Jong, A. de; Poel, A.M. van der; Wolfswinkel, M. - Erasmus Research Institute of Management (ERIM), ERIM … - 2007
We examine 865 acquisitions by Dutch industrial firms over the period 1993–2004. Theoretical work based on principal–agent problems predicts that managers of exchange-listed corporations may pursue acquisitions even when these do not add value for the shareholders. Corporate...