Value Creation Through Corporate Destruction? Corporate Governance in Shipping Takeovers

This paper investigates corporate governance implications for shareholder value in shipping takeovers. Inadequate corporate governance structures are shown to affect corporate growth and even turn a company into a takeover target. The interesting case study of Stelmar Shipping is employed in an event study model, in order to evaluate the impact of takeover bids on corporate value and assess target and bidder shareholder returns. In line with past evidence, target shareholders are found to attain positive value gains but bidder shareholders only marginal benefits. The empirical findings underline the need for convenient corporate governance systems that minimize frictions related to agency problems and potentially result to a positive impact on shareholder value.

• Availability:
  • Find a library where document is available. Order URL: http://worldcat.org/oclc/2899960
• Supplemental Notes:
  • Abstract reprinted with permission from Taylor & Francis
• Authors:
  • Syriopoulos, Theodore
  • Theotokas, Ioannis
• Publication Date: 2007-6

Language

• English

Media Info

• Media Type: Print
• Features: Figures; References; Tables;
• Pagination: pp 225-242
• Serial:
  • Maritime Policy & Management
  • Volume: 34
  • Issue Number: 3
  • Publisher: Taylor & Francis
  • ISSN: 0308-8839
  • EISSN: 1464-5254
  • Serial URL: http://www.tandfonline.com/loi/tmpm20

Subject/Index Terms

• TRT Terms: Case studies; Corporations; Evaluation and assessment; Governance; Impacts; Mathematical models; Mergers and acquisitions; Shipping; Stakeholders
• Uncontrolled Terms: Empirical; Increase; Value
• Subject Areas: Administration and Management; Marine Transportation;

Filing Info

• Accession Number: 01055425
• Record Type: Publication
• Files: TRIS
• Created Date: Aug 20 2007 5:45PM