bidder outside blockholders as either aggressive monitors or moderate monitors, and tests whether the degrees of monitoring … takeover gains. This suggests that negotiating power in takeovers is conditioned on the types of blockholders that monitor the … agency conflicts, which may weaken a firm's bargaining position. This paper argues that some blockholders are more effective …

We examine whether worker representation on corporate boards results in improved monitoring or payroll maximization … information should permit improved monitoring. To investigate this conflict, we use mandatory worker representation on corporate … incentives dominate their monitoring duties. Specifically, worker representatives reduce real earnings management when it results …