The role of internal and external certification mechanisms in seasoned equity offerings

Article

Koerniadi, Hardjo, Krishnamurti, Chandrasekhar, Lau, Sie Ting, Tourani-Rad, Alireza and Yang, Ting. 2015. "The role of internal and external certification mechanisms in seasoned equity offerings ." Journal of Multinational Financial Management. 30, pp. 110-127. https://doi.org/10.1016/j.mulfin.2015.04.001
Article Title

The role of internal and external certification mechanisms
in seasoned equity offerings

ERA Journal ID19580
Article CategoryArticle
AuthorsKoerniadi, Hardjo (Author), Krishnamurti, Chandrasekhar (Author), Lau, Sie Ting (Author), Tourani-Rad, Alireza (Author) and Yang, Ting (Author)
Journal TitleJournal of Multinational Financial Management
Journal Citation30, pp. 110-127
Number of Pages18
Year2015
Place of PublicationNetherlands
ISSN1042-444X
1873-1309
Digital Object Identifier (DOI)https://doi.org/10.1016/j.mulfin.2015.04.001
Web Address (URL)http://www.sciencedirect.com/science/article/pii/S1042444X15000237
Abstract

When conducting their seasoned equity offerings (SEOs), US firms have been increasingly relying on shelf offering or accelerated offering rather than non-shelf offering or traditional book building, the predominant issuance methods in the past. Previous studies find that the unpopularity of shelf or accelerated offering in the past is due to the under-certification problem. Therefore, the change in firms’ preferred issuance methods suggests that firms must have obtained adequate certification through various ways. In this paper, we study several potential internal and external certification mechanisms that issuers can utilize and explore their roles in the SEO process. We find that the internal certification via sound corporate governance affects firms’ choice of the issuance method between shelf (accelerated) and nonshelf (non-accelerated) offerings, while the external certification through acquiring high-quality auditing services impacts the issuance costs.

Keywordsshelf offering; accelerated offering; seasoned equity offering; flotation costs; corporate governance; due diligence
ANZSRC Field of Research 2020350202. Finance
Public Notes

File reproduced in accordance with the copyright policy of the publisher/author.

Byline AffiliationsAuckland University of Technology, New Zealand
School of Commerce
Nanyang Technological University, Singapore
Institution of OriginUniversity of Southern Queensland
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