کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
960715 | 929636 | 2011 | 23 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The effects of bank relations on stock repurchases: Evidence from Japan
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
استراتژی و مدیریت استراتژیک
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: The effects of bank relations on stock repurchases: Evidence from Japan The effects of bank relations on stock repurchases: Evidence from Japan](/preview/png/960715.png)
چکیده انگلیسی
This paper examines the effects that bank relations have on stock repurchases in Japan. Similar to US evidence, we find that stock repurchase announcements in Japan have positive announcement period returns. Announcement returns are positively related to equity ownership by main banks, but are negatively related to nonbank debt ratios. In contrast, bank debt ratios do not have such a negative relation. Announcement returns are also negatively related to future growth opportunities, suggesting that repurchase announcements are greeted more positively by investors when repurchasing firms have lower growth opportunities. We also find that firms with high leverage are less likely to repurchase stocks, whereas firms with high equity ownership by main banks are more likely to do so. Overall, these results are consistent with the views that banks, particularly main banks, are effective monitors of agency costs and financial distress risk, and that their presence as dual stakeholders are value-enhancing.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Financial Intermediation - Volume 20, Issue 1, January 2011, Pages 94-116
Journal: Journal of Financial Intermediation - Volume 20, Issue 1, January 2011, Pages 94-116
نویسندگان
Jun-Koo Kang, Kenneth A. Kim, P. Kitsabunnarat-Chatjuthamard, Takeshi Nishikawa,