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Les rachats d’actions au Canada:motivations et impact de l’activité économique

Author

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  • Michel Albouy

    (Université de Grenoble 2)

  • Tania Morris

    (Université de Moncton, Canada)

Abstract

(VF)Cet article étudie les motivations des firmes canadiennes cotées à annoncer des programmes de rachat d’actions et l’impact de l’activité économique sur ce comportement. La distribution des flux monétaires excédentaires, l’envoi d’un signal ainsi que la prévention de la dilution du bénéfice par action sont les principales motivations de ces opérations. Par ailleurs, l’étude montre que le niveau de l’activité économique a un impact sur ces motivations. Ainsi, en période de faible croissance, la motivation principale est de réduire l’asymétrie d’information, alors qu’en période de forte croissance, il s’agit plutôt d’éviter la dilution du BPA.(VA)The object of this paper is to identify the incentives of publicly traded Canadian firms to announce repurchases of their own shares and to evaluate the impact of economic growth on this decision. Firms an-nounce share repurchases to distrib-ute free cash flow, to send a signal and to prevent dilution of earnings per shares. Economic activity has an impact on those motivations. In a pe-riod of low economic growth, the principal motivation is to reduce asymmetric information while in a period of high economic growth, firms repurchase their shares in order to prevent diluting earnings per share.

Suggested Citation

  • Michel Albouy & Tania Morris, 2006. "Les rachats d’actions au Canada:motivations et impact de l’activité économique," Revue Finance Contrôle Stratégie, revues.org, vol. 9(4), pages 5-32, December.
    • Handle: RePEc:dij:revfcs:v:9:y:2006:i:q4:p:5-32
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    Cited by:

    1. P. Du Jardin & E. Séverin, 2011. "Dividend policy," Post-Print hal-00801923, HAL.
    2. Rim El Houcine & Adel Boubaker, 2014. "Share Repurchasing and the Policies of Stock-Options," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 4(1), pages 175-187, January.
    3. Pavlović, Vladan & Cvijanović, Janko & Milačić, Srećko, 2014. "Reporting On The Reasons For The Acquisition Of Own Shares," Economics of Agriculture, Institute of Agricultural Economics, vol. 61(3), pages 1-15, October.

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    More about this item

    Keywords

    rachats d’actions; flux monétaires excédentaires; politique de dividende; croissance économique; share repurchases; free cash flow; dividend policy; economic growth.;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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