder wealth . Journal of Banking and Finance , 10 (3) : 401 – 411 .
   Web of Science ®Google Scholar
• Amihud , Y. and Lev , B. 1999 . Does corporate ownership structure affect its strategy towards diversification? . Strategic Management Journal , 20 (11) : 1063 – 1069 .
   Web of Science ®Google Scholar
• Amihud , Y. and Lev , B. 1981 . Risk reduction as a managerial motive for conglomerate mergers . Bell Journal of Economics , 12 (2) : 605 – 617 .
   Google Scholar
• Amihud , Y. , Lev , B. and Travlos , N.G. 1990 . Corporate control and the choice of investment financing: the case of corporate acquisitions . Journal of Finance , 45 (2) : 603 – 617 .
   Web of Science ®Google Scholar
• Anderson , R.C. , Bates , T.W. , Bizjak , J.M. and Lemmon , M.L. 2000 . Corporate governance and firm diversification . Financial Management , 29 (1) : 5 – 22 .
   Web of Science ®Google Scholar
• Anderson , C.W. , Becher , D.A. and Campbell , T.L. 2004 . Bank mergers, the market for bank CEOs, and managerial incentives . Journal of Financial Intermediation , 13 (1) : 6 – 28 .
   Web of Science ®Google Scholar
• Andrade , G. , Mitchell , M. and Stafford , E. 2001 . New evidence and perspectives on mergers . Journal of Economic Perspectives , 15 (2) : 103 – 121 .
   Web of Science ®Google Scholar
• Arora , A. and Alam , P. 2005 . CEO compensation and stakeholders' claims . Contemporary Accounting Research , 22 (3) : 519 – 547 .
   Web of Science ®Google Scholar
• Avery , C. , Chevalier , J.A. and Schaefer , S. 1998 . Why do managers undertake acquisitions? An analysis of internal and external rewards for acquisitiveness . Journal of Law, Economics and Organization , 14 (1) : 24 – 43 .
   Web of Science ®Google Scholar
• Bebchuk , L.A. and Fried , J. 2004 . Pay without performance: The unfulfilled promise of executive compensation , Cambridge, MA : Harvard University Press .
   Google Scholar
• Billett , M. and Ryngaert , M. 1997 . Capital structure, asset structure and equity takeover premiums in cash tender offers . Journal of Corporate Finance , 3 : 141 – 165 .
   Google Scholar
• Bliss , R.T. and Rosen , R.J. 2001 . CEO compensation and bank mergers . Journal of Financial Economics , 61 (1) : 107 – 138 .
   Web of Science ®Google Scholar
• Bodolica , V. 2005 . “ Impacts of mergers and acquisitions on executive compensation of acquiring firms ” . HEC Montreal . Doctoral Dissertation
   Google Scholar
• Bodolica , V. and Spraggon , M. in press . The implementation of special attributes of CEO compensation contracts around M&A transactions . Strategic Management Journal ,
   Web of Science ®Google Scholar
• Bogle , J.C. 2008 . Reflections on CEO compensation . Academy of Management Perspectives , 22 (2) : 21 – 25 .
   Web of Science ®Google Scholar
• Born , J.A. , Trahan , E.A. and Faria , H.J. 1993 . Golden parachutes: Incentive aligners, management entrenchers, or takeover bid signals? . Journal of Financial Research , 16 (4) : 299 – 308 .
   Web of Science ®Google Scholar
• Bradley , M. , Desai , A. and Kim , E.H. 1983 . The rationale behind interfirm tender offers: Information or Synergy . Journal of Financial Economics , 11 (1–4) : 183 – 206 .
   Web of Science ®Google Scholar
• Buchholtz , A.K. and Ribbens , B.A. 1994 . Role of chief executive officers in takeover resistance: effects of CEO incentives and individual characteristics . Academy of Management Journal , 37 (3) : 554 – 579 .
   Web of Science ®Google Scholar
• Campa , J.M. 2006 . Corporate restructuring and M&A activity . CESifo Forum , 7 (1) : 17 – 21 .
   Google Scholar
• Campello , M. 2006 . Debt financing: Does it boost or hurt performance in product markets . Journal of Financial Economics , 82 : 135 – 172 .
