2012 Volume 20 Issue 1 Pages 23-35
In this paper I analyze whether or not it applies to the Japanese firms that the corporate management tend to adopt takeover defense measures for self-protection. First, I investigate the characteristics of firms that adopted takeover defense measures in fiscal years 2006 and 2008. Second, I analyze the evaluation of the stock market for firms adopting takeover defense measures in fiscal years 2008.
As a result, I clarify that in Japanese firms it cannot be seen to support the hypothesis of self-protection from above two experimental studies. And it is newly pointed out that in Japan firms which were positive to investor relation tended to adopt takeover defense measures. And it is pointed out that investors in the Japanese stock market do not think firms adopting takeover defense measures as a negative activity. These analyses are peculiarly Japanese features that we cannot confirm in previous studies abroad.
