The Study of Takeover Defences and Firm Values Moderated by Firm’s Ownership Structure in Malaysia

Abstrak

By utilising agency theory as an underlying theory, this paper proposes a conceptual framework based on the current corporate governance literatures. The objectives of this paper are twofold - firstly, to study the relationship between the firm’s takeover defences and firm value as previous research have exhibited inconsistent results and secondly, to propose the moderating effect of firm’s ownership structure (management shareholder and outside investor shareholders) that may have an impact on the takeover defences-firm value relationship. A conceptual framework and four propositions are developed based on a comprehensive literature review for future research direction.