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Year 2015, Volume: 4 Issue: 2, 0 - 0, 29.06.2015

Chih-Jen Huang Nan-Yu Wang Fu-Yun Wang

Abstract

References

  • • Abarbanell, J.S. and B.J. Bushee, 1998, “Abnormal Returns to a Fundamental Analysis Strategy,” Accounting Research 73, 19-45.
  • • Agrawal, A. and C.R. Knoeber, 1996, “Firm Performance and Mechanisms to Control Agency Problems Between Managers and Shareholders,” Journal of Finance and Quantitative Analysis 31, 377-397.
  • • Ang, J.S., R.A. Cole, and J.W. Lin, 2000, “Agency Costs and Ownership Structure,” Journal of Finance 55, 81-106.
  • • Asquith, P. and D.W. Mullins, 1986, “Signaling with Dividends, Stock Repurchases and Equity Issues,” Financial Management 15(3), 27-44.
  • • Barber, B.M. and J.D. Lyon, 1997, “Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics,” Journal of Financial Economics 43, 341-372.
  • • Barber, B.M. and J.D. Lyon, 1996, “Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics,” Journal of Financial Economics 41, 359-399.
  • • Barclay, M.J. and R.H. Litzenberger, 1988, “Announcement Effects of New Equity Issues and the Use of Intraday Price Data,” Journal of Financial Economics 21,71- 99.
  • • Baron, R.M. and D.A. Kenny, 1986, “The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Considerations,” Journal of Personality and Social Psychology 51, 1173-1182.
  • • Becker-Blease, J.R. and A.J. Irani, 2008, “Do Corporate Governance Attributes Affect Adverse Selection Costs? Evidence from Seasoned Equity Offerings,” Review of Quantitative Finance and Accounting 30, 281-296.
  • • Bessler, W. and T. Stefan, 2006, “Initial Public Offerings, Subsequent Seasoned Equity Offerings, and Long-Run Performance: Evidence from IPOs in Germany,” The Journal of Entrepreneurial Finance & Business Ventures 12(4), 1-37.
  • • Brander, J. and B.J. Spencer, 1989, “Moral Hazard and Limited Liability: Implications for the theory of the firm,” International Economic Review 30(4), 833-849.
  • • Bushman, R., J. Piotroski, and A.J. Smith, 2004, “What Determines Corporate Transparency?“ Journal of Accounting Research 42(2), 207-252.
  • • Cadbury, A., 1992, Report of the Committee on the Financial Aspects of Corporate Governance, London, UK, Gee Publishing.
  • • Chi, J.D. and S.D. Lee, 2010, “The Conditional Nature of the Value of Corporate Governance,” Journal of Banking and Finance 34, 350-361.
  • • Chou, C.P., P.M. Bentler, and A. Satorra, 1991, “Scaled Test Statistics and Robust Standard Errors for Non-Normal Data in Covariance Structure Analysis: A Monte Carlo Study,” British Journal on Mathematical and Statistical Psychology 44, 347- 357.
  • • Chung, K.H. and H. Jo, 1996, “The Impact of Security Analyst’s Monitoring and Marketing Functions on the Market Value of Firms,” Journal of Financial and Quantitative Analysis 31, 493-512.
  • • Craswell, A.T., S.L. Taylor, and R.A. Saywell, 1997, “Ownership Structure and Corporate Performance: Australian Evidence,” Pacific-Basin Finance Journal 5(3), 301-323.
  • • Cremers, M.K.J. and V.B. Nair, 2005, “Governance Mechanisms and Equity Prices,” Journal of Finance 60, 2859-2894.
  • • Dann, L.Y. and W.H. Mikkelson, 1984, “Convertible Debt Issuance, Capital Structure Change and Financing-Related Information: Some New Evidence,” Journal of Financial Economics 13, 157-186.
