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首页> 外文期刊>Corporate Board: Role, Duties & Composition >IN SEARCH FOR THE DETERMINANTS OF SHARE REPURCHASES POLICIES IN THE ITALIAN EQUITY CAPITAL MARKET: AN EVENT STUDY
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IN SEARCH FOR THE DETERMINANTS OF SHARE REPURCHASES POLICIES IN THE ITALIAN EQUITY CAPITAL MARKET: AN EVENT STUDY

机译：寻找意大利股权资本市场股票回购政策的决定因素：一项研究

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摘要

In the last decade the number of buyback transactions involving listed companies in the Italian equity capital market has experienced a huge growth. However, no clear understanding of this phenomenon has yet been reached, also because of the limited information available on such financial decisions. The purpose of this paper is to check the main hypotheses behind the determinants of share repurchases, analysing the effect of own share buyback announcements specifically on the performance of the listed companies before and after the discontinuity introduced in Italy through the Reform of the financial markets. The first major outcome coming from the empirical analysis deals with the strong incentive played by the reform mentioned above, which introduced stricter corporate governance criteria, leading to a sharp increase in the volume and frequency of share buyback announcements, as well as in the number of companies getting access to this instrument. Secondly, the analysis strongly supports the replacement hypothesis theory, which states that buybacks have become a better substitute for dividends as a remuneration policy for shareholders.
机译：在过去十年中，涉及意大利股票资本市场中上市公司的回购交易数量经历了巨大的增长。但是，由于有关此类财务决策的可用信息有限，因此尚未对该现象有清晰的了解。本文的目的是检查股票回购决定因素背后的主要假设，分析在通过金融市场改革在意大利引入非连续性前后，自己的股票回购公告对上市公司业绩的影响。实证分析得出的第一个主要结果涉及上述改革所发挥的强大动力，这种改革引入了更严格的公司治理标准，导致股票回购公告的数量和频率以及数量的急剧增加。公司可以使用此工具。其次，分析强烈支持替代假设理论，该理论指出，回购已成为股利的更好替代品，作为股东的薪酬政策。

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