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CEO-friendly boards and seasoned equity offerings

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  • Bhuyan, Md Nazmul Hasan
  • Subedi, Meena
  • Akter, Maimuna

Abstract

This paper investigates the effect of CEO-friendly boards on seasoned equity offerings (SEOs). We provide evidence that CEO-friendly boards have a negative and statistically significant impact on SEO announcement returns. This finding suggests that SEO announcements by firms with CEO-friendly boards signal agency problems and, therefore, investors react negatively to such SEO announcements. We further provide evidence that the negative effect of CEO-friendly boards on SEO announcement returns is weaker in firms with high growth opportunities and high liquidity needs. Finally, we document that CEO-friendly boards are also negatively associated with post-SEO long-term performance.

Suggested Citation

  • Bhuyan, Md Nazmul Hasan & Subedi, Meena & Akter, Maimuna, 2022. "CEO-friendly boards and seasoned equity offerings," Journal of Behavioral and Experimental Finance, Elsevier, vol. 36(C).
    • Handle: RePEc:eee:beexfi:v:36:y:2022:i:c:s2214635022000831
    DOI: 10.1016/j.jbef.2022.100761
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    More about this item

    Keywords

    CEO-friendly boards; Seasoned equity offerings; Agency theory; Social capital theory; Growth opportunities; Liquidity needs; Post-SEO long-term returns;
    All these keywords.

    JEL classification:

    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media
    • Z13 - Other Special Topics - - Cultural Economics - - - Economic Sociology; Economic Anthropology; Language; Social and Economic Stratification

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