Impact of Buyback of Shares on Firm Value: An Empirical Evidence from India
نویسندگان
1 University Business School Maharaja Ranjit Singh Punjab Technical University, Bathinda,Punjab, India
2 University School of Business Studies, Guru Kashi Campus, Talwandi Sabo, Punjabi University Patiala, Punjab, India
3 L M Thapar School of Management, TIET (Deemed -to –be-University) Patiala, Punjab, India
doi
10.22059/ijms.2018.246143.672914چکیده
The present study examines the impact of capital employed in buyback of shares on firm value for 180 firms listed in the Bombay Stock Exchange of India. The issue of buyback of shares in the period from 2006 to 2016 was examined. The firm value is measured by a proxy, enterprise value, as a substitute of share price. The results suggest that the firm value differs from pre and post buyback of shares. The findings of this study further imply that the proportion of paid-up equity capital employed by companies for buyback of shares does not have any significant effect on firm value.
