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引用次数: 0
摘要
我们研究了创始人控制权对公司成熟股票发行（SEOs）融资成本的影响。发行 SEOs 的公司会受到信息不对称加剧和相关代理冲突的影响。我们假设创始人控制权具有认证效应，可以缓解这些问题，从而降低发行 SEO 的成本。与我们的预测一致，拥有创始人控制权的公司享有更高的异常公告回报率和更低的 SEO 总价差。我们还发现，与非创始人公司相比，创始人公司在 SEO 后的经营业绩更好。此外，我们还发现，创始人认证效应在 SEO 前经营业绩较差的公司和未披露 SEO 募集资金具体用途的公司中更为突出。最后，我们发现，在 SEO 之前，创始人公司并没有像非创始人公司那样提高管理层盈利预测的频率。我们的结果对一系列敏感性分析都是稳健的，我们的结论与创始人认证效应是一致的。
The Founder certification effect, firm disclosures, and the cost of SEO financing
We investigate the effect of founder control on firms’ financing costs for seasoned equity offerings (SEOs). Firms issuing SEOs are subject to increased information asymmetry and associated agency conflicts. We hypothesize that founder control has a certification effect that mitigates such problems, and consequently, reduces the cost of issuing SEOs. Consistent with our prediction, firms with founder control enjoy higher abnormal announcement returns and lower SEO gross spreads. We also show that founder firms have better post-SEO operating performance than non-founder firms. Additionally, we document that the founder certification effect is more salient among firms with poorer pre-SEO operating performance and those that do not disclose specific use of the SEO proceeds. Finally, we show that founder firms do not increase the frequency of management earnings forecasts as much as non-founder firms prior to the SEO. Our results are robust to a battery of sensitivity analyses, and our conclusions are consistent with the founder certification effect.
期刊介绍：
Journal of Business Finance and Accounting exists to publish high quality research papers in accounting, corporate finance, corporate governance and their interfaces. The interfaces are relevant in many areas such as financial reporting and communication, valuation, financial performance measurement and managerial reward and control structures. A feature of JBFA is that it recognises that informational problems are pervasive in financial markets and business organisations, and that accounting plays an important role in resolving such problems. JBFA welcomes both theoretical and empirical contributions. Nonetheless, theoretical papers should yield novel testable implications, and empirical papers should be theoretically well-motivated. The Editors view accounting and finance as being closely related to economics and, as a consequence, papers submitted will often have theoretical motivations that are grounded in economics. JBFA, however, also seeks papers that complement economics-based theorising with theoretical developments originating in other social science disciplines or traditions. While many papers in JBFA use econometric or related empirical methods, the Editors also welcome contributions that use other empirical research methods. Although the scope of JBFA is broad, it is not a suitable outlet for highly abstract mathematical papers, or empirical papers with inadequate theoretical motivation. Also, papers that study asset pricing, or the operations of financial markets, should have direct implications for one or more of preparers, regulators, users of financial statements, and corporate financial decision makers, or at least should have implications for the development of future research relevant to such users.
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