Share repurchases and firm innovation

被引：6

作者：

Nguyen, Lily ^{[1
]}

Vu, Le ^{[2
]}

Yin, Xiangkang ^{[3
]}

机构：

[1] Univ Queensland, Sch Business, Finance Discipline, Brisbane, Qld, Australia

[2] Monash Univ, Ctr Global Business, Monash Business Sch, Melbourne, Vic, Australia

[3] Deakin Univ, Deakin Business Sch, Dept Finance, Melbourne, Vic, Australia

来源：

ACCOUNTING AND FINANCE | 2021年 / 61卷

关键词：

Citations; Innovation; Patents; Share repurchases; RESEARCH-AND-DEVELOPMENT; EMPLOYEE STOCK-OPTIONS; FINANCIAL FLEXIBILITY; CORPORATE-BEHAVIOR; PAYOUT POLICY; CASH FLOW; INVESTMENT; DIVIDENDS; GOVERNANCE; GROWTH;

D O I：

10.1111/acfi.12641

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine whether corporate decisions such as share repurchases influence a firm's intangible assets and their production. We find a significantly negative relationship between share repurchases and firm innovation. The negative relationship survives all considered robustness tests. We further apply two identification strategies, namely, difference-in-differences analysis and instrumental variables estimation, to establish that the negative effect is causal; that is, from share repurchases to innovation.

引用

页码：1665 / 1695

页数：31

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