  • • Das, S., R. Guo, and H. Zhang, 2006, “Analysts’ Selective Coverage and Subsequent Performance of Newly Public Firms,” Journal of Finance 61(3), 1159- 1185.
  • • Davidson, III, W.N., A.K. Bouresli, and M. Singh, 2006, “Agency Costs, Ownership Structure, and Corporate Governance in Pre-and Post-IPO Firms,” Corporate Ownership and Control 3, 89-97.
  • • Dbouk, W. and A. Ismail, 2010, “Corporate Governance and Long Run Performance of Seasoned Equity Issuers,” Journal of Multinational Financial Management 20(4-5), 159-177.
  • • Eckbo, B.E., 1986, “Valuation Effects of Corporate Debt Offerings,” Journal of Financial Economics 15, 119-151.
  • • Fleming, G., R. Heaney, and R. McCosker, 2005, “Agency Costs and Ownership Structure in Australia,” Pacific Basin Finance Journal 13, 29-52.
  • • Gilford, J.P., 1954, Psychometric Methods, 2nd Ed., New Your, NY: McGraw-Hill.
  • • Hair, J.F., R.E. Anderson, R.L. Tatham, and W.C. Black, 1998, Multivariate Data Analysis, Englewood Cliffs, NJ, Prentice-Hall.
  • • Hermalin, B.E. and M.S. Weisbach, 2003, “Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature,” Economic Policy Review 9, 7-26.
  • • Himmelberg, C.P., R.G. Hubbard, and D. Palia, 1999, “Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance,” Journal of Financial Economics 53(3), 353-384.
  • • Hu, L.T. and P. Bentler, 1995, “Evaluating Model Fit,” In R.H. Hoyle, Ed., Structural Equation Modeling: Concepts, Issues, and Applications, London, UK: Sage.
  • • Huang, R. and J.G. Tompkins, 2010, “Corporate Governance and Investor Reactions to Seasoned Equity Offerings,” Managerial Finance 36(7), 603-628.
  • • Jain, B.A. and O. Kini, 1994, “The Post-SEO Operating Performance of IPO Firms,” Journal of Finance 49, 1699-1726.
  • • Jain, B.A. and O. Kini, 1995, “Venture Capitalist Participation and the Post-SEO Operating Performance of IPO Firms,” Managerial and Decision Economics 16, 593-606.
  • • Jensen, M., 1993, “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems,” Journal of Finance 48, 831-880.
  • • Jensen, M.C., 1986, “Agency Cost and Free Cash Flow, Corporate Finance, and Takeovers,” American Economic Review 76, 323-329.
  • • Jensen, M.C. and M. Meckling, 1976, “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure,” Journal of Financial Economics 3, 305- 360.
  • • Jo, H. and Y. Kim, 2008, “A Study of the Financial Performance of Firms in the Seasoned Equity Offerings Market,” Journal of Business Ethics 80, 855-878.
  • • Joreskog, K.G. and D. Sorbom, 1993, LISREL8: Structural Equation Modeling with SIMPLIS Command Language, Chicago, IL, Scientific Software International Inc. • Kalay, A. and A. Shimrat, 1987, “Firm Value and Seasoned Issues of Equity: Price Pressure, Wealth Redistribution,” Journal of Financial Economics 19(1), 109-126.
  • • Kim, H. and A. Purnanandam, 2009, “Corporate Governance and Investor Confidence in Seasoned Equity Offerings,” University of Michigan Working Paper.
  • • Klapper, L.F. and I. Love, 2004, “Corporate Governance, Investor Protection and Performance in Emerging Markets,” Journal of Corporate Finance10, 703-728.
  • • Linden, P. and Z.P. Matolcsy, 2004, “Corporate Governance Scoring Systems: What Do They Tell Us?” Australian Accounting Review 14(1), 9-16.
  • • Lins, K.V., 2003, “Equity Ownership and Firm Value in Emerging Markets,” Journal of Financial and Quantitative Analysis 38, 159-184.
  • • Lippert, R.L. and M. Rahman, 1999, “Multinationality, CEO Compensation, and Corporate Governance: Some Empirical Evidence,” Managerial Finance 25(10), 1- 12.
