Purpose - The purpose of this paper is to analyze the role of large equity ownership by both institutions and outside block shareholders in monitoring the board of directors’ decision to initially adopt defense mechanisms and the subsequent capital market reaction to the adoption....

Purpose – The purpose of this paper is to analyze the role of large equity ownership by both institutions and outside block shareholders in monitoring the board of directors’ decision to initially adopt defense mechanisms and the subsequent capital market reaction to the adoption....

Purpose – This paper aims to advance the literature by extending the empirical relation between a firm’s strategy and socially responsible value drivers (customer/employee relations) beyond firm performance to the impact on earnings persistence. Although existing research demonstrates that...