Do share repurchases facilitate movement toward target capital structure? International evidence

•Under-levered firms are more likely to buy back shares right after share repurchase legalization.•Post-legalization repurchases facilitate firms’ movement toward target leverage, especially for under-levered firms.•The facilitating effect is stronger under lower repurchasing restriction, higher div...

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Published inJournal of empirical finance Vol. 77; p. 101498
Main Authors Wang, Zigan, Yin, Qie Ellie, Yu, Luping
Format Journal Article
LanguageEnglish
Published Elsevier B.V 01.06.2024
Subjects
Capital structure
Share repurchases
Target leverage
G35
Target leverage
Share repurchases
G38
Capital structure
G32
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Abstract •Under-levered firms are more likely to buy back shares right after share repurchase legalization.•Post-legalization repurchases facilitate firms’ movement toward target leverage, especially for under-levered firms.•The facilitating effect is stronger under lower repurchasing restriction, higher dividend tax penalty, and lower financial constraint. We use a new international setting to test and strengthen identification of the “target leverage” hypothesis in the payout policy literature. We conduct a quasi-natural experiment induced by staggered share repurchase legalization in 17 economies and analyze its influences on leverage dynamics. After controlling for other repurchasing motives, firms under-leveraged before legalization are more likely to buy back shares immediately after legalization. Post-legalization repurchases also facilitate firms’ movement toward target leverage, especially when firms are under-leveraged. This facilitating effect is stronger under lower repurchasing restriction, higher dividend tax penalty, and lower financial constraint.
AbstractList •Under-levered firms are more likely to buy back shares right after share repurchase legalization.•Post-legalization repurchases facilitate firms’ movement toward target leverage, especially for under-levered firms.•The facilitating effect is stronger under lower repurchasing restriction, higher dividend tax penalty, and lower financial constraint. We use a new international setting to test and strengthen identification of the “target leverage” hypothesis in the payout policy literature. We conduct a quasi-natural experiment induced by staggered share repurchase legalization in 17 economies and analyze its influences on leverage dynamics. After controlling for other repurchasing motives, firms under-leveraged before legalization are more likely to buy back shares immediately after legalization. Post-legalization repurchases also facilitate firms’ movement toward target leverage, especially when firms are under-leveraged. This facilitating effect is stronger under lower repurchasing restriction, higher dividend tax penalty, and lower financial constraint.
ArticleNumber 101498
Author Yin, Qie Ellie
Yu, Luping
Wang, Zigan
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  organization: School of Business, Hong Kong Baptist University, China
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  givenname: Luping
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Snippet •Under-levered firms are more likely to buy back shares right after share repurchase legalization.•Post-legalization repurchases facilitate firms’ movement...
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StartPage 101498
SubjectTerms Capital structure
Share repurchases
Target leverage
Title Do share repurchases facilitate movement toward target capital structure? International evidence
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