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This paper examines the takeover targets specificities through an original approach on anticipatory takeover defenses developed by the target manager on the long term. These are considered within a corporate governance theoretical framework allowing the definition of an active manager. Based on a univariate statistical analysis on the 1989-1998 period, the results point out a significant role of variables linked to the board of directors and the capital structure in ex ante target determination. It also reveals the structuring nature of the legal framework on the French market for corporate control.

Auteurs :Belze Loic
Extrait de la revue BMI 73