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DO FIRMS SHAVE CAPITAL EXPENDITURES WHEN REPURCHASING SHARES?

Academy of Accounting and Financial Studies journal, 2018-12, Vol.22 (6), p.1-10 [Peer Reviewed Journal]

Copyright Jordan Whitney Enterprises, Inc 2018 ;ISSN: 1096-3685 ;EISSN: 1528-2635

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  • Title:
    DO FIRMS SHAVE CAPITAL EXPENDITURES WHEN REPURCHASING SHARES?
  • Author: Bhagwat, Yatin N ; DeBruine, Marinus
  • Subjects: Capital expenditures ; Cash flow ; Corporate management ; Corporate profits ; Dividends ; Earnings management ; Earnings per share ; Employment ; Securities buybacks ; Stockholders
  • Is Part Of: Academy of Accounting and Financial Studies journal, 2018-12, Vol.22 (6), p.1-10
  • Description: Increasingly corporate management is characterized as forgoing (long-term) investments in the company's future and distributing funds to company shareholders in the form of share repurchases. This paper examines to what extent firms pass up value-increasing capital expenditures with share repurchases. This paper also contributes to the debate on whether share repurchases can be taken as a sign of undervalued equity. Employing a matched sample constructed from firms across all but the financial and regulated industries during the 1998-2014 time period, this study compares capital expenditures by firms that repurchase shares to those that did not. Our results do not support the assertion that firms shave investments to repurchase shares; instead, these findings corroborate the notion that firms regularly return funds to shareholders because they generate more funds than they can use in light of the growth opportunities they face.
  • Publisher: Arden: Jordan Whitney Enterprises, Inc
  • Language: English
  • Identifier: ISSN: 1096-3685
    EISSN: 1528-2635
  • Source: ProQuest Central
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