Eyes on the prize: CEO and director retirement preferences and acquisitions

Clout, V; Ghannam, S; Loyeung, A; Yang, JS

Eyes on the prize: CEO and director retirement preferences and acquisitions

Clout, V Ghannam, S

Loyeung, A Yang, JS

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Publisher:: Wiley
Publication Type:: Journal Article
Citation:: Accounting & Finance, 2021, 61, (S1), pp. 1345-1361
Issue Date:: 2021-01-01

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Field	Value	Language
dc.contributor.author	Clout, V
dc.contributor.author	Ghannam, S https://orcid.org/0000-0002-7956-2182
dc.contributor.author	Loyeung, A
dc.contributor.author	Yang, JS
dc.date.accessioned	2021-12-19T23:48:35Z
dc.date.available	2021-12-19T23:48:35Z
dc.date.issued	2021-01-01
dc.identifier.citation	Accounting & Finance, 2021, 61, (S1), pp. 1345-1361
dc.identifier.issn	0810-5391
dc.identifier.issn	1467-629X
dc.identifier.uri	http://hdl.handle.net/10453/152399
dc.description.abstract	We examine whether the age of CEOs and independent directors impacts the likelihood of receiving a successful takeover offer. First, we replicate and confirm the results of Jenter and Lewellen and find that retirement age CEOs (age 64–66) are more likely to receive successful takeover offers. Second, we extend their study by investigating the retirement preferences of independent directors. We find that the likelihood of receiving a successful takeover offer increases when a higher proportion of independent directors are at retirement age. This finding suggests that independent directors have similar retirement preferences to CEOs.
dc.language	en
dc.publisher	Wiley
dc.relation.ispartof	Accounting & Finance
dc.relation.isbasedon	10.1111/acfi.12629
dc.rights	info:eu-repo/semantics/closedAccess
dc.subject	1402 Applied Economics, 1501 Accounting, Auditing and Accountability, 1502 Banking, Finance and Investment
dc.subject.classification	Accounting
dc.title	Eyes on the prize: CEO and director retirement preferences and acquisitions
dc.type	Journal Article
utslib.citation.volume	61
utslib.for	1402 Applied Economics
utslib.for	1501 Accounting, Auditing and Accountability
utslib.for	1502 Banking, Finance and Investment
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Accounting Discipline
utslib.copyright.status	closed_access	*
pubs.consider-herdc	false
dc.date.updated	2021-12-19T23:48:34Z
pubs.issue	S1
pubs.publication-status	Published online
pubs.volume	61
utslib.citation.issue	S1

Abstract:

We examine whether the age of CEOs and independent directors impacts the likelihood of receiving a successful takeover offer. First, we replicate and confirm the results of Jenter and Lewellen and find that retirement age CEOs (age 64–66) are more likely to receive successful takeover offers. Second, we extend their study by investigating the retirement preferences of independent directors. We find that the likelihood of receiving a successful takeover offer increases when a higher proportion of independent directors are at retirement age. This finding suggests that independent directors have similar retirement preferences to CEOs.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/152399