Earticle

초록

영어

In this study, we examine the patterns and determinants of share repurchases using firm-level data from seven major countries—Australia, Canada, France, Germany, Japan, the U.K., and the U.S.—over the period 2000-2005. We find that non-U.S. firms do not repurchase shares as much as U.S. firms do. However, it appears that a common set of patterns applies to the payout behavior of both U.S. and non-U.S. firms. For example, across countries, firms use share repurchases as a flexible means of distributing cash. Also, firms generally do not use repurchases as a substitute for dividends. Further, there is strong evidence that, across countries, repurchasing firms have unique characteristics, depending on whether or not they also pay dividends. Finally, our multinomial logit and Tobit regressions show that, across countries, excess cash is a key determinant of share repurchases.

목차

Abstract
 1. Introduction
 2. Prior U.S. studies
 3. Research design and data
 4. Empirical evidence
  4.1 Relative importance of share repurchases in major countries
  4.2 Stability of payout policy
  4.3 Share repurchases and dividend increases
  4.4 Firm characteristics of share repurchasing firms
  4.5 Factors associated with the amount of share repurchases
  4.6 Cash holdings in the years preceding share repurchases
 5. Concluding remarks
 References
 Table
 Figure

키워드

저자

• Bong Soo Lee [ Department of Finance, College of Business, Florida State University, Tallahassee, Florida. ]
• Jungwon Suh [ Daehyun-dong, Seodaemun-gu, Seoul, Korea ]

참고문헌

발행기관

간행물

표지보기 관심저널 등록

• 간행물명

  한국재무학회 학술대회

• 간기

  부정기

• 수록기간

  2006~2024

• 십진분류

  KDC 325 DDC 330