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Board independence and PIPE offerings

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  • Hsu, Ching-Yu
  • Chen, Sheng-Syan
  • Huang, Chia-Wei

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.

Suggested Citation

  • Hsu, Ching-Yu & Chen, Sheng-Syan & Huang, Chia-Wei, 2021. "Board independence and PIPE offerings," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 478-500.
    • Handle: RePEc:eee:reveco:v:75:y:2021:i:c:p:478-500
    DOI: 10.1016/j.iref.2021.04.018
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    More about this item

    Keywords

    Private investment in public equity; Board independence; Asymmetric information; Managerial entrenchment; Resolution of underinvestment;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance

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