The determinations of equity issues and stock repurchases

• Main Author: 林育如
• Other Authors: 林淑惠
• Format: Others
• Language: zh-TW
• Published: 2010
• Online Access: http://ndltd.ncl.edu.tw/handle/07718755245629722078

碩士 === 國立彰化師範大學 === 商業教育學系 === 98 === The purpose of this study is to examine the determinants of corporate financing activities. In this study, we investigate the impacts of business cycle and market timing considerations on equity issues and stock repurchases. We also consider the effects of corporate governance on corporate financing activities. Empirical results show that macroeconomic business cycle has a significant impact on corporate equity issues and stock repurchases activities. In addition, we find that there is a negative relation between the growth of capital demand and the growth of equity issues. On the other hand, there is a positive relation between the growth of corporate operating income and the growth of stock repurchases. We also find that corporate board structure and ownership structure have significant impact on equity issue growths and stock repurchase growths.