Matches in SemOpenAlex for { <https://semopenalex.org/work/W1538091844> ?p ?o ?g. }
- W1538091844 abstract "We present univariate and multivariate evidence to show that firms which engage in initial stock repurchases have some specific economic and financial attributes when compared to size-and industry-matched firms. We find that initial repurchase firms are younger, have lower leverage and operating risk, and higher payouts, operating cash flows, profitability and market-to-book than matched non-repurchase firms. Compared to secondary or “seasoned” repurchase matched firms, these initial repurchase firms are also younger and have higher cash, profitability, sales growth and market-to-book, as well as lower payouts, leverage and retained earnings. Therefore, we analyze the determinants and motivations that may explain why firms repurchase their own stock for the first time by studying the theoretical hypotheses found in the financial literature that are most important in explaining initial stock repurchases. The results support the free cash flow and risk reduction signaling hypotheses and the flexibility motivation for conducting stock repurchases. We do not find strong support for any other theoretical explanations of stock repurchases, such as undervaluation signaling, timing, tax effects and options and dilution hypotheses." @default.
- W1538091844 created "2016-06-24" @default.
- W1538091844 creator A5008586579 @default.
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- W1538091844 date "2009-02-01" @default.
- W1538091844 modified "2023-09-27" @default.
- W1538091844 title "THE DETERMINANTS of INITIAL STOCK REPURCHASES" @default.
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