Firm performance following actual share repurchases: Effects of investment crowding out and financial flexibility
學年 110
學期 2
出版（發表）日期 2022-06-01
作品名稱 Firm performance following actual share repurchases: Effects of investment crowding out and financial flexibility
作品名稱（其他語言）
著者 Ching-Hsiang Chao; Chih-Jen Huang
單位
出版者
著錄名稱、卷期、頁數 Pacific-Basin Finance Journal 73, 101738
摘要 In this paper, we analyze the effects of abnormal capital investment and financial flexibility on firm performance following actual share repurchases by using a unique Taiwanese dataset. The results indicate that superior operational performance is associated with share repurchases; however, share repurchases may crowd out required capital investments. Further examination reveals that firms with adequate financial flexibility outperform firms with inadequate financial flexibility after actual share repurchases. In summary, our findings suggest that financial flexibility can mitigate the investment crowding out effect and positively affect firms' operational performance post-repurchase.
關鍵字 Actual share repurchase;Financial flexibility;Investment;Operational performance
語言 en
ISSN 0927-538X
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者
審稿制度 是
國別 NLD
公開徵稿
出版型式 ,電子版,紙本
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/122904 )