||Do managers intentionally use sticky costs to signal private information? Evidence from repurchase tender offers
||Department of Accountancy
The previous academic literature on sticky costs mostly focused on resource adjustment inefficiency or agency problems. However, there is little evidence on whether managers intentionally use sticky costs to signal private information. We find that the degree of sticky costs is significantly higher for fixed-price repurchase tender offers than Dutch-auction tender offers. In other words, managers who adopt fixed-price repurchase tender offers intentionally use sticky costs to signal managerial optimism. Furthermore, we also find that the signaling effect of sticky costs is stronger for firms with less analyst coverage and lower institutional ownership. Overall, our evidence show that managers could use sticky costs as a signal of business prospects.
第壹章 緒論 1
第貳章 文獻回顧 4
第一節 成本僵固性 4
第二節 購回股票 6
第參章 研究方法 8
第一節 實證模型 8
第二節 變數說明 9
第三節 樣本選擇 10
第四節 敘述性統計 11
第五節 相關係數 12
第肆章 實證結果 14
第一節 主要迴歸結果 14
第二節 考量資訊透明度的調節效果 16
第三節 額外測試-採用BALAKRISHNAN, LABRO AND SODERSTROM(2014)模型 21
第伍章 結論 23
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