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policy decisions should continue to be observed for shark repellent-adopting

firms in the postadoption period (see Hirschey and Jones, 1995).

If the alternative shareholder-interest hypothesis is relevant, one might

expect a continuation of superior long-term performance and financial policy

decisions for shark repellent-adopting firms during the postadoption period. For

example, in contrast with Meulbroek et al. (1990), Pugh, Page, and Jahera (1992)

found a significant increase in capital spending relative to sales, capital spending

relative to assets, R&D relative to sales, and R&D relative to assets in the posta-

doption period. In all instances, changes ...