kaal:claim:5583610-001

Traditional board defenses such as staggered boards and poison pills protect incumbent boards at the cost of value creation and reduce board accountability to shareholders, even when they succeed in defeating an activist campaign.

Source quote, verbatim

Staggered boards and poison pills are examples of defenses that frequently shield boards at the price of value generation and lessen accountability to shareholders.

From

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025), 1. Introduction, p. 4
https://ssrn.com/abstract=5583610 · source PDF

Cite as

Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

Holds when

conventional takeover and activism defenses
U.S. public companies

Classification

failuresupport: arguedfailure: defense-driven entrenchmentfamily: agency-cost-and-managerial-opportunismcorporate-governance

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