Determinants of the choice of share buyback methods: A study in India

This study examines signaling, excess cash flow, substitution, leverage, agency cost, stock and liquidity hypotheses by considering firm-specific parameters to find out their impact on selection between tender offer and open market method while doing buyback. This study is based on the basic premise...

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Published inCogent economics & finance Vol. 8; no. 1; pp. 1 - 25
Main Authors Jena, Sarthak Kumar, Mishra, Chandra Sekhar, Rajib, Prabina
Format Journal Article
LanguageEnglish
Published Abingdon Taylor & Francis 2020
Cogent
Taylor & Francis Ltd
Taylor & Francis Group
Subjects
Cash flow
determinants
Hypotheses
Indian buyback
Leverage
Liquidity
Market shares
Motivation
Multivariate analysis
open market method
Regulation
Securities buybacks
Tender offer
India
Online AccessGet full text
ISSN2332-2039
2332-2039
DOI10.1080/23322039.2020.1782073

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Abstract This study examines signaling, excess cash flow, substitution, leverage, agency cost, stock and liquidity hypotheses by considering firm-specific parameters to find out their impact on selection between tender offer and open market method while doing buyback. This study is based on the basic premise that the rules and regulations those govern these two methods are completely different and have different objectives. This study takes 430 non-financial buybacks from 1998-1999 to 2017-2018 for analysis and these buybacks segregated in terms of tender offer (176) and open market methods (254). In this study, both univariate and multivariate tests have been employed. T-test and Wilcoxon rank sum test are used for univariate analysis, and logistic regression is used for multivariate analysis. The empirical findings corroborate the evidence that free cash flow hypothesis, leverage hypothesis, agency cost hypothesis and liquidity hypothesis are the prime motivators for choosing of tender offer than open market share repurchase. This study finds that dividend paid and choosing of tender offer are substitutes. The results also support the notion that for correcting short-term undervaluation firms choose tender offer rather than open market methods. This study is the first comprehensive analysis in the Indian context to find out the motivations behind the selection of share repurchase methods.
AbstractList This study examines signaling, excess cash flow, substitution, leverage, agency cost, stock and liquidity hypotheses by considering firm-specific parameters to find out their impact on selection between tender offer and open market method while doing buyback. This study is based on the basic premise that the rules and regulations those govern these two methods are completely different and have different objectives. This study takes 430 non-financial buybacks from 1998-1999 to 2017-2018 for analysis and these buybacks segregated in terms of tender offer (176) and open market methods (254). In this study, both univariate and multivariate tests have been employed. T-test and Wilcoxon rank sum test are used for univariate analysis, and logistic regression is used for multivariate analysis. The empirical findings corroborate the evidence that free cash flow hypothesis, leverage hypothesis, agency cost hypothesis and liquidity hypothesis are the prime motivators for choosing of tender offer than open market share repurchase. This study finds that dividend paid and choosing of tender offer are substitutes. The results also support the notion that for correcting short-term undervaluation firms choose tender offer rather than open market methods. This study is the first comprehensive analysis in the Indian context to find out the motivations behind the selection of share repurchase methods.
Author Rajib, Prabina
Jena, Sarthak Kumar
Mishra, Chandra Sekhar
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Snippet This study examines signaling, excess cash flow, substitution, leverage, agency cost, stock and liquidity hypotheses by considering firm-specific parameters to...
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StartPage 1
SubjectTerms Cash flow
determinants
Hypotheses
Indian buyback
Leverage
Liquidity
Market shares
Motivation
Multivariate analysis
open market method
Regulation
Securities buybacks
Tender offer
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Title Determinants of the choice of share buyback methods: A study in India
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