   Web of Science ®Google Scholar
• Carleton , J.R. and Lineberry , C. 2004 . Achieving post‐merger success: A stakeholder's guide to cultural due diligence, assessment, and integration , San Francisco, CA : Pfeiffer .
   Google Scholar
• Choi , A. 2004 . Golden parachute as a compensation‐shifting mechanism . Journal of Law Economics and Organization , 20 (1) : 170 – 191 .
   Web of Science ®Google Scholar
• Coakley , J. and Iliopoulou , S. 2006 . Bidder CEO and other executive compensation in UK M&As . European Financial Management , 12 (4) : 609 – 631 .
   Web of Science ®Google Scholar
• Cochran , P.L. , Wood , R.A. and Jones , T.B. 1985 . The composition of boards of directors and incidence of golden parachutes . Academy of Management Journal , 28 : 664 – 671 .
   Web of Science ®Google Scholar
• Combs , J.G. and Skill , M.S. 2003 . Managerialist and human capital explanations for key executive pay premiums: A contingency perspective . Academy of Management Journal , 46 (1) : 63 – 73 .
   Web of Science ®Google Scholar
• Conyon , M.J. and Gregg , P. 1994 . Pay at the top pay: A study of the sensitivity of top director remuneration to company specific shocks . National Institute Economic Review , 149 : 83 – 92 .
   Google Scholar
• Cooper , H. 1998 . Synthesizing research: A guide for literature reviews , Thousand Oaks, CA : Sage .
   Google Scholar
• Core , J.E. , Guay , W. and Larcker , D.F. 2008 . The power of the pen and executive compensation . Journal of Financial Economics , 88 : 1 – 25 .
   Web of Science ®Google Scholar
• Cornett , M.M. , Hovakimian , G. , Palia , D. and Tehranian , H. 2003 . The impact of the manager–shareholder conflict on acquiring bank returns . Journal of Banking and Finance , 27 : 103 – 131 .
   Web of Science ®Google Scholar
• Cotter , J.F. , Shivdasani , A. and Zenner , M. 1997 . Do independent directors enhance target shareholder wealth during tender offers? . Journal of Financial Economics , 43 : 195 – 218 .
   Web of Science ®Google Scholar
• Cotter , J.F. and Zenner , M. 1994 . How managerial wealth affects the tender offer process . Journal of Financial Economics , 35 (1) : 63 – 97 .
   Web of Science ®Google Scholar
• Crystal , G.S. 1991 . In search of excess: The overcompensation of American executives , New York : W.W. Norton & Company .
   Google Scholar
• Dalton , D.R. , Hitt , M.A. , Certo , S.T. and Dalton , C.M. 2007 . The fundamental agency problem and its mitigation . Academy of Management Annals , 1 (1) : 1 – 64 .
   Google Scholar
• Datta , S. , Iskandar‐Datta , M. and Raman , K. 2001 . Executive compensation and corporate acquisition decisions . Journal of Finance , 56 (6) : 2299 – 2336 .
   Web of Science ®Google Scholar
• D'Aveni , R.A. and Kesner , I.F. 1993 . Top management prestige, power and tender offer response: a study of elite social networks and target cooperation during takeovers . Organization Science , 4 (2) : 123 – 151 .
   Web of Science ®Google Scholar
• Denis , D.J. , Denis , D.K. and Sarin , A. 1997 . Agency problems, equity ownership, and corporate diversification . Journal of Finance , 52 (1) : 135 – 160 .
   Web of Science ®Google Scholar
• Denis , D.J. , Denis , D.K. and Sarin , A. 1999 . Agency theory and the influence of equity ownership structure on corporate diversification strategies . Strategic Management Journal , 20 (11) : 1071 – 1076 .
   Web of Science ®Google Scholar
• Dorata , N.T. 2008 . The shielding of CEO cash compensation from post‐acquisition earnings' charges . Managerial Finance , 34 (5) : 288 – 303 .
   Web of Science ®Google Scholar
• Dorata , N.T. and Petra , S.T. 2008 . CEO duality and compensation in the market for corporate control . Managerial Finance , 34 (5) : 342 – 353 .