  • • Loughran, T. and J.R. Ritter, 1995, “The New Issues Puzzle,” Journal of Finance 50, 23-51.
  • • Loughran, T. and J.R. Ritter, 1997, “The Operating Performance of Firms Conducting Seasoned Equity Offering,” Journal of Finance 52, 1823-1850.
  • • MacKinnon, D.P., C.M. Lockwood, J.M. Hoffman, S.G. West, and V. Sheets, 2002, “A Comparison of Methods to Test Mediation and Other Intervening Variable Effects,” Psychological Methods 7, 83-104.
  • • Meltem, G., 2009, “The Evolution of Corporate Governance Mechanisms After Going Public: Evidence from Turkish Panel Data,” International Journal of Economic Perspectives 3(1), 59-82.
  • • Micceri, T., 1989, “The Unicorn, the Normal Curve and Other Improbable Creatures,” Psychological Bulletin 105, 156-165.
  • • Mikkelson, W.H., M.M. Partch, and K. Shah, 1997, “Ownership and Operating Performance of Companies That Go Public,” Journal of Financial Economics 44, 281-307.
  • • O’Brien, P.C. and R. Bhushan, 1990, “Analyst Following and Institutional Ownership,” Journal of Accounting Research 28, 55-76.
  • • Palmrose, Z., 1984, “The Demand for Quality-Differentiated Audit Services in an Agency-Cost, Monitoring, and the Decision to Go to Public,” Quarterly Journal of Economics 133, 187-275.
  • • Patel, A., D.R. Emery, and Y.W. Lee, 1993, “Firm Performance and Security Type in Seasoned Offerings: An Empirical Examination of Alternative Signaling Models,” Journal of Financial Research 16, 181-192.
  • • Pound, J., 1988, “Proxy Contests and the Efficiency of Shareholders Oversight,” Journal of Financial Economics 20, 237-265.
  • • Preacher, K.J. and A.F. Hayes, 2004, “SPSS and SAS Procedures for Estimating Indirect Effects in Simple Mediation Models,” Behavior Research Methods, Instruments, & Computers 36, 717-731.
  • • Ritter, J.R. and I. Welch, 2002, “A Review of IPO Activity, Pricing and Allocations,” Journal of Finance 57, 1795-1828.
  • • Ross, S.A., 1977, “The Determination of Financial Structure: The Incentive- Signaling Approach,” Bell Journal of Economics 8, 23-40.
  • • Scholes, M., 1972, “The Market for Securities: Substitution versus Price Pressure and the Effects of Information on Share Prices,” Journal of Business 45, 179-211.
  • • Shleifer, A. and R. Vishny, 1997, “A Survey of Corporate Governance,” Journal of Finance 52, 737-783.
  • • Singh, M. and W.N. Davidson III, 2003, “Agency Costs, Ownership Structure and Corporate Governance Mechanism,” Journal of Banking and Finance 27, 793-816.
  • • Spiess, D.K. and J. Affleck-Graves, 1995, “Underperformance in Long-Run Stock Return Following Seasoned Equity Offerings,” Journal of Financial Economics 38, 243-267.
  • • Stone, C.A. and M.E. Sobel, 1990, “The Robustness of Estimates of Total Indirect Effects in Covariance Structure Models Estimated by Maximum Likelihood,” Psychometrika 55, 337-352.
  • • Teoh, S., I. Welch, and T.J. Wong, 1998, “Earnings Management and the Underperformance of Seasoned Equity Offerings,” Journal of Financial Economics 50(1), 63-99.
  • • Titman, S. and B. Trueman, 1986, “Information Quality and the Valuation of New Issues,” Journal of Accounting and Economics 8, 159-172. • Wang, K., Y. Chen, and R. Huang, 2008, “Agency Theory and Flotation Methods in Seasoned Equity Offerings: The Case in Taiwan,” Review of Pacific Basin Financial Markets and Policies 11(4), 555-567.

