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Share repurchases are increasingly employed in South Africa. Disclosure on share repurchases in annual reports is poor, and a high percentage of share repurchases are not announced in real time on the Johannesburg Stock Exchange (JSE). A comprehensive database of share repurchases by JSE-listed companies has been created up to 2009, but post-recession repurchase behaviour is not known. This study aims to examine South African share repurchase behaviour (activity, repurchase entity, repurchase type and transparency) in the post-recession period and compare this to the 2000–2009 period.

Comprehensive share repurchase data for all JSE-listed companies (excluding those in the basic materials and financial industries) were obtained by scrutinising annual reports and JSE announcements.

The repurchasing of shares reached a peak during the financial recession of 2008/2009, with share repurchases stabilising at a lower level post-recession. Repurchases executed by subsidiaries have decreased post-recession, probably owing to the introduction of dividends tax. However, 45% of the share repurchase value was not announced via the JSE (compared to 22% in 2000–2009).

Real-time JSE announcements of all share repurchases are required to improve transparency.

Owing to low announcement rates, a lack of transparency relating to share repurchases was observed in South Africa post-recession. Enhanced corporate governance requirements could improve transparency.

Corporate governance is the system by which companies are directed and controlled. Boards of directors are responsible for the governance of their companies. The shareholders' role in governance is to appoint the directors and the auditors and to satisfy themselves that an appropriate governance structure is in place. The responsibilities of the board include setting the company's strategic aims, providing the leadership to put them into effect, supervising the management of the business and reporting to shareholders on their stewardship. The board's actions are subject to laws, regulations and scrutiny by the shareholders in general meeting.

Standard macro theories have the same analytical structure as their micro counterparts. Where micro theories work with equilibrium between supply and demand for particular products, macro theories work with equilibrium applied to aggregates of products. This common approach treats the micro–macro relationship as scalable, with macro variables being aggregations over micro variables. In contrast, we pursue a systems-theoretic approach to the micro–macro relationship. This relationship is not scalable and rather entails a disjunction between micro- and macro-levels of theory. While micro phenomena are still susceptible to choice-theoretic analysis, macro phenomena are products of ecological interaction and so entail emergent phenomena. Our alternative approach treats macro theory as a form of systems theory where the behavior of the system has properties that are not reducible to properties of the individual elements within that system. Besides sketching this alternative approach, we examine some of the different insights this approach offers into such topics as unemployment and stabilization.

Statement of Financial Accounting Standards No. 125 (SFAS 125), Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities, introduced a control‐oriented “financial‐components” approach. SFAS 125 provided guidelines on when financial assets should be removed from the balance sheet (derecognized) and the resulting gain or loss recognized. Stated differently, when certain conditions were met, the transfer of financial assets was considered a sales (or derecognition) transaction and should have been treated accordingly. Even when financial assets were not considered sold (derecognized), SFAS 125 specified conditions, that when met, required specific measurement and disclosure of financial assets (different from normal borrowing transactions). Repurchase contract conditions in most cases were subject to different accounting treatments according to SFAS 125; they were not to be treated as sales transactions.

The purpose of this paper is to examine the relationship between the extent of stock repurchase and measures of corporate governance.

Using a sample of stock repurchase announcements by banks after the 2002 tax reform, the paper uses an event study methodology to confirm the positive market response to stock repurchase announcements. A regression analysis is then used to study the determinants of the abnormal response to the bank stock repurchases. Regression analysis is also used to analyze whether corporate governance variables are significant determinants of bank extent of stock repurchases and size.

Corporate governance techniques have little impact on market response to bank stock announcements, but are related to some extent to manager decisions regarding the stock repurchase. Board structure and executive/director stock ownership do not influence the market's response to repurchases. However, in some cases board structure is positively related to management's decision regarding the extent and size of the repurchase offer. Proportion of insider equity holdings has less influence on stock repurchase characteristics.

Board structure may have a more important role to play in the banking industry in regards to managerial decision‐making than equity ownership. Equity ownership in banks tends to be driven by bank size and therefore may have less of an impact on reducing agency problems within the banking industry.

The sample is taken after the 2002 tax reform, which provides an analysis of repurchases without tax effect implications. This is the first paper to study the contribution of board structure and equity ownership to stock repurchases in publicly‐traded banks.

The purpose of this paper is to explore the doer effect of service failure (SF), good prior experience (GPE) and recovery on overall customer satisfaction and repurchase intentions for multi-agents in tourism service supply chain (TSSC). It specifically focuses on internal and external failure and recovery.

The study employs a 2×2×3 between-subjects experimental design with 12 diverse scenarios. It aims to examine the main effects of GPE and the interaction effects of SF and recovery on overall customer satisfaction and repurchase intentions.

