원문정보
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
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
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