HOW EXTERNAL CORPORATE GOVERNANCE AFFECTS SEOS PERFORMANCE: MEDIATING EFFECT OF AGENCY COSTS

Year 2015, Volume: 4 Issue: 2, 0 - 0, 29.06.2015

Chih-Jen Huang Nan-Yu Wang Fu-Yun Wang

Abstract

In an analysis of moment structure (AMOS) setting, this study investigates the effectiveness of external corporate governance in mitigating agency costs and enhancing long-term operating performance for seasoned equity offerings (SEOs). Additionally, this study hypothesizes the crucial and mediating role of agency costs in the relationship between governance structure and post-SEO operating performance. The results reveal that the mediating role of reducing agency costs is crucial to the causal relationship between external corporate governance and post-SEO performance, indicating external corporate governance can enhance performance through direct positive influence on firm performance and, more importantly, through indirect negative influence to decrease agency costs.

References

  • • Abarbanell, J.S. and B.J. Bushee, 1998, “Abnormal Returns to a Fundamental Analysis Strategy,” Accounting Research 73, 19-45.
  • • Agrawal, A. and C.R. Knoeber, 1996, “Firm Performance and Mechanisms to Control Agency Problems Between Managers and Shareholders,” Journal of Finance and Quantitative Analysis 31, 377-397.
  • • Ang, J.S., R.A. Cole, and J.W. Lin, 2000, “Agency Costs and Ownership Structure,” Journal of Finance 55, 81-106.
  • • Asquith, P. and D.W. Mullins, 1986, “Signaling with Dividends, Stock Repurchases and Equity Issues,” Financial Management 15(3), 27-44.
  • • Barber, B.M. and J.D. Lyon, 1997, “Detecting Long-Run Abnormal Stock Returns: The Empirical Power and Specification of Test Statistics,” Journal of Financial Economics 43, 341-372.
  • • Barber, B.M. and J.D. Lyon, 1996, “Detecting Abnormal Operating Performance: The Empirical Power and Specification of Test Statistics,” Journal of Financial Economics 41, 359-399.
  • • Barclay, M.J. and R.H. Litzenberger, 1988, “Announcement Effects of New Equity Issues and the Use of Intraday Price Data,” Journal of Financial Economics 21,71- 99.
  • • Baron, R.M. and D.A. Kenny, 1986, “The Moderator-Mediator Variable Distinction in Social Psychological Research: Conceptual, Strategic, and Statistical Considerations,” Journal of Personality and Social Psychology 51, 1173-1182.
  • • Becker-Blease, J.R. and A.J. Irani, 2008, “Do Corporate Governance Attributes Affect Adverse Selection Costs? Evidence from Seasoned Equity Offerings,” Review of Quantitative Finance and Accounting 30, 281-296.
  • • Bessler, W. and T. Stefan, 2006, “Initial Public Offerings, Subsequent Seasoned Equity Offerings, and Long-Run Performance: Evidence from IPOs in Germany,” The Journal of Entrepreneurial Finance & Business Ventures 12(4), 1-37.
  • • Brander, J. and B.J. Spencer, 1989, “Moral Hazard and Limited Liability: Implications for the theory of the firm,” International Economic Review 30(4), 833-849.
  • • Bushman, R., J. Piotroski, and A.J. Smith, 2004, “What Determines Corporate Transparency?“ Journal of Accounting Research 42(2), 207-252.
  • • Cadbury, A., 1992, Report of the Committee on the Financial Aspects of Corporate Governance, London, UK, Gee Publishing.
  • • Chi, J.D. and S.D. Lee, 2010, “The Conditional Nature of the Value of Corporate Governance,” Journal of Banking and Finance 34, 350-361.
  • • Chou, C.P., P.M. Bentler, and A. Satorra, 1991, “Scaled Test Statistics and Robust Standard Errors for Non-Normal Data in Covariance Structure Analysis: A Monte Carlo Study,” British Journal on Mathematical and Statistical Psychology 44, 347- 357.
  • • Chung, K.H. and H. Jo, 1996, “The Impact of Security Analyst’s Monitoring and Marketing Functions on the Market Value of Firms,” Journal of Financial and Quantitative Analysis 31, 493-512.
  • • Craswell, A.T., S.L. Taylor, and R.A. Saywell, 1997, “Ownership Structure and Corporate Performance: Australian Evidence,” Pacific-Basin Finance Journal 5(3), 301-323.
