This paper empirically examines the impact of exiting the stock market on corporate innovation activities using Japanese going private type MBO data. Difference-in-differences analysis in regression framework is implemented on panel data consisting of firms that conducted public-to-private MBO...

We explore the relation between antitakeover provisions (i.e. managerial entrenchment) and firm performance in innovation. Empirical results indicate that an increase in antitakeover provisions is negatively related to number of patents and number of citations to patents. Thus managers who are...

Although the role of managers is crucial in shaping firm innovation, it also poses a dilemma. Because innovation is a complicated and long-term process that requires effort and attention, managers may reduce effort in innovation when faced with high takeover threat. This study examines the...