The Analysis of Share Repurchases in European Countries

Dániel Szládek ()
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Dániel Szládek: University of Szeged

Chapter Chapter 11 in Regulation of Finance and Accounting, 2022, pp 143-152 from Springer

Abstract: Abstract The way companies return cash to their shareholders has changed considerably in recent decades. After changes in the legislation, share repurchases or buybacks have gained prominence. Empirical research regarding share repurchases has mainly focused on the United States and the developed markets of Europe. In this paper, I extend the analysis of share repurchases to a broader set of European countries. I employ random-effect probit panel and dynamic panel models to explain what determines whether a European firm repurchases its shares or not and what influences the repurchased amount. My results suggest that the size and leverage ratio of the firm, as well as its dividend payments, influence both.

Keywords: Corporate finance; Payout policy; Share repurchases (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:spr:prbchp:978-3-030-99873-8_11

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DOI: 10.1007/978-3-030-99873-8_11

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