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Determinants of share repurchases: a quantile regression approach

This study utilizes quantile regressions to investigate the effect of the determinants of share repurchases on firms at different points of the share repurchases distribution. Empirical results from a large panel of NYSE repurchasing firms, document an asymmetric effect of several determinants on share repurchases in terms of size, significance and direction. Excess capital, stock options and growth opportunities are significant throughout the distribution and their impact increases at successive quantiles while ownership concentration and leverage exhibit sign reversals between lower and upper quantiles. These differing effects are attributed to highly heterogeneous firm characteristics across quantiles.

Universidad de Oviedo

Ioannis Chasiotis Andreas.G Georgantopoulos Nikolaos Eriotis

Economics and Business Letters

2021

Title: Determinants of share repurchases: a quantile regression approach

Description:

This study utilizes quantile regressions to investigate the effect of the determinants of share repurchases on firms at different points of the share repurchases distribution.

Empirical results from a large panel of NYSE repurchasing firms, document an asymmetric effect of several determinants on share repurchases in terms of size, significance and direction.

Excess capital, stock options and growth opportunities are significant throughout the distribution and their impact increases at successive quantiles while ownership concentration and leverage exhibit sign reversals between lower and upper quantiles.

These differing effects are attributed to highly heterogeneous firm characteristics across quantiles.

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Determinants of share repurchases: a quantile regression approach

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