The determinants of share repurchases in Europe

Andriosopoulos, Dimitris and Hoque, Hafiz (2013) The determinants of share repurchases in Europe. International Review of Financial Analysis, 27. pp. 65-76. ISSN 1057-5219

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    Abstract

    In this paper, we assess which firm-characteristics are associated with a firm's decision to announce a share repurchase programme in a cross-country framework. In the models, we incorporate firm-specific financial characteristics and measures of share price performance. We find that size, cash dividends, and ownership concentration consistently have a significant impact on share repurchase announcements in all three countries under study. However, the share price performance does not explain the decision to announce a share repurchase. The robustness of the proposed models is investigated across different dimensions of sample-matching methods and with a boot-strap technique. Finally, we construct a number of models with a robust predictive ability of a firm's likelihood to announce a share repurchase

    Creators(s): Andriosopoulos, Dimitris ORCID logoORCID: https://orcid.org/0000-0003-3033-2308 and Hoque, Hafiz;
    Item type:Article
    ID code:46674
    Keywords:share repurchases, determinants, information asymmetry, logit model, boot-strap technique, Finance, Finance, Economics and Econometrics
    Subjects:Social Sciences > Finance
    Department:Strathclyde Business School > Accounting and Finance
    Depositing user: Pure Administrator
    Date deposited:13 Feb 2014 16:47
    Last modified:11 Aug 2020 11:07
    Related URLs:
    URI:https://strathprints.strath.ac.uk/id/eprint/46674
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