   Web of Science ®Google Scholar
• Dyck , A. and Zingales , L. 2002 . The corporate governance role of the media , Harvard University . Unpublished working paper
   Google Scholar
• Edmondson , G. 2004 . Daimler's fumbles are firing up Europe's shareholders . Business Week , April 19 : 52
   Google Scholar
• Finkelstein , S. and Hambrick , D.C. 1988 . Chief executive compensation: A synthesis and reconciliation . Strategic Management Journal , 9 (6) : 543 – 558 .
   Web of Science ®Google Scholar
• Firth , M. 1991 . Corporate takeovers, stockholder returns and executive rewards . Managerial and Decision Economics , 12 (6) : 421 – 428 .
   Google Scholar
• Gaughan , P.A. 2007 . Mergers, acquisitions, and corporate restructurings , New York : John Wiley & Sons .
   Google Scholar
• Gélinas , P. 2001 . “ La rémunération des dirigeants d'entreprise: une analyse selon la perspective institutionnelle ” . HEC Montreal . Doctoral Dissertation
   Google Scholar
• Girma , S. , Thompson , S. and Wright , P.W. 2006 . The impact of merger activity on executive pay in the United Kingdom . Economica , 73 : 321 – 339 .
   Web of Science ®Google Scholar
• Goldstein , S. 2006 . Dubai ports closes P&O acquisition: To keep US unit separate pending review . MarketWatch , March 9
   Google Scholar
• Gregoriou , G. and Renneboog , L. 2007 . International mergers and acquisitions activity since 1990: Recent research and quantitative analysis , Boston, MA : Elsevier .
   Google Scholar
• Grinstein , Y. and Hribar , P. 2004 . CEO compensation and incentives: Evidence from M&A bonuses . Journal of Financial Economics , 73 (1) : 119 – 143 .
   Web of Science ®Google Scholar
• Guest , P.M. 2009 . The impact of mergers and acquisitions on executive pay in the United Kingdom . Economica , 76 (301) : 149 – 175 .
   Web of Science ®Google Scholar
• Hadlock , C. , Houston , J. and Ryngaert , M. 1999 . The role of managerial incentives in bank acquisitions . Journal of Banking and Finance , 23 : 221 – 249 .
   Web of Science ®Google Scholar
• Hall , P.L. 1998 . An examination of stock returns to firms adopting golden parachutes under certain conditions . American Business Review , 16 (1) : 123 – 130 .
   Google Scholar
• Hansen , F. 2004 . European Mergers and Acquisitions . Business Credit , 106 (1) : 58 – 60 .
   Google Scholar
• Hanson , R.C. and Song , M.H. 1996 . Ownership structure and managerial incentives: The evidence from acquisitions by dual class firms . Journal of Business Finance and Accounting , 23 (5/6) : 831 – 849 .
   Google Scholar
• Harford , J. and Li , K. 2007 . Decoupling CEO wealth and firm performance: the case of acquiring CEOs . Journal of Finance , 62 (2) : 917 – 949 .
   Web of Science ®Google Scholar
• Hartzell , J.C. , Ofek , E. and Yermack , D. 2004 . What's in it for me? CEOs whose firms are acquired . The Review of Financial Studies , 17 (1) : 37 – 61 .
   Web of Science ®Google Scholar
• Haunschild , P.R. 1994 . How much is that company worth? Inter‐organizational relationships, uncertainty, and acquisition premiums . Administrative Science Quarterly , 39 (3) : 391 – 411 .
   Web of Science ®Google Scholar
• Hayn , C. 1989 . Tax attributes as determinants of shareholder gains in corporate acquisitions . Journal of Financial Economics , 23 (1) : 121 – 153 .
   Web of Science ®Google Scholar
• Hayward , M.L.A. and Hambrick , D.C. 1997 . , Explaining premiums paid for large acquisitions: evidence of CEO hubris . Administrative Science Quarterly , 42 (1) : 103 – 127 .
   Web of Science ®Google Scholar
• Healy , P.H. , Palepu , K.G. and Ruback , R.S. 1992 . Does corporate performance improve after takeovers? . Journal of Financial Economics , 31 (2) : 135 – 175 .
   Web of Science ®Google Scholar
• Hitt , M.A. , Harrison , J.S. and Ireland , R.D. 2001 . Mergers and acquisitions: A guide to creating value for stakeholders , New York : Oxford University Press .
