Share repurchases and firm innovation
| Autor: | Xiangkang Yin, Le Vu, Lily Nguyen |
|---|---|
| Rok vydání: | 2020 |
| Předmět: |
040101 forestry
050208 finance Corporate governance 05 social sciences Economics Econometrics and Finance (miscellaneous) Instrumental variable 04 agricultural and veterinary sciences Microeconomics Business economics Negative relationship Accounting 0502 economics and business 0401 agriculture forestry and fisheries Dividend Production (economics) Cash flow Business Robustness (economics) Finance |
| Zdroj: | Accounting & Finance. 61:1665-1695 |
| ISSN: | 1467-629X 0810-5391 |
| DOI: | 10.1111/acfi.12641 |
| Popis: | We examine whether corporate decisions such as share repurchases influence a firm’s intangible assets and their production. We find a significantly negative relationship between share repurchases and firm innovation. The negative relationship survives all considered robustness tests. We further apply two identification strategies, namely, difference-in-differences analysis and instrumental variables estimation, to establish that the negative effect is causal; that is, from share repurchases to innovation. |
| Databáze: | OpenAIRE |
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