  • • Cremers, M.K.J. and V.B. Nair, 2005, “Governance Mechanisms and Equity Prices,” Journal of Finance 60, 2859-2894.
  • • Dann, L.Y. and W.H. Mikkelson, 1984, “Convertible Debt Issuance, Capital Structure Change and Financing-Related Information: Some New Evidence,” Journal of Financial Economics 13, 157-186.
  • • Das, S., R. Guo, and H. Zhang, 2006, “Analysts’ Selective Coverage and Subsequent Performance of Newly Public Firms,” Journal of Finance 61(3), 1159- 1185.
  • • Davidson, III, W.N., A.K. Bouresli, and M. Singh, 2006, “Agency Costs, Ownership Structure, and Corporate Governance in Pre-and Post-IPO Firms,” Corporate Ownership and Control 3, 89-97.
  • • Dbouk, W. and A. Ismail, 2010, “Corporate Governance and Long Run Performance of Seasoned Equity Issuers,” Journal of Multinational Financial Management 20(4-5), 159-177.
  • • Eckbo, B.E., 1986, “Valuation Effects of Corporate Debt Offerings,” Journal of Financial Economics 15, 119-151.
  • • Fleming, G., R. Heaney, and R. McCosker, 2005, “Agency Costs and Ownership Structure in Australia,” Pacific Basin Finance Journal 13, 29-52.
  • • Gilford, J.P., 1954, Psychometric Methods, 2nd Ed., New Your, NY: McGraw-Hill.
  • • Hair, J.F., R.E. Anderson, R.L. Tatham, and W.C. Black, 1998, Multivariate Data Analysis, Englewood Cliffs, NJ, Prentice-Hall.
  • • Hermalin, B.E. and M.S. Weisbach, 2003, “Boards of Directors as an Endogenously Determined Institution: A Survey of the Economic Literature,” Economic Policy Review 9, 7-26.
  • • Himmelberg, C.P., R.G. Hubbard, and D. Palia, 1999, “Understanding the Determinants of Managerial Ownership and the Link Between Ownership and Performance,” Journal of Financial Economics 53(3), 353-384.
  • • Hu, L.T. and P. Bentler, 1995, “Evaluating Model Fit,” In R.H. Hoyle, Ed., Structural Equation Modeling: Concepts, Issues, and Applications, London, UK: Sage.
  • • Huang, R. and J.G. Tompkins, 2010, “Corporate Governance and Investor Reactions to Seasoned Equity Offerings,” Managerial Finance 36(7), 603-628.
  • • Jain, B.A. and O. Kini, 1994, “The Post-SEO Operating Performance of IPO Firms,” Journal of Finance 49, 1699-1726.
  • • Jain, B.A. and O. Kini, 1995, “Venture Capitalist Participation and the Post-SEO Operating Performance of IPO Firms,” Managerial and Decision Economics 16, 593-606.
  • • Jensen, M., 1993, “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems,” Journal of Finance 48, 831-880.
  • • Jensen, M.C., 1986, “Agency Cost and Free Cash Flow, Corporate Finance, and Takeovers,” American Economic Review 76, 323-329.
  • • Jensen, M.C. and M. Meckling, 1976, “Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure,” Journal of Financial Economics 3, 305- 360.
  • • Jo, H. and Y. Kim, 2008, “A Study of the Financial Performance of Firms in the Seasoned Equity Offerings Market,” Journal of Business Ethics 80, 855-878.
  • • Joreskog, K.G. and D. Sorbom, 1993, LISREL8: Structural Equation Modeling with SIMPLIS Command Language, Chicago, IL, Scientific Software International Inc. • Kalay, A. and A. Shimrat, 1987, “Firm Value and Seasoned Issues of Equity: Price Pressure, Wealth Redistribution,” Journal of Financial Economics 19(1), 109-126.
  • • Kim, H. and A. Purnanandam, 2009, “Corporate Governance and Investor Confidence in Seasoned Equity Offerings,” University of Michigan Working Paper.
  • • Klapper, L.F. and I. Love, 2004, “Corporate Governance, Investor Protection and Performance in Emerging Markets,” Journal of Corporate Finance10, 703-728.
  • • Linden, P. and Z.P. Matolcsy, 2004, “Corporate Governance Scoring Systems: What Do They Tell Us?” Australian Accounting Review 14(1), 9-16.
  • • Lins, K.V., 2003, “Equity Ownership and Firm Value in Emerging Markets,” Journal of Financial and Quantitative Analysis 38, 159-184.
  • • Lippert, R.L. and M. Rahman, 1999, “Multinationality, CEO Compensation, and Corporate Governance: Some Empirical Evidence,” Managerial Finance 25(10), 1- 12.
