We show how directors can set the strength of a firm's anti-takeover provisions in order to influence the investment …-timing decision of a future empire-building CEO. The prospect of future hostile takeover attempts, which terminate the CEO's control … benefits if successful, affects the CEO's willingness to invest in low-value projects. If anti-takeover defenses are too strong …

, the institutional context of collaborative corporate strategies (strategic alliances, mergers, and acquisitions …

likely to undertake CVC investments rather than acquisitions. Furthermore, we suggest that the value of real options under … and the comparative approach we adopt to studying CVC investments and acquisitions have important implications for theory …