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 in | Journal of empirical finance Vol. 77; p. 101498 |
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Main Authors | , , |
Format | Journal Article |
Language | English |
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Elsevier B.V
01.06.2024
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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. |
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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 |
Author_xml | – sequence: 1 givenname: Zigan orcidid: 0000-0002-1311-1493 surname: Wang fullname: Wang, Zigan email: wangzigan@sz.tsinghua.edu.cn organization: Shenzhen International Graduate School and School of Economics and Management, Tsinghua University, China – sequence: 2 givenname: Qie Ellie orcidid: 0000-0002-0487-8457 surname: Yin fullname: Yin, Qie Ellie email: qieyin@hkbu.edu.hk organization: School of Business, Hong Kong Baptist University, China – sequence: 3 givenname: Luping surname: Yu fullname: Yu, Luping email: lupingyu@hotmail.com organization: School of Management, Xiamen University, China |
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Title | Do share repurchases facilitate movement toward target capital structure? International evidence |
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