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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


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    題名: Board Independence and PIPE Offerings
    作者: 黃嘉威
    Huang, Chia-Wei
    Hsu, Ching-Yu
    Chen, Sheng-Syan
    貢獻者: 財管系
    關鍵詞: Private investment in public equity;Board independence;Asymmetric information;Managerial entrenchment;Resolution of underinvestment
    日期: 2021-09
    上傳時間: 2022-04-11 15:46:36 (UTC+8)
    摘要: 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.
    關聯: International Review of Economics & Finance, Vol.75, pp.478-500
    資料類型: article
    DOI 連結: https://doi.org/10.1016/j.iref.2021.04.018
    DOI: 10.1016/j.iref.2021.04.018
    顯示於類別:[財務管理學系] 期刊論文

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