Governance and post-repurchase performance

• Main Authors: CATON, Gary, GOH, Jeremy, LEE, Yen Teik, LINN, Scott
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2016
• Subjects: Corporate Governance; Corporate payout; Share Repurchase; Operating performance; Anomaly attenuation; Long-term performance; Business; Business Law, Public Responsibility, and Ethics; Corporate Finance
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/5018; https://ink.library.smu.edu.sg/context/lkcsb_research/article/6017/viewcontent/Governance_and_post_repurchase_performance.pdf
• Institution: Singapore Management University

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 posi...