Open-market block share repurchases probability, frequency and timing

Chen, Ni-Yun; Liu, Chi‐Chun

doi:10.1016/j.pacfin.2018.11.005

Cited by 7 publications

(4 citation statements)

References 45 publications

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“…(N. Y. Chen & Liu, 2019). Abnormal return menjadi negatif di sekitar pengumuman pembelian kembali pasar terbuka pada pasar saham Jepang.…”

Section: Penelitian Terdahuluunclassified

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Pembelian Saham Kembali : Apakah Strategi yang Baik?

Santoso

2022

Keuangan, Akuntansi, Manajemen, Perbankan

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Tujuan dari penelitian ini adalah untuk mengetahui perbedaan kinerja keuangan perusahaan dan kinerja pasar sebelum, saat, dan setelah melakukan aksi korporasi pembelian kembali saham. Penelitian ini mengambil sampel sebanyak 50 perusahaan publik berdasarkan metode purposive sampling dengan beberapa kriteria selama tahun 2008-2021. Metode pengujian hipotesis menggunakan analisis varians multivariat (manova) dan analisis varians (anova) dengan tiga kelompok periode, yaitu sebelum, pada saat dan setelah perusahaan melakukan aksi korporasi pembelian kembali saham. Hasil penelitian menunjukkan bahwa tidak terdapat perbedaan yang signifikan antara current ratio, asset turnover ratio, debt to equity ratio, return on equity ratio, dan earning per share sebelum, pada, dan setelah dilakukan aksi korporasi buyback saham. Hasil uji kinerja pasar menunjukkan bahwa tidak terdapat perbedaan yang signifikan antara abnormal return perusahaan sebelum, saat, dan setelah melakukan aksi korporasi pembelian kembali saham

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“…(N. Y. Chen & Liu, 2019). Abnormal return menjadi negatif di sekitar pengumuman pembelian kembali pasar terbuka pada pasar saham Jepang.…”

Section: Penelitian Terdahuluunclassified

“…Y. Chen & Liu, 2019) Pembelian kembali saham adalah pembelian kembali saham perusahaan atas dirinya sendiri, yang telah dikeluarkan sebelumnya kepada pemegang saham.…”

Section: Penelitian Terdahuluunclassified

Pembelian Saham Kembali : Apakah Strategi yang Baik?

Santoso

2022

Keuangan, Akuntansi, Manajemen, Perbankan

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“…Chen and Liu (2019) document that the disclosure effects are size-based, for example, smaller firms tend to disclose more frequently than larger firms.4 In Section 5 we explore the possibility that banks manipulate their size to avoid the regulation, but we find no evidence for such manipulation.© 2019 Accounting and Finance Association of Australia and New Zealand N. Zelenyuk et al/Accounting & Finance 60 (2020) 4387-4417…”

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confidence: 94%

Size‐conditioned mandatory capital adequacy disclosure and bank intermediation

Zelenyuk

Faff

Pathan

2019

Accounting & Finance

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We add to the literature on the real effects of macroprudential regulation by investigating the novel link between a mandatory capital adequacy disclosure and bank intermediation. The mandatory disclosure stems from the Federal Reserve regulation change of 2013 and leads to identification of bank intermediation effects with treatment methods. A combined empirical strategy of difference‐in‐differences and regression discontinuity design point to economically significant evidence for the reduction of both lending and on‐balance sheet liquidity creation, for banks that disclose their capital adequacy as prescribed by the regulation.

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“…Three discrete purposes include transferring shares to its employees (Purpose 1), converting equity in coordination with the issuance of securities (Purpose 2) and maintaining the company's credit (Purpose 3). The regulations limit the maximum buyback period to two months following a repurchase announcement (Chen et al ., 2019; Chen and Liu, 2019). The two-month buyback period in Taiwan is relatively short when compared with the three-month period in Korea, the twelve-month period in Japan and Canada and the eighteen-month period in the UK and Germany.…”

Section: Introductionmentioning

confidence: 99%

Insider ownership and share collateral with the incentive for share repurchases

Chen

2022

Self Cite

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PurposeThis study examines whether insider share ownership and personal share collateral affect corporate payout decisions.Design/methodology/approachThis study estimates logit, Tobit and ordinary least squares regression models to explore how insider ownership is related to share repurchase probability, completion rates and the long-term performance following the repurchase announcements and how insider share collateral affects the above associations.FindingsThe results show that insider share ownership is negatively associated with the probability of announcing share repurchases and repurchase completion rates and is positively associated with the firm's post-announcement performance. This study further explores the incentive of insiders with high share collateral announcing share repurchases under a threat of margin call. For firms with a high percentage of insider share collateral, the results show that insider share ownership is associated with higher repurchase probability but is associated with lower repurchase completion rates and poorer post-announcement performance.Originality/valueThis study clarifies the interrelationships between insider ownership, insider share collateral and decisions in share repurchases and subsequent performance. This study provides evidence for both the convergence of interest and the entrenchment theories.

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Open-market block share repurchases probability, frequency and timing

Cited by 7 publications

References 45 publications

Pembelian Saham Kembali : Apakah Strategi yang Baik?

Pembelian Saham Kembali : Apakah Strategi yang Baik?

Size‐conditioned mandatory capital adequacy disclosure and bank intermediation

Insider ownership and share collateral with the incentive for share repurchases

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