[tel-01111499] Voluntary information during takeover bids: From the disclosure decision to its influence on shareholders

This thesis deals with voluntary disclosure of information during takeover bids. It consists of three articles that are concerned with a different step of the disclosure process in this context. The first article aims at explaining the voluntary disclosure decision of target companies by studying factors influencing disclosure during such transactions. The results highlight that this decision is mainly explained by the influence of contextual factors. The second article identifies, through a lexical analysis of voluntary press releases, the discourse strategies adopted by both bidding and target companies and the underlying motivations. Finally, in the third article, an experiment is conducted to investigate the influence of disclosure and impression management strategies of the targets of hostile bids on shareholders. It turned out that these strategies modify their perception of the bid and ultimately their decision to accept or reject the bid.



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