English, Article edition: Are stock repurchases more flexible than dividends? The caseof Japanese firms Naohiko Baba; Yoichi Ueno

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Bookmark: http://trove.nla.gov.au/version/50683
Physical Description
  • article
Language
  • English

Edition details

Title
  • Are stock repurchases more flexible than dividends? The caseof Japanese firms
Author
  • Naohiko Baba
  • Yoichi Ueno
Physical Description
  • article
Notes
  • This article investigates the flexibility hypothesis of stock repurchases relative to dividends using the panel data of 577 Japanese firms. The estimation result of the partial adjustment model shows that the coefficient of adjustment speed towards the target payouts is higher for total payouts defined as the sum of dividends and stock repurchases (62.4%) than dividends only (34.3%). This result suggests that stock repurchases are more flexible than dividends in Japan.
  • RePEc:taf:apfelt:v:4:y:2008:i:5:p:315-318
Language
  • English
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