financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2024-28-5-200-211finance-3189Research ArticleКОРПОРАТИВНЫЕ ФИНАНСЫCORPORATE FINANCEВлияют ли постоянные и временные денежные потоки на выкуп компанией своих акций?Do Permanent and Temporary Cash Flows Affect Corporate Buybacks?https://orcid.org/0000-0002-3575-8378БхамаВ.BhamaV.

Вандана Бхама, PhD в сфере финансов, доцент

кафедра финансов и бухгалтерского учета

Нью-Дели

Vandana Bhama, PhD in Finance, Assoc. Prof.

Finance & Accounting

New Delhi

vandana.bhama@gmail.comШкола менеджмента FOREИндияFORE School of ManagementIndia202431102024285200211Copyright © Бхама В., 20242024Бхама В.Bhama V.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3189

   Решение о выкупе акций является важнейшим обязательством, зависящим от денежного положения компании.

   Цель данного исследования — изучить влияние волатильности денежного потока на решения о выкупе акций индийских корпоративных компаний.

   В выборку вошли 132 индийские компании, зарегистрированные на Бомбейской фондовой бирже в период с 2012 по 2019 г. Выбранные компании имели незначительную аномальную доходность (после объявлений о выкупе), что вызвало желание изучить реальную мотивацию обратного выкупа в компаниях с постоянными и волатильными денежными потоками. Результаты регрессии по методу наименьших квадратов показали, что крупные денежные активы не связаны с выкупом акций с коэффициентами –0,02 и 0,01 для компаний с постоянными и волатильными операционными денежными потоками, соответственно. Фирмы со значительными денежными потоками проявляли низкую склонность к выкупу своих акций. Выкуп акций в основном служил сигналом, призванным повысить стоимость акций, которые могли быть недооценены. Так, недооцененность акций (с бета-фактором –0,38), по-видимому, существенно повлияла на решение о выкупе в связи с постоянными или волатильными денежными потоками компаний. Кроме того, небольшие компании чаще участвовали в выкупе, учитывая их более низкий коэффициент соотношения рыночной и балансовой стоимости собственного капитала компании.

   Equity buyback decisions are critical commitments, depending on the cash position of a firm.

   The purpose of this study was to examine the effects of cash flow volatility on the buyback decisions of Indian corporate firms.

   The sample comprised 132 Indian companies listed on the Bombay Stock Exchange from 2012–2019. The selected firms had non-significant abnormal returns (after buyback announcements) that aroused the inquisitiveness to explore the real motivation behind repurchases across firms with permanent and volatile cash flows. The results of ordinary least squares regression suggested that large cash holdings were unrelated to the buybacks with coefficient values –0.02 and 0.01 for firms with permanent and volatile operating cash flows, respectively. Firms with considerable cash flows exhibited a low tendency to buy back their shares. The repurchases served mostly as signaling tools meant to enhance the value of stocks that were potentially undervalued. Thus, the undervaluation of stocks (with a beta of –0.38) seemed to have significantly affected the repurchase decision in association with the constant or volatile cash flows of the firms. Further, small firms appeared to engage more frequently in buybacks given their lower market-to-book ratios.

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The authors declare that there are no conflicts of interest present.