This paper aims to extend the empirical literature on the determinants of the value created by stock repurchase programs by analyzing the characteristics of the repurchase decision-making groups. Based on a sample of 200 US-listed firms from 1998-2004, the paper examines empirically the relationship between value created by stock repurchase programs and board of directors’ characteristics. The analysis depends on panel data analysis to consider unobservable fixed-effects in this relationship.The results provide evidence of a significant relation between board of directors’ characteristics and value created by the stock repurchase programs. The two important determinants are directors’ independence and directors’ outside experience. However, we find that this relationship changed significantly for some measures after the adoption of the 2002 Sarbanes-Oxley Act.
Cette étude examine les déterminants de la valeur créée aux actionnaires par les programmes de rachat d’actions. Pour un échantillon de 200 firmes américaines entre 1998-2004, l’étude analyse empiriquement la relation entre les caractéristiques du Conseil d’administration et la valeur créées par les programmes de rachat d’actions. L’étude utilise de la méthodologie de données de panel pour tenir compte des effets inobservables fixes dans cette relation.Les résultats montrent que l’indépendance et l’expérience des administrateurs sont les deux facteurs qui expliquent la valeur créée aux actionnaires. Toutefois, cette relation change significativement après l’introduction de la loi sur la sécurité financière la « Sarbanes-Oxley Act » de 2002.
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