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1、Capitalstructureandcorporatecontrol：TheeffectofantitakeoverstatutesonfirmleverageCapitalstructureandcorporatecontrol:TheeffectofantitakeoverstatutesonfirmleverageGeraldT.GarveyGordonHanka**GarveyisfromtheFacultyofCommerceandBusinessAdministration,UniversityofBritishColumbia.HankaisfromtheSmeal
2、CollegeofBusinessAdministration,PennsylvaniaStateUniversity.ThankstoRonGiammarinoforsuggestingtheuseofsecond-generationantitakeoverlawsandtoJonKarpoffforprovidingdataonsuchlaws.ForcommentsandsuggestionswethankLuigiZingales,RajeshAggarwal,BobGregory,PeterHartley,RobHeinkel,JosephHirshberg,Burto
3、nHollifield,WalterNovaes,RohanPitchford,LauraField,HaroldMulherin,ChrisMuscarella,EdRice,PaulMalatesta,andtheparticipantsofthePennStateandUniversityofWashingtonFinanceworkshops,theUtahWinterFinanceConference,andtheAmericanFinanceAssociationconference.AbstractWefindthatfirmsprotectedbySecondGen
4、erationstateantitakeoverlawssubstantiallyreducedtheiruseofdebt,whileunprotectedfirmsdidthereverse.Thisresultsupportsrecentmodelsinwhichthethreatofhostiletakeovermotivatesmanagerstotakeondebtthattheywouldotherwiseavoid.Animplicationisthatlegalbarrierstotakeoversmayincreasecorporateslack.JELClas
5、sificationNumbersG32,G341Corporatemanagershavediscretionovercapitalstructurechoices,asthefirmsfoundingshareholderscannotwriteacomprehensiveexantecontractspecifyingallfuturefinancingdecisions.Mostcapitalstructuremodelsmakethesimplifyingassumptionthatmanagerschoosecapitalstructureintheinterestso
6、fshareholders.Examplesofthisapproachrangefromtheclassicstatictradeoffbetweentaxbenefitsandexpectedcostsoffinancialdistress,toLelandandTofts(1997><6)dynamicanalysiswhichallowsforagencyproblemsbetweendebtholdersandshareholders.Increasingly,however,researchintocapitalstructurehasexplicitlyrecogni
7、zedthatmanagersself-interestcanleadtofinancialpoliciesthatdonotmaximizeshareholderwealth.AnearlyexampleisDonaldsons(19<69)fieldstudyoffinancingchoices,whichemphasizedgoalssuchasorganizationalsurvivalandgrowth.Recently,Jung,KimandStulz(1