The main findings show that consumers do not show favorable behavioral outcomes when they have GPE with an affiliated party. Results of the experiments demonstrate that for hotels, there is no interaction effect between failure and recovery regarding overall customer satisfaction and repurchase intentions; however, for travel agencies, an interaction effect has been found. This indicates that an internal failure (by travel agency) should be recovered internally to increase the behavioral outcomes for travel agency. However, if there is an external failure (by hotel) then the essential thing is providing a recovery.

Although the service literature covers failure and recovery in diverse contexts, these concepts are rarely studied from a multi-agent perspective in the service supply chain literature. In such a chain, a failure by a different party may remain unresolved, and this may create a positive effect on another party, if they provide recovery for the failure. This means that the doer of the failure and/or recovery (the party responsible from the failure and/or recovery) may have an impact on behavioral outcomes. However, previous literature has neglected to focus on the important issue of which entity/party performs the failure and/or recovery, and the effect on behavioral outcomes. By focusing on a principal-agent relationship in a TSSC, the study aims to address this research gap.

One of the most complex and controversial issues confronting the Financial Accounting Standards Board (FASB) over the last several years has been the accounting and financial reporting of stock options. In December 2004, the FASB issued Statement 123R, Share‐Based Payment, in the hope that the long process of revising the accounting and financial reporting for stock options will be put to rest. FASB Statement 123R requires the fair‐value‐based method of accounting for share‐based payments. In order to offset the dilutive effects of generous stock option compensation packages for employees, companies are seemingly participating in stock repurchase plans. In the past, stock buyback programs were viewed as a means of distributing excess cash flow to investors; however, it appears now that many companies are financing stock repurchases through the issuance of debt, which can significantly impact the financial flexibility of a company. So, why do companies engage in this behavior? One possible reason for stock buybacks is to reduce the dilutive effect of stock option plans. Companies have, however, disputed that there is a direct relationship between exercised stock options and stock buyback transactions. Nevertheless, several articles and studies have found that there is a relationship and the FASB seems to believe that there is an association between stock buybacks and stock options, as Statement 123R requires that companies disclose the relationship between stock buybacks and stock payment programs. Using a sample of technology firms, we find evidence of an association between exercised stock options and repurchase of stock.

The purpose of this paper is testing customer’s knowledge on customer intimacy and its impact on repurchase intention, specifically to Bank Muamalat’s customers in Jakarta, Indonesia.

This research was conducted at sharia bank with research subject that is a customer of Bank Muamalat reasons to choose Bank Muamalat as a representative of other sharia banks as a place of research because it is the first sharia bank in Indonesia and more experienced in implementing sharia practices. The branch offices approved as research sites are only seven branch offices (Panglima Polim, Slipi, Tanah Abang, Kemayoran, Mangga Dua, Buaran and Kalimalang) in five areas of DKI Jakarta (Central Jakarta, West Jakarta, South Jakarta, East Jakarta and North Jakarta). Respondents at the seven branch offices are considered to represent customers of Bank Muamalat in the area of Jakarta. Data were collected from August to December 2017.

High customer knowledge is able to encourage customer intimacy, and high customer intimacy is also able to encourage repurchase intention. On the other hand, it was found that customer knowledge was not directly able to increase the intention of repeat purchase. However, from the mediation test (indirect effect) is seen with high customer knowledge, supported by the high customer intimacy, it can indirectly increase the high repurchasing intention.

Originality is seen from testing the mediation effect of customer intimacy on the influence of customer knowledge on purchase intentions. Furthermore, inconsistencies put the customer’s familiarity with familiarity, and familiarity with the intention of repeat purchase, are re-examined in the context of sharia banks. It is assumed the test results will be different if done in different countries and institutions.

Drawing on the corporate association framework and attribution theory, the purpose of this paper is twofold: first, to examine the shield effects of CSR-linked sport sponsorship on consumer attitudes toward a sponsor, attribution patterns in a sponsor’s service failure and repurchase intentions and second, to investigate the halo effect of CSR-linked sport sponsorship on corporate ability (CA) associations and the relationship between CA associations and consequential variables in the context of service failure.

A scenario-based two-factor (sponsorship types: baseline vs sport sponsorship vs CSR-linked sport sponsorship × service failure types: flight delay vs cancellation) experimental design was employed.

The results indicate that CSR-linked sport sponsorship outperforms non-CSR sport sponsorship in forming CSR association and developing CA association. Both CSR and CA associations are found to positively influence the consumer’s attitude toward a service provider. Consumers with positive attitudes attribute the sponsor’s service failure to external factors, leading to repurchase intention after a service failure.

This study connects two fields of research, service failure and sport sponsorship, thereby providing evidence on how CSR-linked sport sponsorship can play a shield role in the context of service failure and whether CSR-linked sport sponsorship can be a proactive strategy for service providers in industries where service failures are inevitable. Additionally, this study provides empirical evidence on whether CSR-linked sponsorship can lead consumers to perceive service quality as “doing right leads to doing well” by creating a halo effect.

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.