Does Managerial ability matter for the choice of Seasoned Equity offerings? : WestminsterResearch

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Title	Does Managerial ability matter for the choice of Seasoned Equity offerings?
Type	Journal article
Authors	Puwanenthiren, P., Dang, M., Henry, D., Puwanenthiren, P. and Al Mamun, M.
Abstract	We provide evidence that managerial ability is positively and significantly related to the issuance method decision of seasoned equity offerings (SEOs) in the U.S. market. Our result is robust after controlling for various internal and external governance mechanisms, addressing the problem of endogeneity, and adopting a number of alternative specifications. We further find that the impact of managerial ability on the SEO issuance choice is stronger for firms with higher information asymmetry, CEO duality and weaker governance settings. Overall, our study supports the notion that higher managerial ability is perceived as a positive quality certification on firm information environments.
Journal	North American Journal of Economics and Finance
Journal citation	47, pp. 442-460
ISSN	1062-9408
Year	2019
Publisher	Elsevier
Digital Object Identifier (DOI)	https://doi.org/10.1016/j.najef.2018.06.002
Published online	26 Jul 2018

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Does Managerial ability matter for the choice of Seasoned Equity offerings?

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