The persistence and consequences of share repurchases

IF 2.2 3区管理学 Q2 BUSINESS, FINANCE Journal of Business Finance & Accounting Pub Date : 2023-04-20 DOI:10.1111/jbfa.12699

Sadok El Ghoul, Omrane Guedhami, Hyunseok Kim, Jungwon Suh

引用次数: 0

Abstract

Firms use cash flow primarily to finance increasingly persistent share repurchases. Such internal financing is accompanied by gradual increases in retained earnings in the capital structure, and results in high (low) repurchase (investment) sensitivity to cash flow. These effects are particularly pronounced among financially mature firms. The repurchase–cash flow sensitivity of US firms has increased steadily in recent decades, with steeper increases for financially mature firms. We find that repurchases are not generally associated with underinvestment. Moreover, a nontrivial number of firms would have depleted their retained earnings if they paid dividends instead of repurchased shares.

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股票回购的持续性和后果

企业主要利用现金流为日益持续的股票回购提供资金。这种内部融资伴随着资本结构中留存收益的逐步增加，导致回购（投资）对现金流的敏感度高（低）。这些影响在财务成熟的企业中尤为明显。近几十年来，美国公司的回购-现金流敏感性持续上升，财务成熟的公司上升幅度更大。我们发现，回购一般与投资不足无关。此外，有相当数量的公司如果不回购股票而支付股息，其留存收益就会耗尽。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Business Finance & Accounting BUSINESS, FINANCE-

CiteScore

4.40

自引率

17.20%

发文量

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