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Dividends versus Share Repurchases Evidence from Canada: 1985-2003

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  • Maher Kooli
  • Jean-François L'Her
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    Abstract

    This paper provides out-of-sample evidence on the payout policy in Canada during the 1985-2003 period. First, we show that the proportion of nonfinancial firms paying dividends has decreased, while the proportion initiating repurchase programs has increased. We also show that Canadian firms paying dividends and repurchasing shares are extremely concentrated. Second, we focus on the factors that could affect the choice between repurchases and dividends. We find that dividends and repurchases are used by different types of firms. While we do not confirm the financial flexibility hypothesis, our results are consistent with the substitution hypothesis after controlling for selection bias and endogeneity. Copyright (c) 2010, The Eastern Finance Association.

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    Bibliographic Info

    Article provided by Eastern Finance Association in its journal Financial Review.

    Volume (Year): 45 (2010)
    Issue (Month): 1 (02)
    Pages: 57-81

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    Handle: RePEc:bla:finrev:v:45:y:2010:i:1:p:57-81

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    Web page: http://www.easternfinance.org/
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    Cited by:
    1. Andriosopoulos, Dimitris & Hoque, Hafiz, 2013. "The determinants of share repurchases in Europe," International Review of Financial Analysis, Elsevier, vol. 27(C), pages 65-76.

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