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Cited by 68Corporate Finance and GovernanceFinancial Markets and Investment StrategiesAuditing, Earnings Management, Governance

The DOI matches its Crossref record; 34 of the 34 references it cites were found in a registry or an index.

The cost of financial flexibility: Evidence from share repurchases

Open access
Bonaimé, Alice A., Hankins, Kristine W., Jordan, Bradford D.·2016·Journal of Corporate Finance
DOI 10.1016/j.jcorpfin.2016.02.002
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Abstract

Over the last two decades, share repurchases have emerged as the dominant payout channel, offering a more flexible means of returning excess cash to investors. However, little is known about the costs associated with payout-related financial flexibility. Using a unique identification strategy, we document a significant cost. We find that actual repurchase investments underperform hypothetical investments that mechanically smooth repurchase dollars through time by approximately two percentage points per year on average. This cost of financial flexibility is correlated with earnings management, managerial entrenchment, and less institutional monitoring.

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Metadata

Authors
Bonaimé, A. A., Hankins, K. W., & Jordan, B. D.
Affiliations
  • University of Arizona (US)
  • University of Kentucky (US)
Corresponding author
  • Bonaimé, Alice A.
  • Hankins, Kristine W.
  • Jordan, Bradford D.
ORCID
Venue
Journal of Corporate Finance
Publisher
Elsevier BV
Published
2016-06
Volume
38
Pages
345-362
ISSN
0929-1199 (ISSN-L)
DOI
10.1016/j.jcorpfin.2016.02.002
OpenAlex
W3123392363
Cited by
68
References
34
Citations by year
2026: 2 · 2025: 11 · 2024: 7 · 2023: 10 · 2022: 6 · 2021: 8 · 2020: 7 · 2019: 9 · 2018: 5 · 2017: 2
FWCI
18.20
Type
journal article
Language
en
Open access
Licence
www.elsevier.com/tdm/userlicense/1.0/ (tdm)
Locations
  • Journal of Corporate Finance (publishedVersion)
  • SSRN Electronic Journal (acceptedVersion)
  • UA Campus Repository (The University of Arizona) (acceptedVersion)
  • RePEc: Research Papers in Economics (submittedVersion)
Topics
  • Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
  • Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
  • Social Sciences › Business, Management and Accounting › Accounting › Auditing, Earnings Management, Governance
Keywords
share repurchases, financial flexibility, dividend policy, earnings management, managerial entrenchment, institutional monitoring

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CoChat. (2026). Citation check: The cost of financial flexibility: Evidence from share repurchases. https://app.cochat.ai/papers/10.1016/j.jcorpfin.2016.02.002
The paper
Bonaimé, A. A., Hankins, K. W., & Jordan, B. D. (2016). The cost of financial flexibility: Evidence from share repurchases. Journal of Corporate Finance. https://doi.org/10.1016/j.jcorpfin.2016.02.002

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.