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The purpose of this paper is to investigate whether firms repurchase shares to meet or just beat their dividend target as managers perceive share repurchases are more flexible than dividends and managers have a strong desire to maintain dividend levels and dividend payout ratio of the firms.

The authors first run a Tobit regression to examine whether firms meeting or just beating the quarterly dividend per share threshold exhibit unusually high repurchases, controlling for the factors shown to affect repurchases. The authors then calculate abnormal repurchases and compare firms that would otherwise miss the benchmark with other firms.

The authors find that firms meeting or just beating the quarterly dividend per share threshold repurchase more shares than other firms, after controlling for the substitution effect, investment opportunities and financial performance. In addition, firms otherwise missing the quarterly dividend per share threshold repurchase abnormally more shares to meet the threshold.

The study contributes to the payout policy literature in the following ways. First, it extends the understanding of the association between dividend payout and repurchase. Second, it contributes to the threshold literature by showing that firms manipulate repurchases in addition to earnings to meet their quarterly dividend per share threshold. Third, it provides support to the survey evidence that firms have a strong desire to maintain their dividend policies.

This study investigated the effect of green marketing mix on consumer repurchase intention in Ghana. The study focusses on the interaction effect of green knowledge on green marketing mix and consumer repurchase in Ghana.

A quantitative approach to research was employed. In all, 371 participants were chosen using the purposive sampling technique. Data analysis was conducted using the SPSS software.

The findings showed that green price, green place and green promotion had a positive significant effect on repurchase intention. However, green product insignificantly influenced repurchase intention. The findings further showed that green knowledge moderated the relationship between green price and green place, on repurchase intention. Green knowledge was not found to moderate the relationship between green product, green promotion and repurchase intention.

The study advances our knowledge on green marketing mix, green knowledge and repurchase intention within the beverage sector. It reveals the positive implication of green marketing mix on a firm’s customers using the marketing mix theory.

Prior studies document increased share repurchase activity after the temporary tax holiday under the American Jobs Creation Act (AJCA) of 2004. Our study examines the moderating effect of financial statement readability on share repurchases in response to a temporary reduction in repatriation tax. Building on prior literature, we argue that firms with excess cash overseas, despite the lack of investment opportunities, produce less readable financial statements to hide bad news. We find that firms with less readable financial statements initiated higher levels of share repurchases after the AJCA. Our results contribute to the existing literature showing (1) firms hold excess cash overseas mainly for tax reasons rather than for nontax reasons such as precautionary motives or empire-building concerns and (2) firms return excess funds to investors rather than squander the funds once the tax cost of repatriation is reduced. Firms that suffer from the overinvestment problem using hard-to-read financial statements to hide the bad news of a lack of investment opportunities are more likely to benefit from the tax cut. Our study provides timely evidence of potential firm response to the 2017 Tax Cut and Jobs Act, which permanently removes the repatriation tax.

This study investigates whether corporations consider shareholder-level taxes when setting corporate distribution policy. I investigate the relation between the tax-rate differential on dividend and capital gains income and its effect on firms’ distribution policies. I find that firms consider shareholder-level taxes and that this association varies with the percentage of the firm owned by individual shareholders. Hence, firms increase share repurchases and decrease the percentage of total corporate payout in the form of a dividend as the tax-rate differential increases. Thus, an increased substitution effect occurs as capital gains become relatively more tax-advantaged compared to dividends. Furthermore, I find a positive association between the percentage of the firm owned by individual investors and the percentage of total corporate payout distributed as a repurchase. These findings are consistent with personal income taxes influencing managerial decisions regarding the payout of excess corporate funds.

This study examined the factors influencing willingness-to-repurchase for each class of airline service, and integrate the constructs of service quality, satisfaction and willingness-to-repurchase which were rooted on Engel-Kollat-Blackwell (EKB) model. The study focuses on the domestic and international arrival of passengers at Murtala Muhammed International Airport in Lagos and Nnamdi Azikwe International Airport in Abuja. Information was gathered from domestic and foreign passengers who had post-purchase experience and had used the airline's services more than once. The survey data were obtained concurrently from arrival passengers at two major international airports using an electronic questionnaire through random and purposive sampling techniques. The data was analysed using the ordinal logit model and structural equation model. From the 606 respondents, 524 responses were received but 489 responses were valid for data analysis and reporting and were obtained mostly from economy and business class passengers. The study found that the quality of seat pitch, allowance of 30 kg luggage permission, availability of online check-in 24 hours before the departing flight, quality of space for legroom between seats, and the quality of seats that can be converted into a fully flatbed are the major service factors influencing willingness-to-repurchase economy and business class tickets. Also, it was found that passengers' willingness to repurchase is influenced majorly by service quality, but not necessarily influenced by satisfaction. These results reflect the passengers' consciousness of COVID-19 because the study was conducted during the heat of COVID-19 pandemic. Recommendations were suggested for airline management based on each class.

This paper examines stock prices reaction to open market repurchases announcements at the São Paulo Stock Exchange between May 30, 1997 and October 31, 1998. This institutional scenario is a good testing ground for some theoretical hypotheses about stock repurchases announcements, because during this period there were taxes on capital gains but not on dividends. Using an event study methodology, we examined 110 episodes and found very small abnormal returns. Those results can not be explained by two main competing theoretical explanations. The Cumulative Abnormal Returns pattern found clearly suggests that repurchase announcements affected the behavior of stock prices in ways not described in previous studies.