   Google Scholar
• Holmstrom , B. and Kaplan , S.N. 2001 . Corporate governance and merger activity in the United States: Making sense of the 1980s and 1990s . Journal of Economic Perspectives , 15 (2) : 121 – 144 .
   Web of Science ®Google Scholar
• Houle , K. 2003 . “ La rémunération des dirigeants des entreprises absorbées en contexte de fusion et d'acquisition ” . HEC Montreal . Master dissertation
   Google Scholar
• Hubbard , G. and Palia , D. 1995 . Benefits of control, managerial ownership, and the stock returns of acquiring firms . Rand Journal of Economics , 26 (4) : 782 – 792 .
   Web of Science ®Google Scholar
• IndiaPRwire . 2007 . Tata Steel completes £6.2 billion acquisition of Corus Group . IndiaPRwire , February 4
   Google Scholar
• Jaggi , B. and Dorata , N.T. 2006 . Association between bid premium for corporate acquisitions and executive compensation . Journal of Accounting, Auditing and Finance , 21 (4) : 373 – 397 .
   Google Scholar
• Jensen , M.C. 1986 . Agency costs of free cash flow, corporate finance, and takeovers . American Economic Review , 76 (2) : 323 – 329 .
   Web of Science ®Google Scholar
• Jensen , M.C. and Meckling , W.H. 1976 . Theory of the firm: Managerial behavior, agency costs and ownership structure . Journal of Financial Economics , 3 (4) : 305 – 360 .
   Web of Science ®Google Scholar
• Kaplan , S.N. 2008 . Are US CEOs overpaid? . Academy of Management Perspectives , 22 (2) : 5 – 20 .
   Web of Science ®Google Scholar
• Khorana , A. and Zenner , M. 1998 . Executive compensation of large acquirers in the 1980s . Journal of Corporate Finance , 4 (4) : 209 – 240 .
   Google Scholar
• King , D.R. , Dalton , D.R. , Daily , C.M. and Covin , J.G. 2004 . Meta‐analyses of post‐acquisition performance: Indications of unidentified moderators . Strategic Management Journal , 25 (2) : 187 – 200 .
   Web of Science ®Google Scholar
• Krishnan , H.A. , Hitt , M.A. and Park , D. 2007 . Acquisition premiums, subsequent workforce reductions and post‐acquisition performance . Journal of Management Studies , 44 : 709 – 732 .
   Web of Science ®Google Scholar
• Kroll , M. , Simmons , S.A. and Wright , P. 1990 . Determinants of chief executive officer compensation following major acquisitions . Journal of Business Research , 20 (4) : 349 – 366 .
   Web of Science ®Google Scholar
• Kroll , M. , Wright , P. , Toombs , L. and Leavell , H. 1997 . Form of control: a critical determinant of acquisition performance and CEO rewards . Strategic Management Journal , 18 (2) : 85 – 96 .
   Web of Science ®Google Scholar
• Lambert , R.A. and Larcker , D.F. 1987 . Executive compensation effects of large corporation acquisitions . Journal of Accounting and Public Policy , 6 (4) : 231 – 243 .
   Web of Science ®Google Scholar
• Lane , P.J. , Cannella , A.A. and Lubatkin , M.H. 1998 . Agency problems as antecedents to unrelated mergers and diversification: Amihud and Lev reconsidered . Strategic Management Journal , 19 (6) : 555 – 578 .
   Web of Science ®Google Scholar
• Lane , P.J. , Cannella , A.A. and Lubatkin , M.H. 1999 . Ownership structure and corporate strategy: One question viewed from different worlds . Strategic Management Journal , 20 (11) : 1077 – 1086 .
   Web of Science ®Google Scholar
• Lee , L.F. , Shakespeare , C. and Walsh , J.P. 2009 . The limits of empire: Asset churning and CEO compensation , Ross School of Business, University of Michigan . Unpublished manuscript
   Google Scholar
• Lefanowicz , C.E. , Robinson , J.R. and Smith , R. 2000 . Golden parachutes and managerial incentives in corporate acquisitions: evidence from the 1980s and 1990s . Journal of Corporate Finance , 6 : 215 – 239 .
   Google Scholar
• Lewellen , W. , Loderer , C. and Rosenfeld , A. 1985 . Merger decisions and executive stock ownership in acquiring firms . Journal of Accounting and Economics , 7 (1–3) : 209 – 232 .
