政大機構典藏-National Chengchi University Institutional Repository(NCCUR):Item 140.119/139828

English | 正體中文 | 简体中文 | Post-Print筆數 : 27 | Items with full text/Total items : 113318/144297 (79%)
Visitors : 50951116 Online Users : 976

RC Version 6.0 © Powered By DSPACE, MIT. Enhanced by NTU Library IR team.

Home ‧ Login ‧ Upload ‧ Help ‧ About ‧ Administer

政大典藏 > College of Commerce > Department of Finance > Periodical Articles > 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 link:	https://doi.org/10.1016/j.iref.2021.04.018
DOI:	10.1016/j.iref.2021.04.018
Appears in Collections:	[Department of Finance] Periodical Articles

Files in This Item:

File	Description	Size	Format
25.pdf		722Kb	Adobe PDF2	168	View/Open

社群 sharing

著作權政策宣告 Copyright Announcement

1.本網站之數位內容為國立政治大學所收錄之機構典藏，無償提供學術研究與公眾教育等公益性使用，惟仍請適度，合理使用本網站之內容，以尊重著作權人之權益。商業上之利用，則請先取得著作權人之授權。
The digital content of this website is part of National Chengchi University Institutional Repository. It provides free access to academic research and public education for non-commercial use. Please utilize it in a proper and reasonable manner and respect the rights of copyright owners. For commercial use, please obtain authorization from the copyright owner in advance.

2.本網站之製作，已盡力防止侵害著作權人之權益，如仍發現本網站之數位內容有侵害著作權人權益情事者，請權利人通知本網站維護人員(nccur@nccu.edu.tw)，維護人員將立即採取移除該數位著作等補救措施。
NCCU Institutional Repository is made to protect the interests of copyright owners. If you believe that any material on the website infringes copyright, please contact our staff(nccur@nccu.edu.tw). We will remove the work from the repository and investigate your claim.

Loading...