Viet Anh Hoang, Huu Cuong Nguyen, Ba Thanh Truong, Phuong Uyen Le, Hoang Long Phan, Thi Hong An Thai
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引用次数: 0
摘要
目的利用 2012 年至 2017 年期间大量美国上市公司的季节性股票发行(SEO)样本,我们研究了层次复杂性与 SEO 方法选择之间的关系。为了加强结果的稳健性,我们采用了两阶段最小二乘法(2SLS)分析,并利用倾向得分匹配法分别解决潜在的内生性问题和减轻自我选择偏差。研究结果研究表明,具有高度层次复杂性特征的公司倾向于回避加速要约收购,但与公司承诺要约收购相比,它们更倾向于权利要约收购。这种倾向可能是由于层次复杂性的影响,它降低了信息透明度,加剧了信息不对称。原创性/价值尽管越来越多的证据证明了层次复杂性与各种公司或市场特定活动之间的联系,但就我们所知,还没有具体的实证研究调查过层次复杂性如何影响股票发行策略。基于以往研究中层级复杂性、信息透明度和信息不对称之间的既定关联,并认识到信息在选择 SEO 方法中的关键作用,我们的研究揭示了层级复杂性可能会降低信息透明度、加剧信息不对称,并阻碍外部投资者全面掌握公司的行动和结果。因此,这种影响延伸到上市公司选择的发行方式。
Hierarchical complexity and seasoned equity offerings
Purpose
Using a substantial sample of U.S.-listed firms’ Seasoned Equity Offerings (SEOs) spanning the period from 2012 to 2017, we examine the relationship between hierarchical complexity and the selection of SEO methods.
Design/methodology/approach
We employ multinomial logistic regression to examine the influence of hierarchical complexity on the choice among various SEO techniques. To strengthen the robustness of our results, we employ a two-stage-least-squares (2SLS) analysis and utilize propensity score matching to address potential endogeneity issues and mitigate self-selection bias, respectively.
Findings
The research indicates that companies characterized by high levels of hierarchical complexity tend to steer clear of accelerated offerings but exhibit a preference for rights offerings over firm commitment offerings. This tendency is plausibly attributed to the impact of hierarchical complexity, which diminishes information transparency and heightens information asymmetry. Furthermore, the study highlights a negative association between hierarchical complexity and firm value following SEOs.
Originality/value
While an expanding body of evidence establishes a connection between hierarchical complexity and various firm- or market-specific activities, to the best of our knowledge, there are no specific empirical studies that have investigated how hierarchical complexity impacts equity offering strategies. Building on the established correlation in previous research between hierarchical complexity, information transparency, and asymmetric information, and recognizing the critical role of information in the selection of SEO methods, our study reveals that hierarchical complexity may diminish information transparency, heighten information asymmetry, and hinder outside investors from fully grasping a firm’s actions and outcomes. Consequently, this influence extends to the methods of offerings chosen by listed companies.
期刊介绍:
Review of Behavioral Finance publishes high quality original peer-reviewed articles in the area of behavioural finance. The RBF focus is on Behavioural Finance but with a very broad lens looking at how the behavioural attributes of the decision makers influence the financial structure of a company, investors’ portfolios, and the functioning of financial markets. High quality empirical, experimental and/or theoretical research articles as well as well executed literature review articles are considered for publication in the journal.