   Web of Science ®Google Scholar
• Lewellen , W. , Loderer , C. and Rosenfeld , A. 1989 . Mergers, executive risk reduction, and stockholder wealth . Journal of Financial and Quantitative Analysis , 24 (4) : 459 – 472 .
   Web of Science ®Google Scholar
• Limmack , R.J. 1997 . Discussion of an examination of the long run performance of UK acquiring firms . Journal of Business Finance and Accounting , 27 : 1003 – 1007 .
   Google Scholar
• Lloyd , W.P. , Hand , J.H. and Modani , N.K. 1987 . The effect of the degree of ownership control on firm diversification, market value and merger activity . Journal of Business Research , 15 : 303 – 312 .
   Web of Science ®Google Scholar
• Loughran , T. and Vijh , A.M. 1997 . Do long term shareholders benefit from corporate acquisitions? . Journal of Finance , 52 (5) : 1765 – 1790 .
   Web of Science ®Google Scholar
• Lu , Q. 2004 . Do mergers destroy value? Evidence from failed bids , Kellogg School of Management, Northwestern University . Working paper
   Google Scholar
• Lynch , L.J. and Perry , S.E. 2002 . An examination of pre‐merger executive compensation structure in merging firms . Journal of Managerial Issues , 14 (3) : 279 – 295 .
   Google Scholar
• Machlin , J.C. , Choe , H. and Miles , J.A. 1993 . The effects of golden parachutes on takeover activity . Journal of Law and Economics , 36 (2) : 860 – 876 .
   Web of Science ®Google Scholar
• May , D.O. 1995 . Do managerial motives influence firm risk reduction strategies . Journal of Finance , 50 (4) : 1291 – 1308 .
   Web of Science ®Google Scholar
• Mergemarket . 2009 . Deal drivers Russia: A survey and review of Russian corporate finance activity CMS, March
   Google Scholar
• Mitchell , M.L. and Lehn , K. 1990 . Do bad bidders become good targets? . Journal of Political Economy , 98 (2) : 372 – 398 .
   Web of Science ®Google Scholar
• Moeller , S.B. , Schlingemann , F.P. and Strulz , R.M. 2005 . Wealth destruction on a massive scale? A study of acquiring‐firm returns in the recent merger wave . Journal of Finance , 60 (2) : 757 – 782 .
   Web of Science ®Google Scholar
• Morck , R.M. , Shleifer , A. and Vishny , R.W. 1988 . “ Characteristics of Targets of Hostile and Friendly Takeovers ” . In Corporate takeovers: Causes and consequences , Edited by: Auerbach , A.J. 101 – 129 . Chicago, IL : University of Chicago Press .
   Google Scholar
• Rajagopalan , N. 1996 . Strategic orientations, incentive plan adoptions, and firm performance: evidence from electric utility firms . Strategic Management Journal , 18 (10) : 761 – 785 .
   Web of Science ®Google Scholar
• Reingold , J. and Jesperson , F. 2000 . Executive pay . Business Week , April 17 : 100 – 102 .
   Google Scholar
• Roll , R. 1986 . The hubris hypothesis of corporate takeover . Journal of Business , 59 (2) : 197 – 216 .
   Google Scholar
• Rose , N.L. and Shepard , A. 1997 . Firm diversification and CEO compensation: Managerial ability or executive entrenchment? . Rand Journal of Economics , 28 (3) : 489 – 514 .
   Web of Science ®Google Scholar
• Sanders , W.G. 2001 . Behavioral responses of CEOs to stock ownership and stock option pay . Academy of Management Journal , 44 (3) : 477 – 492 .
   Web of Science ®Google Scholar
• Saunders , A. , Strock , E. and Travlos , N.G. 1990 . Ownership structure, deregulation, and bank risk taking . Journal of Finance , 45 (2) : 643 – 654 .
   Web of Science ®Google Scholar
• Schmidt , D. and Fowler , K. 1990 . Post‐acquisition financial performance and executive compensation . Strategic Management Journal , 11 (7) : 559 – 569 .
   Web of Science ®Google Scholar
• Servaes , H. 1996 . The value of diversification during the conglomerate merger wave . Journal of Finance , 51 : 1201 – 1225 .
