Share Repurchases, Dividends and Executive Options: the Effect of Dividend Protection
研究芬兰公司股票回购和股利发放的决定因素，发现外资持股、信号传递和代理成本假说能解释现金分配，而期权是否受股利保护会影响分配方式的选择。
We study the determinants of share repurchases and dividends in Finland. We find that higher foreign ownership serves as a determinant of share repurchases and suggest that this is explained by the different tax treatment of foreign and domestic investors. Further, we also find support for the signalling and agency cost hypotheses for cash distributions. The fact that 41% of the option programmes in our sample are dividend protected allows us to test more directly the ‘substitution/managerial wealth’ hypothesis for the choice of distribution method. When options are dividend protected, the relationship between dividend distributions and the scope of the options programme turns to a significantly positive one instead of the negative one documented in US data.