The relationship between share repurchase frequency and firms financial characteristics: A study in Malaysia

The purpose of this study is to examine the relationship between different frequency of share repurchase program and firm financial characteristic in Malaysia. The number of Malaysia firms buying back their own shares on the open market has been increasing since 1997 subsequent to the Asian Financia...

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Main Author:	Izzatulamal, Sabarani
Format:	Thesis
Language:	eng eng
Published:	2014
Subjects:	HG Finance
Online Access:	https://etd.uum.edu.my/4066/1/s813313.pdf https://etd.uum.edu.my/4066/2/s813313_abstract.pdf
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id	my-uum-etd.4066
record_format	uketd_dc
institution	Universiti Utara Malaysia
collection	UUM ETD
language	eng eng
advisor	Ahmad, Norafifah
topic	HG Finance
spellingShingle	HG Finance Izzatulamal, Sabarani The relationship between share repurchase frequency and firms financial characteristics: A study in Malaysia
description	The purpose of this study is to examine the relationship between different frequency of share repurchase program and firm financial characteristic in Malaysia. The number of Malaysia firms buying back their own shares on the open market has been increasing since 1997 subsequent to the Asian Financial crisis. This study fills the gap by examining the relevant determinants of the firm financial characteristics that may lead to the different frequency of share buyback of a company. Infrequency share buyback firms engage in between (1-3 programs) while frequent buyback firms are categorized as having engaged in between (4-5 programs). The findings of this study showed that market to book value and earnings per share are the variables that affect share repurchase frequently significantly. This study contributed to the understanding of the scant literature of frequency on share buyback in Malaysia. This study also contributes to the explanation of the signalling hypothesis regarding the buyback frequency program explained by the findings.
format	Thesis
qualification_name	masters
qualification_level	Master's degree
author	Izzatulamal, Sabarani
author_facet	Izzatulamal, Sabarani
author_sort	Izzatulamal, Sabarani
title	The relationship between share repurchase frequency and firms financial characteristics: A study in Malaysia
title_short	The relationship between share repurchase frequency and firms financial characteristics: A study in Malaysia
title_full	The relationship between share repurchase frequency and firms financial characteristics: A study in Malaysia
title_fullStr	The relationship between share repurchase frequency and firms financial characteristics: A study in Malaysia
title_full_unstemmed	The relationship between share repurchase frequency and firms financial characteristics: A study in Malaysia
title_sort	relationship between share repurchase frequency and firms financial characteristics: a study in malaysia
granting_institution	Universiti Utara Malaysia
granting_department	College of Business (COB)
publishDate	2014
url	https://etd.uum.edu.my/4066/1/s813313.pdf https://etd.uum.edu.my/4066/2/s813313_abstract.pdf
_version_	1747827674231865344
spelling	my-uum-etd.40662022-05-23T01:49:50Z The relationship between share repurchase frequency and firms financial characteristics: A study in Malaysia 2014 Izzatulamal, Sabarani Ahmad, Norafifah College of Business (COB) College of Business (COB) HG Finance The purpose of this study is to examine the relationship between different frequency of share repurchase program and firm financial characteristic in Malaysia. The number of Malaysia firms buying back their own shares on the open market has been increasing since 1997 subsequent to the Asian Financial crisis. This study fills the gap by examining the relevant determinants of the firm financial characteristics that may lead to the different frequency of share buyback of a company. Infrequency share buyback firms engage in between (1-3 programs) while frequent buyback firms are categorized as having engaged in between (4-5 programs). The findings of this study showed that market to book value and earnings per share are the variables that affect share repurchase frequently significantly. This study contributed to the understanding of the scant literature of frequency on share buyback in Malaysia. This study also contributes to the explanation of the signalling hypothesis regarding the buyback frequency program explained by the findings. 2014 Thesis https://etd.uum.edu.my/4066/ https://etd.uum.edu.my/4066/1/s813313.pdf text eng public https://etd.uum.edu.my/4066/2/s813313_abstract.pdf text eng public masters masters Universiti Utara Malaysia Abraham. T. & Sidhu, K.B. (1998)The role of Capitalizations in Firm Valuation and Performance Measurement. Australian Journal of Management, Vol. 23, No. 2, 169-183. Asquith, P. , & Mullins, W.D. Jr. (1983) The impact of Initiating Dividend Payment on Shareholders’ Wealth. Journal of Business, 56 (1). 77-96. Asquith, W. Mullins, J. (2010). 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Nordic: Master thesis,Department of Finance, Aalto University, School of Business. Frilander, J. (2013). Study of Share Repurchases and Cash Holdings: Nordic Evidence. Gande, L. W. (October, 2009). Financial crisis and stock markets: issues, impact, and policies. Prepared for, and presented at, the annual conference of the Dubai Economic Council “Financial Crisis, Its Causes, Implications , and Policy Responses”, Dubai,. Hidayu, A. (n.d.). Measuring he motivating factors for share buyback: Evidence from Malaysian Companies. Online Journal for social science research. Kamarun, R. A. (2013). Signaling and substittion hypothesis in Malaysian share repurchase. Management, 3(2): 99-104. Mansor Isa, Z. G.-P. (2011). Maeket reaction to actual share repurchase in Malaysia. Asian Journal of Business and Accounting. McNally, K.L. (2003). The Decision to Repurchase, Announcement Returns and Insider Holdings: A Conditional Event Study. Nazri, M. (2004). 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The frequency of stock repurchases and detecting false signaling. Department of Management Science, Korea Advanced Institute of Science and Technology, Korea. Soh, B.S. (2008) Determination of share repurchase: International Evidence. Department of Finance, College of Business, Florida State University, Tallahessee, Florida. Song, S.H. (n.d.) The Frequency of Stock repurchases and detecting false signalling. Stephens, M.J. (2001). Motives for multiple open-market repurchase programs. Journal of Finance, 32(1) 209-232. Suh, B.S. (2008). Determination of share repurchase: International Evidence. Tee, L.K. (2004) Share price performance surrounding share buyback event in Malaysia. MAster thesis, Master of Business Administration, University Tunku Abdul Rahman. Wahid, A. H. (2013). Measuring the motivating factors for share buybacks: Evidence from Malaysiam Companies. Social Science Research, Volume 2, Issue 2, pp 35-50. Zuriawati, A. H. (2013). Ownership concentration and share repurchase: Evidence from Malaysia. International Journal of Advance in Management and Economic Available, Vol.2,Issue 6,154-159 .

The relationship between share repurchase frequency and firms financial characteristics: A study in Malaysia

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