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E. O W E R S AND RONALD ROGERS* c. INTRODUCTION Changing the corporate structure is an important and frequently used management strategy.â The common forms of structural changes include mergers and acquisitions, spinoffs, sell-offs, equity carveouts, and leveraged buyouts. A less frequent but more extreme form of structural transformation is the voluntary liquidation. A voluntary liquidation occurs when a corporation sells all assets, settles all outstanding claims, and distributes the residual to common stockholders as a liquidating dividend. The objective of this study is to identify the organizational and financial characteristics of firms which choose to voluntarily liquidate. The issue has important bearing on some current controversies in finance. There is substantive evidence which indicates that managersâ aspirations are often at conflict with sharehldersâ interests. Several authors have suggested that self-interest and entrenchment motives rather than concern for shareholder welfare have greater influence on managersâ actions.2 The notion of managerial selfishness renders voluntary liquidations particularly intriguing because while shareholders gain from these transaction^,^ the motivation for managers is not apparent since the cessation of the firm terminates their opportunity to consume excess perquisites. Does the capital market competition for control of a firmâs resources influence managementâs decision
Journal of Business Finance & Accounting – Wiley
Published: Nov 1, 1991
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