Governance and post-repurchase performance

doi:10.1016/j.jcorpfin.2016.02.005

CORC > 上海财经大学 > 上海财经大学

	Governance and post-repurchase performance
	Caton, Gary L.1; Goh, Jeremy 2; Lee, Yen Teik 3; Linn, Scott C.4
刊名	JOURNAL OF CORPORATE FINANCE
	2016-08
卷号	39 页码:155-173
关键词	Corporate payout Share repurchases Corporate governance Long-term performance Anomaly attenuation
ISSN号	0929-1199
DOI	10.1016/j.jcorpfin.2016.02.005
英文摘要	Payout policies based on share repurchase programs provide greater flexibility than do those based on cash dividends. We develop and test an empirical model in which strongly governed companies outperform weakly governed companies after announcing share repurchase programs. Our findings include positive associations between strong governance and both post announcement adjusted operating performance and abnormal stock returns. The results are robust to sample selection bias, different sample criteria, governance measurement, and various control variables. In addition, governance strength is associated with larger post-announcement changes in CEO incentive compensation and merger and acquisition activity, both of which we argue are consistent with strongly governed companies using the financial flexibility derived from choosing share repurchases over cash dividends to drive better performance. Consistent with current literature on attenuation of former anomalies, the associations we find between governance and post-announcement performance tend to disappear in the latter half of our sample period. (C) 2016 Elsevier B.V. All rights reserved.
WOS研究方向	Business & Economics
语种	英语
出版者	ELSEVIER SCIENCE BV
WOS记录号	WOS:000381237100009
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/1239]
专题	上海财经大学
通讯作者	Caton, Gary L.
作者单位	1.Montana State Univ, 408 Jabs Hall, Bozeman, MT 59717 USA; 2.Singapore Management Univ, 50 Stamford Rd, Singapore 178899, Singapore; 3.Shanghai Univ Finance & Econ, 777 Guoding Rd, Shanghai 200433, Peoples R China; 4.Univ Oklahoma, 253 Adams Hall, Norman, OK 73019 USA
推荐引用方式 GB/T 7714	Caton, Gary L.,Goh, Jeremy,Lee, Yen Teik,et al. Governance and post-repurchase performance[J]. JOURNAL OF CORPORATE FINANCE,2016,39:155-173.
APA	Caton, Gary L.,Goh, Jeremy,Lee, Yen Teik,&Linn, Scott C..(2016).Governance and post-repurchase performance.JOURNAL OF CORPORATE FINANCE,39,155-173.
MLA	Caton, Gary L.,et al."Governance and post-repurchase performance".JOURNAL OF CORPORATE FINANCE 39(2016):155-173.