Εταιρική πολιτική διανομής κερδών : συγκριτική μελέτη της απόδοσης μερισμάτων σε σχέση με την επαναγορά μετοχών

Κορομηλάς, Γεώργιος Δ.

Master Thesis

Author

Κορομηλάς, Γεώργιος Δ.

Date

2016-02

Abstract

In this thesis we examine the extent of share repurchases programs in Europe during the period of 2003 to 2012. We find that share repurchases programs have reduced dramatically after the global financial crisis of 2008. Our main goal was to ascertain the conditions under which the companies distribute funds to their shareholders through repurchases programs.We examine the soundness of the three most basic hypotheses, Free cash Flow, Signaling and Leverage Ratio Hypothesis. According to Free Cash Flow Hypothesis companies with excess liquidity repurchase shares, so as to reduce the risk of taking up non profitable investments. Empirical analysis supports the projections of the theory. We do not find support for the Signaling Hypothesis, according to which smaller firms with undervalued stock announce share repurchases programs, in order to signal positive prospects for the future. In contrast with the projections of the theory we find that the firms that repurchase shares are larger and have higher market to book ratio. Leverage ratio hypothesis, which states that firms repurchase shares so as to alter their capital structure, seems to be confirmed. Data analysis finds evidence that firms with lower debt ratio, tend to repurchase shares more often and at a larger extent.

Postgraduate Studies Programme

Χρηματοοικονομική και Τραπεζική με κατεύθυνση στην Χρηματοοικονομική Ανάλυση για Στελέχη

Department

Σχολή Χρηματοοικονομικής και Στατιστικής. Τμήμα Χρηματοοικονομικής και Τραπεζικής Διοικητικής

Number of pages

Language

Greek

URI

https://dione.lib.unipi.gr/xmlui/handle/unipi/9706

Collections

Τμήμα Χρηματοοικονομικής και Τραπεζικής Διοικητικής

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