This paper examines the relationship between the ownership stakes of the largest shareholders and the post-take-over operating performance and firm values of the acquiring firms. It was found that the operating performance as measured by the control-adjusted cash flow returns rose as the largest...

This study investigates acquiring firms' values, measured by Tobin's q before and after a take-over event. The sample consists of 60 large take-overs by Malaysian public listed firms from 1990 to 1999. Using the agency theory framework, the impact of the identity of the dominant owner of the...