This paper investigates the effects of pure secondary share offerings, which decrease ownership concentration without raising funds, to highlight the corporate governance effect of equity offerings. We find that firms conducting secondary offerings significantly increase dividend payouts after the transaction. Although the announcement of secondary offerings receives negative stock price reactions in the short run, we witness a reversal and positive performance in the long term. While previous studies commonly suggest equity offerings cause negative stock returns, our results reveal that these transactions make managers care about minority shareholder wealth by unwinding ownership concentration.

中文翻译：

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股票发行会增加派息吗？

本文研究了纯二次发行股票的效果，这种发行方式在不筹集资金的情况下降低了股权集中度，以凸显股票发行的公司治理效果。我们发现，进行二次发行的公司在交易后显着增加了股息支付。尽管增发的公告在短期内引起了股价的负面反应，但从长期来看，我们看到了逆转和积极的表现。虽然之前的研究通常表明股票发行会导致股票负回报，但我们的研究结果表明，这些交易使管理者通过减少所有权集中度来关心少数股东的财富。