In this paper, we investigate the New Zealand stock market reactions to both on-market and off-market share repurchase programmes for the period 1995–2004. Share repurchases have become more frequent in New Zealand in recent years, though the size and the number of repurchases are still small by international standards. The main reason appears to be the presence of the dividend imputation system which diminishes the tax consequences of cash dividends compared to capital gains. On the whole, we observe that the market reacts positively and significantly to the share repurchase announcements. The magnitude of average abnormal returns for the on- and the off-market repurchases on the announcement day are 3.25 and 3.12% respectively. We further observe the reasons companies undertake stock repurchase are consistent with the investment and free cash flows agency hypotheses.

Gripped by the COVID-19 pandemic, the airline industry has faced many restrictions. Based on the determining factor of repurchase intention, this research paper addresses the roles of brand engagement (BE) and consumer trust during the pandemic.

A number of 439 out of 500 questionnaires, which were distributed among the Iranian airlines' customers, were completed and returned (an 87% response rate). SmartPLS 3 was used to carry out the confirmatory factor analysis (CFA) and exploratory factor analysis (EFA) in order to validate the research hypotheses.

The results show that during the COVID-19 pandemic, BE had a significant effect on customer purchase intention. In addition, BE boosted customer trust and thereby increased repurchase intention. Perceived risks of COVID-19 moderated these relationships. The findings also show that airline customers are highly sensitive to various perceived risks and were especially so during the COVID-19 pandemic. These perceived risks have major impacts on customers' intention to reuse the services of airline companies. High levels of perceived risk decrease customer trust, BE and repurchase intention rates, and vice versa.

This paper provides authorities and decision-makers of the air transport industry with several practical recommendations based on the research findings. As the results confirmed, there is a worthwhile relationship between BE and customer trust; regarding the both direct and indirect benefits of customer trust for for-profit firms and the huge importance of trust in creating competitive advantages, different airline companies need to implement various strategies to engage customers with their brand names, and thereby institutionalize trust in their customers' minds during the pandemic. Since customer trust was also found to improve repurchase intention rates significantly, authorities of the airline industry must take actions to reduce feelings of mistrust and risk among consumers and increase customer trust during COVID-19.

This paper is the first to explore the effect of BE on airline customers' repurchase intentions during the COVID-19 pandemic. It has produced practical suggestions to employees and activists of the air transport industry regarding the use of BE as a tool to restore customer trust during and after the COVID-19 epidemic. This research focuses on the airline industry, which is particularly interesting given the industry's intensely competitive environment and the dramatic effect of COVID-19 on the industry.

This paper aims to analyze the stock price reaction because of dividend reduction (DR) announcements in the Indian equity market, controlling for share repurchases.

The sample comprises National Stock Exchange (NSE) 500 companies listed in the NSE Ltd. covering a time span from year 2009 to 2019. Using the event study methodology, the authors measure the impact of DR announcements on security prices around the event day. The authors also examine the price response to DRs at the interim stage versus the final stage and identify the factors that drive the decision to reduce dividends at the interim level versus final level.

The authors find that overall DR announcements negatively impact abnormal returns. Firms that experience stronger adverse price reaction following DR announcements resort to share repurchase in the same year to boost stock prices. The authors find that interim DRs create more negative price reactions than final DRs. Finally, firms experiencing lower levels of prior year earnings, firms with smaller sizes and overvalued firms tend to reduce dividends at the interim level instead of postponing the reduction to the final level.

This paper examines stock price reaction because of DR announcements of Indian firms. The sample comprises firms that reduce dividends with contemporaneous share repurchases as well as firms that reduce dividends without contemporaneous repurchase activity. To the best of the authors’ knowledge, studies on substitution effect of dividends with buyback in the context of Indian equity market are rare. Further, investigating the difference in stock price movement because of DRs at the interim level versus the final level is the unique contribution of this paper.

Due to the high use of mobile devices, the market share of mobile advertisements (Ads) is significantly growing. Although mobile Ads can contact potential customers at any time and in any location depending on their unique demands, one of the biggest problems for advertisers is how to improve customer repurchases with their Ads. The development and empirical support of customer repurchase through mobile Ads context have not been addressed. Therefore, the purpose of this paper is to define and identify the key attributes of customer repurchase in a mobile Ads context.

In this research, the set of attributes was derived from a systematic literature review and finalized by applying the Fuzzy Delphi method. To develop a hierarchical model and classify the cause/effect groups among identified key attributes, the Fuzzy mixed approach uses a combination of Fuzzy interpretive structural modeling-decision-making trial and evaluation laboratory.

The findings suggest that language, type of website and social media are classified to as essential attributes for improving customer repurchase through mobile Ads.

The focus of the current research is limited to identify and develop the hierarchical interrelationships between customer repurchase attributes that are unique to the mobile Ads business context. Additional research may be conducted for various media contexts and other products/services categories.

This study illustrated how multicriteria decision-making techniques could be used effectively using Fuzzy theory to explore the research area of customer repurchase in mobile Ads concept.