  • • Loughran, T. and J.R. Ritter, 1995, “The New Issues Puzzle,” Journal of Finance 50, 23-51.
  • • Loughran, T. and J.R. Ritter, 1997, “The Operating Performance of Firms Conducting Seasoned Equity Offering,” Journal of Finance 52, 1823-1850.
  • • MacKinnon, D.P., C.M. Lockwood, J.M. Hoffman, S.G. West, and V. Sheets, 2002, “A Comparison of Methods to Test Mediation and Other Intervening Variable Effects,” Psychological Methods 7, 83-104.
  • • Meltem, G., 2009, “The Evolution of Corporate Governance Mechanisms After Going Public: Evidence from Turkish Panel Data,” International Journal of Economic Perspectives 3(1), 59-82.
  • • Micceri, T., 1989, “The Unicorn, the Normal Curve and Other Improbable Creatures,” Psychological Bulletin 105, 156-165.
  • • Mikkelson, W.H., M.M. Partch, and K. Shah, 1997, “Ownership and Operating Performance of Companies That Go Public,” Journal of Financial Economics 44, 281-307.
  • • O’Brien, P.C. and R. Bhushan, 1990, “Analyst Following and Institutional Ownership,” Journal of Accounting Research 28, 55-76.
  • • Palmrose, Z., 1984, “The Demand for Quality-Differentiated Audit Services in an Agency-Cost, Monitoring, and the Decision to Go to Public,” Quarterly Journal of Economics 133, 187-275.
  • • Patel, A., D.R. Emery, and Y.W. Lee, 1993, “Firm Performance and Security Type in Seasoned Offerings: An Empirical Examination of Alternative Signaling Models,” Journal of Financial Research 16, 181-192.
  • • Pound, J., 1988, “Proxy Contests and the Efficiency of Shareholders Oversight,” Journal of Financial Economics 20, 237-265.
  • • Preacher, K.J. and A.F. Hayes, 2004, “SPSS and SAS Procedures for Estimating Indirect Effects in Simple Mediation Models,” Behavior Research Methods, Instruments, & Computers 36, 717-731.
  • • Ritter, J.R. and I. Welch, 2002, “A Review of IPO Activity, Pricing and Allocations,” Journal of Finance 57, 1795-1828.
  • • Ross, S.A., 1977, “The Determination of Financial Structure: The Incentive- Signaling Approach,” Bell Journal of Economics 8, 23-40.
  • • Scholes, M., 1972, “The Market for Securities: Substitution versus Price Pressure and the Effects of Information on Share Prices,” Journal of Business 45, 179-211.
  • • Shleifer, A. and R. Vishny, 1997, “A Survey of Corporate Governance,” Journal of Finance 52, 737-783.
  • • Singh, M. and W.N. Davidson III, 2003, “Agency Costs, Ownership Structure and Corporate Governance Mechanism,” Journal of Banking and Finance 27, 793-816.
  • • Spiess, D.K. and J. Affleck-Graves, 1995, “Underperformance in Long-Run Stock Return Following Seasoned Equity Offerings,” Journal of Financial Economics 38, 243-267.
  • • Stone, C.A. and M.E. Sobel, 1990, “The Robustness of Estimates of Total Indirect Effects in Covariance Structure Models Estimated by Maximum Likelihood,” Psychometrika 55, 337-352.
  • • Teoh, S., I. Welch, and T.J. Wong, 1998, “Earnings Management and the Underperformance of Seasoned Equity Offerings,” Journal of Financial Economics 50(1), 63-99.
  • • Titman, S. and B. Trueman, 1986, “Information Quality and the Valuation of New Issues,” Journal of Accounting and Economics 8, 159-172. • Wang, K., Y. Chen, and R. Huang, 2008, “Agency Theory and Flotation Methods in Seasoned Equity Offerings: The Case in Taiwan,” Review of Pacific Basin Financial Markets and Policies 11(4), 555-567.
There are 62 citations in total.

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Chih-Jen Huang This is me

Nan-Yu Wang This is me

Fu-Yun Wang This is me

Publication Date June 29, 2015
Published in Issue Year 2015 Volume: 4 Issue: 2

Cite

APA Huang, C.-J., Wang, N.-Y., & Wang, F.-Y. (2015). HOW EXTERNAL CORPORATE GOVERNANCE AFFECTS SEOS PERFORMANCE: MEDIATING EFFECT OF AGENCY COSTS. Journal of Business Economics and Finance, 4(2). https://doi.org/10.17261/Pressacademia.2015211614

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