Share repurchases and accounting conservatism View Full Text


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Article Info

DATE

2019-03-21

AUTHORS

Gerald J. Lobo, Ashok Robin, Kean Wu

ABSTRACT

The prior literature indicates that financial policy (e.g., payout policy) as well as accounting policy (e.g., conservatism) can be used to address incentive problems in firms but finds mixed evidence. We conjecture that stock repurchases, an increasingly popular form of payout, and conservatism are potential mechanisms to counter managerial propensity to engage in overinvestment using free cash flows. Consequently, we expect a negative relation between repurchases and conservatism as well as a stronger negative relation between these two mechanisms in firms with high levels of free cash flows. We find results consistent with these expectations. By contrast, we find a weaker negative relation between repurchases and conservatism when CEO tenure is higher, which confirms that more entrenched CEOs have less incentives to solve the overinvestment problem. More... »

PAGES

1-35

References to SciGraph publications

  • 2009-03. Accounting conservatism and corporate governance in REVIEW OF ACCOUNTING STUDIES
  • 2014-03. CEO tenure and the performance-turnover relation in REVIEW OF ACCOUNTING STUDIES
  • 2017-10. Payout flexibility and capital expenditure in REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING
  • 2010-05. Managerial motivation and timing of open market share repurchases in REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING
  • 2013-08. Controlling shareholders’ opportunistic use of share repurchases in REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING
  • 2015-05. Litigation risk, information asymmetry and conditional conservatism in REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING
  • Identifiers

    URI

    http://scigraph.springernature.com/pub.10.1007/s11156-019-00804-9

    DOI

    http://dx.doi.org/10.1007/s11156-019-00804-9

    DIMENSIONS

    https://app.dimensions.ai/details/publication/pub.1112918840


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    Download the RDF metadata as:  json-ld nt turtle xml License info

    HOW TO GET THIS DATA PROGRAMMATICALLY:

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    RDF/XML is a standard XML format for linked data.

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