   Web of Science ®Google Scholar
• Shekhar , C. 2005 . Takeovers, ownership, and shareholder wealth—the Australian evidence . Review of Accounting and Finance , 4 (3) : 101 – 120 .
   Google Scholar
• Shivdasani , A. 1993 . Board composition, ownership structure and hostile takeover . Journal of Accounting and Economics , 16 (1–3) : 167 – 198 .
   Web of Science ®Google Scholar
• Shleifer , A. and Vishny , R.W. 1991 . Takeovers in the '60s and the '80s: Evidence and implications . Strategic Management Journal , 12 (1) : 51 – 59 .
   Google Scholar
• Singh , H. and Harianto , F. 1989 . Management–board relationships, takeover risk, and the adoption of golden parachutes . Academy of Management Journal , 32 : 7 – 24 .
   Web of Science ®Google Scholar
• Singh , S.K. 2009 . Mergers & Acquisitions: Deal or no deal? . Gulf Business ,
   Google Scholar
• Slusky , A.R. and Caves , R.E. 1991 . Synergy, agency and the determinants of premia paid in mergers . Journal of Industrial Economics , 39 (3) : 277 – 296 .
   Web of Science ®Google Scholar
• Smith , A. and Kim , J. 1994 . The combined effects of free cash flow and financial slack on bidder and target stock returns . Journal of Business , 67 : 281 – 310 .
   Web of Science ®Google Scholar
• Song , M.H. and Walkling , R.A. 1993 . The impact of managerial ownership on acquisition attempts and target shareholder wealth . Journal of Financial and Quantitative Analysis , 28 (4) : 439 – 457 .
   Web of Science ®Google Scholar
• Stulz , R. , Walkling , R. and Song , M. 1990 . The distribution of target ownership and the division of gains in successful takeovers . Journal of Finance , 45 : 817 – 834 .
   Web of Science ®Google Scholar
• Subrahmanyam , V. , Rangan , N. and Roseinstein , S. 1997 . The role of outside directors in bank acquisitions . Financial Management , 26 (3) : 23 – 36 .
   Web of Science ®Google Scholar
• Subramaniam , C. and Daley , L.A. 2000 . Free cash flow, golden parachutes and the discipline of takeover activity . Journal of Business Finance and Accounting , 27 (1/2) : 1 – 36 .
   Google Scholar
• Sundaramurthy , C. 2000 . Antitakeover provisions and shareholder value implications: A review and a contingency framework . Journal of Management , 26 (5) : 1005 – 1030 .
   Web of Science ®Google Scholar
• Sundaramurthy , C. 1996 . Corporate governance within the context of antitakeover provisions . Strategic Management Journal , 17 (5) : 377 – 394 .
   Web of Science ®Google Scholar
• Sundaramurthy , C. and Lewis , M. 2003 . Control and collaboration: Paradoxes of governance . Academy of Management Review , 28 (3) : 397 – 415 .
   Web of Science ®Google Scholar
• Swanstrom , M. 2006 . Corporate governance and the abnormal returns to acquisition announcements . Journal of Business Strategies , 23 (2) : 115 – 129 .
   Google Scholar
• Tauber , Y.D. and Levy , D.R. 2002 . Executive compensation , Edison, NJ : Bureau of National Affairs Books .
   Google Scholar
• Tehranian , H. , Travlos , N.G. and Waegelein , J.F. 1987 . Management compensation contracts and merger‐induced abnormal returns . Journal of Accounting Research , 25 (1) : 51 – 76 .
   Google Scholar
• Tosi , H.L. , Werner , S. , Katz , J.P. and Gomez‐Mejia , L.R. 2000 . How much does performance matter? A meta‐analysis of CEO pay studies . Journal of Management , 26 (2) : 301 – 339 .
   Web of Science ®Google Scholar
• Trautwein , F. 1990 . Merger motives and merger prescriptions . Strategic Management Journal , 11 (4) : 283 – 295 .
   Web of Science ®Google Scholar
• Travlos , N.G. and Waegelein , J.F. 1992 . Executive compensation, method of payment and abnormal returns to bidding firms at takeover announcements . Managerial and Decision Economics , 13 (6) : 493 – 501 .
