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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 causaldoi:10.17261/pressacademia.2015211614 fatcat:gp2sabbygnge5blxf7v2enwzoe