| Summary: | 碩士 === 中原大學 === 國際商學碩士學位學程 === 103 === This paper is designed to examine the effect of multiple large shareholders toward firms’ share repurchase decisions under moderating effect of corporate risk taking, using a sample of Chinese listed firms. Based on the findings, dominant shareholder has negative relationship to share repurchases, and is more pronounced when dominant shareholder is local or central government. Nevertheless, it is found that the fourth largest shareholder has the power to monitor the controlling shareholder, and tends to support the share repurchase programs. On the other hand, multiple large shareholders will have negative relationship toward share repurchases under weak investor protection environment. The findings also show that there is a positive relationship between multiple large shareholders and share repurchases when there is a net insider buying in the firms, strengthening the signal of undervaluation.
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