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The determinants of share repurchases in Europe

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  • Andriosopoulos, Dimitris
  • Hoque, Hafiz

Abstract

In this paper, we assess which firm-characteristics are associated with a firm's decision to announce a share repurchase programme in a cross-country framework. In the models, we incorporate firm-specific financial characteristics and measures of share price performance. We find that size, cash dividends, and ownership concentration consistently have a significant impact on share repurchase announcements in all three countries under study. However, the share price performance does not explain the decision to announce a share repurchase. The robustness of the proposed models is investigated across different dimensions of sample-matching methods and with a boot-strap technique. Finally, we construct a number of models with a robust predictive ability of a firm's likelihood to announce a share repurchase.

Suggested Citation

  • Andriosopoulos, Dimitris & Hoque, Hafiz, 2013. "The determinants of share repurchases in Europe," International Review of Financial Analysis, Elsevier, vol. 27(C), pages 65-76.
    • Handle: RePEc:eee:finana:v:27:y:2013:i:c:p:65-76
    DOI: 10.1016/j.irfa.2012.12.003
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    Cited by:

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    3. Đorđe Đukić & Mališa Đukić, 2015. "Interdependencies of Markets in Southeastern Europe and Buyback of Shares on Shallow Capital Markets: The Application of Cointegration and Causality Tests," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 62(4), pages 469-491, September.
    4. Andriosopoulos, Dimitrios & Gaganis, Chrysovalantis & Pasiouras, Fotios & Zopounidis, Constantin, 2012. "An application of multicriteria decision aid models in the prediction of open market share repurchases," Omega, Elsevier, vol. 40(6), pages 882-890.
    5. Angeliki Drousia & Athanasios Episcopos & George N. Leledakis & Emmanouil G. Pyrgiotakis, 2023. "EU Regulation and open market share repurchases: new evidence," The European Journal of Finance, Taylor & Francis Journals, vol. 29(9), pages 1022-1042, June.
    6. Szládek, Dániel, 2024. "Osztalékfizetés helyett részvény-visszavásárlás?. A részvény-visszavásárlások népszerűségének lehetséges okai [Share repurchases instead of dividend payments?. The evolution of payout policies and ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(2), pages 154-175.
    7. Burak Pirgaip & Semra Karacaer, 2017. "Why Do Firms Repurchase Their Stocks? Evidence From An Emerging Market," Eurasian Journal of Business and Management, Eurasian Publications, vol. 5(3), pages 26-34.
    8. Moin, Abdul & Guney, Yilmaz & Kalak, Izidin El, 2020. "In search of stock repurchases determinants in listed Indonesian firms during regulatory changes," Journal of Economic Behavior & Organization, Elsevier, vol. 176(C), pages 145-165.
    9. Liu, Jia & Wang, Bin & Kong, Linghui & Gu, Xiaolong, 2023. "Does a Chairperson's military experience promote share repurchase? Evidence from Chinese listed companies," Economic Modelling, Elsevier, vol. 126(C).
    10. Andriosopoulos, Dimitris & Andriosopoulos, Kostas & Hoque, Hafiz, 2013. "Information disclosure, CEO overconfidence, and share buyback completion rates," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 5486-5499.
    11. Alquhaif, Abdulsalam & Al-Gamrh, Bakr & Abdul Latif, Rohaida, 2020. "An overview of share buybacks: A descriptive case from Malaysia," Journal of Behavioral and Experimental Finance, Elsevier, vol. 28(C).
    12. Hussein Abedi Shamsabadi & Byung-Seong Min & Richard Chung, 2016. "Corporate governance and dividend strategy: lessons from Australia," International Journal of Managerial Finance, Emerald Group Publishing Limited, vol. 12(5), pages 583-610, October.
    13. Burak Pirgaip, 2021. "Pan(dem)ic reactions in Turkish stock market: evidence from share repurchases," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 11(2), pages 381-402, June.
    14. Pirgaip, Burak & Dinçergök, Burcu, 2019. "Share repurchases under uncertainty: U.S. evidence," Finance Research Letters, Elsevier, vol. 30(C), pages 130-138.
    15. Christian Andres & André Betzer & Markus Doumet & Erik Theissen, 2018. "Open Market Share Repurchases in Germany: A Conditional Event Study Approach," Abacus, Accounting Foundation, University of Sydney, vol. 54(4), pages 417-444, December.
    16. Li, Lingxiang, 2016. "New findings on repurchase anomaly — The first-month effect," International Review of Financial Analysis, Elsevier, vol. 48(C), pages 331-349.
    17. Dimitris Andriosopoulos & Chrysovalantis Gaganis & Fotios Pasiouras, 2016. "Prediction of open market share repurchases and portfolio returns: evidence from France, Germany and the UK," Review of Quantitative Finance and Accounting, Springer, vol. 46(2), pages 387-416, February.
    18. Ed-Dafali, Slimane & Patel, Ritesh & Iqbal, Najaf, 2023. "A bibliometric review of dividend policy literature," Research in International Business and Finance, Elsevier, vol. 65(C).
    19. Dayanandan, Ajit & Donker, Han & Kuntluru, Sudershan & Nofsinger, John, 2020. "Share buybacks in India," Research in International Business and Finance, Elsevier, vol. 54(C).
    20. Jaehee Gim & SooCheong Jang, 2024. "The determinants of aggressive share buybacks: An empirical examination of U.S. publicly traded restaurant firms," Tourism Economics, , vol. 30(1), pages 132-151, February.
    21. Elisa Roncagliolo, 2015. "Managerial discretion in authorising open market share repurchases: empirical evidence from the Italian context," FINANCIAL REPORTING, FrancoAngeli Editore, vol. 2015(2), pages 95-116.

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    More about this item

    Keywords

    Share repurchases; Determinants; Information asymmetry; Logit model; Boot-strap;
    All these keywords.

    JEL classification:

    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy

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