The DOI matches its Crossref record.
Determinants of corporate restructuring: The relative importance of corporate governance, takeover threat, and free cash flow
Abstract
This study seeks to estimate the relative importance of free cash flow, corporate governance, and takeover threat in determining financial and portfolio restructuring. The free cash flow hypothesis and agency theory prescriptions are used as the basis for developing a model of restructuring. A simple analysis of variance method is used to decompose restructuring transactions and outcomes into the three effects. The results support the hypothesis that financial and portfolio restructuring are motivated, in part, by agency costs. Decomposition of variances indicates that restructuring is equally explained by free cash flow and interaction of governance and takeover threat with free cash flow.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cited by
Strategy Research in Emerging Economies: Challenging the Conventional Wisdom*
Wright, M., Filatotchev, I., Hoskisson, R. E., & Peng, M. W. (2005) · Journal of Management Studies · doi:10.1111/j.1467-6486.2005.00487.x · Cited by 1,843
COLLABORATION IN THE BOARDROOM: BEHAVIORAL AND PERFORMANCE CONSEQUENCES OF CEO-BOARD SOCIAL TIES.
Westphal, J. D. (1999) · Academy of Management Journal · doi:10.2307/256871 · Cited by 1,208
Weir, C., Laing, D., & McKnight, P. J. (2002) · Journal of Business Finance & Accounting · doi:10.1111/1468-5957.00444 · Cited by 554
McDonald, M. L., & Westphal, J. D. (2003) · Administrative Science Quarterly · doi:10.2307/3556617 · Cited by 485
The firm's strategic dynamics and corporate governance life‐cycle
Filatotchev, I., Toms, S., & Wright, M. (2006) · International Journal of Managerial Finance · doi:10.1108/17439130610705481 · Cited by 279
Metadata
- Authors
- Gibbs, P. A.
- Venue
- Strategic Management Journal
- Publisher
- Wiley
- Published
- 1993
- Volume
- 14
- Issue
- S1
- Pages
- 51-68
- ISSN
- 0143-2095 (ISSN-L)
- 1097-0266
- OpenAlex
- W2049913589
- Cited by
- 271
- References
- 0
- FWCI
- 20.70
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Determinants of corporate restructuring: The relative importance of corporate governance, takeover threat, and free cash flow. https://app.cochat.ai/papers/10.1002/smj.4250140906
- The paper
- Gibbs, P. A. (1993). Determinants of corporate restructuring: The relative importance of corporate governance, takeover threat, and free cash flow. Strategic Management Journal. https://doi.org/10.1002/smj.4250140906
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
