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Determinants of Share Repurchases A Quantile Regression Approach

Chasiotis, I., Georgantopoulos, G.A., Eriotis, N. (2021) "Determinants of share repurchases: A quantile regression approach", Economics and Business Letters 10(1), pp. 27-36.

10 Pages Posted: 10 Mar 2021 Last revised: 15 Dec 2021

See all articles by Ioannis Chasiotis

Ioannis Chasiotis

Agricultural University of Athens; American College of Greece (DEREE)

Andreas G. Georgantopoulos

National and Kapodistrian University of Athens; Panteion University of Athens - Panteion University of Political and Social Sciences

Nikolaos Eriotis

National and Kapodistrian University of Athens

Date Written: February 23, 2021

Abstract

This study utilizes quantile regressions to investigate the effect of the determinants of share repurchases on firms at different points of the share repurchases distribution. Empirical results from a large panel of NYSE repurchasing firms, document an asymmetric effect of several determinants on share repurchases in terms of size, significance and direction. Excess capital, stock options and growth opportunities are significant throughout the distribution and their impact increases at successive quantiles while ownership concentration and leverage exhibit sign reversals between lower and upper quantiles. These differing effects are attributed to highly heterogeneous firm characteristics across quantiles.

Keywords: share repurchases, quantile regressions, NYSE

JEL Classification: G32, G35

Suggested Citation

Chasiotis, Ioannis and Georgantopoulos, Andreas G. and Eriotis, Nikolaos, Determinants of Share Repurchases A Quantile Regression Approach (February 23, 2021). Chasiotis, I., Georgantopoulos, G.A., Eriotis, N. (2021) "Determinants of share repurchases: A quantile regression approach", Economics and Business Letters 10(1), pp. 27-36., Available at SSRN: https://ssrn.com/abstract=3791379

Ioannis Chasiotis

Agricultural University of Athens ( email )

Iera Odos 75
Athens, Votanikos 11855
Greece

American College of Greece (DEREE) ( email )

Gravias 6,
Aghia Paraskevi
Athenes, 153-42
Greece

Andreas G. Georgantopoulos (Contact Author)

National and Kapodistrian University of Athens ( email )

Greece

Panteion University of Athens - Panteion University of Political and Social Sciences ( email )

136 Sygrou
Athens
Greece

Nikolaos Eriotis

National and Kapodistrian University of Athens ( email )

5 Stadiou Strt
Athens, 12131
Greece

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