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政大機構典藏 > 商學院 > 財務管理學系 > 期刊論文 > Item 140.119/139828

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/139828

Title:	Board Independence and PIPE Offerings
Authors:	黃嘉威 Huang, Chia-Wei Hsu, Ching-Yu Chen, Sheng-Syan
Contributors:	財管系
Keywords:	Private investment in public equity;Board independence;Asymmetric information;Managerial entrenchment;Resolution of underinvestment
Date:	2021-09
Issue Date:	2022-04-11 15:46:36 (UTC+8)
Abstract:	Using hand-collected governance data and a two-stage least squares approach to control for the endogeneity of firm governance structure, this paper shows that private investments in public equity (PIPE) issuers with higher board independence grant investors lower price discounts and experience improved announcement effects, improved long-run operating and stock performance, and increased investment. Board independence also encourages issuers to place more shares with venture capital investors, and fewer shares with managerial investors. These findings suggest that strong independent governance can mitigate the agency costs inherent in PIPEs.
Relation:	International Review of Economics & Finance, Vol.75, pp.478-500
Data Type:	article
DOI 連結:	https://doi.org/10.1016/j.iref.2021.04.018
DOI:	10.1016/j.iref.2021.04.018
Appears in Collections:	[財務管理學系] 期刊論文

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