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- W1554912859 abstract "The 1991 Delaware court ruling involving Credit Lyonnais expanded the fiduciary duties of managers towards debtholders when a firm is close to insolvency. The ruling arguably increased shareholders’ and managers’ aversion to near-insolvency situations; we examine the possibility that this led to a re-orientation of focus at Delaware firms towards long-term competitiveness rather than short-term goals. Using a differences-in-differences approach that exploits the exogenous shock, we find that the 1991 ruling induced managers of Delaware firms to place a greater emphasis on investments that foster long-term innovation, and a reduced focus on achieving myopic earnings goals. Further, we find a shift away from transient to dedicated institutional ownership after the court ruling. In other words, the shareholder base adjusts to the re-orientation of Delaware firms towards the longer term." @default.
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- W1554912859 date "2014-01-01" @default.
- W1554912859 modified "2023-09-26" @default.
- W1554912859 title "The Impact of the Agency Environment on Management's Long-Term Focus" @default.
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