   Google Scholar
• Tuch , C. and O'Sullivan , N. 2007 . The impact of acquisitions on firm performance: A review of the evidence . International Journal of Management Reviews , 9 (2) : 141 – 170 .
   Web of Science ®Google Scholar
• Ueng , C.J. 1998 . Manager incentive and returns to shareholders of acquiring firms . Review of Business , 19 (3) : 27 – 30 .
   Google Scholar
• Uhlenbruck , K. , Hitt , M.A. and Semadeni , M. 2006 . Market value effects of acquisitions involving Internet firms: A resource‐based analysis . Strategic Management Journal , 27 : 899 – 913 .
   Web of Science ®Google Scholar
• Wade , J. , O'Reilly , C. and Chandratat , I. 1990 . Golden parachutes: CEOs and the exercise of social influence . Administrative Science Quarterly , 35 : 587 – 603 .
   Web of Science ®Google Scholar
• Walker , M. 2000 . Corporate takeovers, strategic objectives and acquiring firm shareholder wealth . Financial Management , 20 : 53 – 66 .
   Google Scholar
• Walkling , R.A. and Long , M.S. 1984 . Agency theory, managerial welfare, and takeover bid resistance . Rand Journal of Economics , 15 (1) : 54 – 68 .
   Web of Science ®Google Scholar
• Walsh , J. 2008 . CEO compensation and the responsibilities of the business scholar to society . Academy of Management Perspectives , 22 (2) : 26 – 33 .
   Web of Science ®Google Scholar
• Walsh , J.P. and Seward , J.K. 1990 . On the efficiency of internal and external corporate control mechanisms . Academy of Management Review , 15 (3) : 421 – 458 .
   Web of Science ®Google Scholar
• Weisbach , M. 1993 . Corporate governance and hostile takeovers . Journal of Accounting and Economics , 16 : 199 – 208 .
   Web of Science ®Google Scholar
• Weston , J.F. , Chung , K.S. and Siu , J.A. 1998 . Takeovers, Restructurings and Corporate Governance , Upper Saddle River, NJ : Prentice Hall .
   Google Scholar
• Westphal , J.D. 1998 . Board games: How CEOs adapt to increases in structural board independence from management . Administrative Science Quarterly , 43 (3) : 511 – 537 .
   Web of Science ®Google Scholar
• Williams , M.A. , Michael , T.B. and Rao , R.P. 2008 . Bank mergers, equity risk incentives, and CEO stock options . Managerial Finance , 34 (5) : 316 – 327 .
   Web of Science ®Google Scholar
• Williams , M.A. , Michael , T.B. and Waller , E.R. 2008 . Managerial incentives and acquisitions: a survey of the literature . Managerial Finance , 34 (5) : 328 – 341 .
   Web of Science ®Google Scholar
• Williams , M.A. and Rao , R.P. 2006 . CEO stock options and equity risk incentives . Journal of Business Finance and Accounting , 33 (1/2) : 26 – 44 .
   Web of Science ®Google Scholar
• Wright , P. , Kroll , M. and Elenkov , D. 2002 . Acquisition returns, increase in firm size, and chief executive officer compensation: the moderating role of monitoring . Academy of Management Journal , 45 (3) : 599 – 608 .
   Web of Science ®Google Scholar
• Wright , P. , Kroll , M. , Lado , A. and Van Ness , B. 2002 . The structure of ownership and corporate acquisition strategies . Strategic Management Journal , 23 (1) : 41 – 53 .
   Web of Science ®Google Scholar
• Wulf , J. 2004 . Do CEOs in mergers trade power for premium? Evidence from “mergers of equals” . Journal of Law Economics and Organization , 20 (1) : 60 – 101 .
   Web of Science ®Google Scholar
• Zephyr . 2008 . Zephyr Annual M&A Report 2008 , Manchester, , UK : Bureau van Dijk Electronic Publishing .
   Google Scholar
• Zhou , X. 1999 . Executive compensation and managerial incentives: A comparison between Canada and the United States . Journal of Corporate Finance , 5 : 277 – 301 .
   Google Scholar
• Zollo , M. and Meier , D. 2008 . What is M&A performance? . Academy of Management Perspectives , 22 (3) : 55 – 77 .
   Web of Science ®Google Scholar