Dividends, Stock Repurchases and Value Of The Firm  

Oleh:

Sartono, R. Agus ; Wilberforce, Turyasingura

Jenis: Article from Journal - ilmiah nasional - tidak terakreditasi DIKTI
Dalam koleksi: Jurnal Bisnis dan Akuntansi vol. 1 no. 3 (1999), page 195-208.
Topik: Dividend; Stock repurchase; Stock price; Value of the firm.
Fulltext: 195-208; R. Agus Sartono.pdf (2.76MB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ59.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

Firms that wish to distribute excess cash relative to profitable investment opportunities, choose between paying large dividends and stock repurchase. The latter can also be debt financed thus increasing the financial leverage of the firm. Both actions have an impact on the stock price, and by implication, on the value of the firm. This paper examines both the dividend option and the repurchase option. Therefore this research also demonstrates that: (a) Under a stable tax regime. investors prefer stock repurchases to large dividends and (b) Under a debt financed stock repurchase, a minimum amount of stock must be repurchased to avoid a drop in the stock price.

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