Determinants of share repurchases: a quantile regression approach

Authors

  • Ioannis Chasiotis Durham University, Business School, UK
  • Andreas.G Georgantopoulos National and Kapodistrian University of Athens
  • Nikolaos Eriotis

DOI:

https://doi.org/10.17811/ebl.10.1.2021.27-36

Keywords:

share repurchases, quantile regressions, NYSE, payout policy

Abstract

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.

Author Biography

Ioannis Chasiotis, Durham University, Business School, UK

Lecturer, School of Business and Economics, Athens Metropolitan College

References

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Published

2021-02-21

How to Cite

Chasiotis, I., Georgantopoulos, A. ., & Eriotis, N. (2021). Determinants of share repurchases: a quantile regression approach. Economics and Business Letters, 10(1), 27-36. https://doi.org/10.17811/ebl.10.1.2021.27-36

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Articles