Ownership structure and post-issue operating performance of firms conducting seasoned equity offerings in Thailand

被引：5

作者：

Limpaphayom P. ^{[1
]}

Ngamwutikul A. ^{[2
]}

机构：

[1] Sasin Graduate Institute of Business Administration, Chulalongkorn University, Bangkok 10330, Chula 12, Phyathai Road

[2] Ayudhaya JF Asset Management Limited

来源：

Journal of Economics and Finance | 2004年 / 28卷 / 3期

关键词：

Operating Performance; Free Cash Flow; Ownership Concentration; Managerial Ownership; Agency Conflict;

D O I：

10.1007/BF02751735

中图分类号：

学科分类号：

摘要：

This paper investigates the post-issue operating performance of companies that conducted seasoned equity offerings (SEO) in the Stock Exchange of Thailand (SET) during the period 1991 to 1994. It is documented that SEO firms exhibited declining operating performance after the offering. Further, there is a negative relation between inside ownership concentration and post-issue operating performance decline. In support of the signaling effect, the ratio of issue proceeds to pre-issue equity also negatively relates to post-issue operating performance. Further, the negative relation between issue proceeds and operating performance decline is intensified among SEO firms with high insider ownership concentration. The finding offers evidence in support of agency conflicts and information asymmetry and suggests that the two factors are operating simultaneously.

引用

页码：307 / 332

页数：25

共 27 条

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