“Golden Parachutes”: A Closer Look

Morrison Ann M. , “Those Executive Bailout Deals,” Fortune, December 13, 1982, p. 84.

Ward Howell International, Inc. , Survey of Employment Contracts and “Golden Parachutes” Among the Fortune 1000. (New York, NY: Ward Howell International, Inc., 1982), p. 6.

Ibid., p. 1. Also, Morrison , op. cit., pp. 82–87; McLaughlin David J. , “The Myth of the Golden Parachutes,” Mergers and Acquisitions (Summer 1982), pp. 47–49; “Pulling the Golden Ripcord,” Forbes, May 24, 1982, p. 31; and Fortune, November 14,1983, p. 207.

Klein Frederick C. , “A Golden Parachute Protects Executives, But Does It Hinder or Foster Takeovers?”, Wall Street Journal, December 8, 1982, p. 56. Also, see the 1982 proxy statements for Allied, Bendix, Martin-Marietta, and United Technologies.

Ibid., p. 56.

Knight Jerry , “Golden Parachutes Reward Corporate Failure,” Washington Post, September 13, 1982, p. 1.

“The Gilded Ripoff,” Business Week, October 4, 1982, p. 136.

“Pulling the Golden Ripcord,” Forbes, May 24, 1982, p. 31; and Morrison , op. cit.

Moore John , “Congress Takes Dim View of Golden Parachutes,” Legal Times, October 25, 1982, p. 5; and Hudson Richard L. , “U.S. Panel May Urge Granting Holders More Control Over ‘Golden Parachutes,”’ Wall Street Journal, April 18, 1983, p. 10.

Klein , op. cit.

Morrison , op. cit., p. 85.

Superior Oil, 1982 Proxy Statement, p. 15.

Easterbrook Frank H. Fischel Daniel R. , “The Proper Role of a Target's Management in Responding to a Tender Offer,” Harvard Law Review (April 1981), pp. 1161–1204.

See Monsen R. Joseph Downs Anthony , “A Theory of Large Managerial Firms,” Journal of Political Economy (June 1965), pp. 221–236; and Larner Robert , Management Control and the Large Corporation (New York, NY: Dunellen, 1971).

Easterbrook Fischel , op. cit., p. 1163.

Klein , op. cit., p. 56.

Ibid., p. 56.

Kleinfield N.R. , “‘Golden Parachutes’ for Ousted,” New York Times, April 6, 1982, p. D17.

Moore , op. cit.

Easterbrook Fischel , op. cit.

McLaughlin , op. cit., p. 48.

Mertz Tim , “Texas Gas ‘Golden Parachutes’ Rejected by Aides, Two Days After Board Voted Pacts,” Wall Street Journal, June 13, 1983, p. 7.

Easterbrook Fischel , op. cit.

Sethi S. Prakash , “Corporate Political Activism,” California Management Review, Vol. XXIV, No. 3 (Spring 1982): 34.