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This paper analyzes whether the companies that have sufficient cash, but do not have adequate investment opportunities, spend the cash to repurchase stocks. We measure the investment opportunities usi...
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This paper analyzes whether the companies that have sufficient cash, but do not have adequate investment opportunities, spend the cash to repurchase stocks. We measure the investment opportunities using the joint dummy variables such as available cash level and Tobin¡¯s q ratio, and control the degree of stock repurchase using the control variables such as stock-price- change, cash dividend, leverage, ownership, firm size and composite index of business indicators. Since the majority of firms do not repurchase stocks, we analyze our model using the Tobit model rather than OLS. The results of this study indicate that the companies with sufficient cash and a Tobin¡¯s q ratio of less than 1 are more likely to spend cash to repurchase stocks, which support our hypothesis. Also we find a significant negative correlation between stock repurchase and leverage and ownership, and a significant positive correlation between stock repurchase and cash dividend and firm size. This paper provides the additional incentive of stock repurchase related to investment opportunities, to add to the incentives found in prior research.
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REFERENCES