caa a22 4500 388047712 CHVBK 20180307125042.0 cr unu---uuuuu 161130e199812 xx s 000 0 eng 10.2307/2331131 doi S002210900000106X pii (NATIONALLICENCE)cambridge-10.2307/2331131 An Empirical Analysis of the Reincorporation Decision [Elektronische Daten] The literature suggests two competing explanations for reincorporations: efforts at managerial entrenchment and attempts to improve contractual efficiency. The empirical evidence to date is inconclusive. To seek further evidence, we examine a large sample of firms that changed their state of incorporation over the period 1980-1992. We find that shareholder wealth is decreased by reincorporations that erect takeover defenses, but is increased by reincorporations that establish limits on director liability. Firms that claim they reincorporate to limit the personal liability of their board members and thereby attract better qualified outside directors do, in fact, expand the outside representation on their boards, whereas firms citing other motives do not. Copyright © School of Business Administration, University of Washington 1998 Heron Randall A. Kelley School of Business, Indiana University, Indianapolis IN 46202-5151 Lewellen Wilbur G. Krannert Graduate School of Management, Purdue University, West Lafayette IN 47907-1310 Journal of Financial and Quantitative Analysis Cambridge University Press 33/4(1998-12), 549-568 0022-1090 33:4<549 1998 33 JFQ https://doi.org/10.2307/2331131 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2331131 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Heron Randall A. Kelley School of Business, Indiana University, Indianapolis IN 46202-5151 NATIONALLICENCE 700 1- Lewellen Wilbur G. Krannert Graduate School of Management, Purdue University, West Lafayette IN 47907-1310 NATIONALLICENCE 773 0- Journal of Financial and Quantitative Analysis Cambridge University Press 33/4(1998-12), 549-568 0022-1090 33:4<549 1998 33 JFQ CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge