{"title":"Share Repurchases and Firm Innovation","authors":"Lily H. G. Nguyen, Le Vu, Xiangkang Yin","doi":"10.2139/ssrn.2647816","DOIUrl":null,"url":null,"abstract":"In this paper, we investigate the relationship between share repurchase and firm innovation. Using a sample of 6,889 U.S. firms for the 1996-2006 period, we find a significantly negative effect of share repurchase on current and future firm innovation. Our identification strategy based on the instrumental variables approach suggests this negative effect is causal. The relationship between share repurchase and firm innovation remain valid in all robustness tests.","PeriodicalId":265237,"journal":{"name":"Capital Structure and Payout Policy","volume":"51 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2015-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"8","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Capital Structure and Payout Policy","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.2647816","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 8
Abstract
In this paper, we investigate the relationship between share repurchase and firm innovation. Using a sample of 6,889 U.S. firms for the 1996-2006 period, we find a significantly negative effect of share repurchase on current and future firm innovation. Our identification strategy based on the instrumental variables approach suggests this negative effect is causal. The relationship between share repurchase and firm innovation remain valid in all robustness tests.
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