Does the Composition of the Payout Mix Affect Firms' Market Longevity?
基于2000-2020年1200家美国上市公司面板数据，研究发现优先回购股票而非发放股利的支付组合能延长企业在资本市场的上市寿命，为管理者、监管者和投资者提供参考。
ABSTRACT The 2020 CARES Act brought forth a renewed discussion on share repurchases, reigniting the debate on the net benefits of this payout mechanism. Fueled by theoretical and empirical evidence both in favor of and against share repurchases, we examine how the composition of corporate payouts impacts firms’ market longevity. Leveraging panel data from 1200 US‐listed firms spanning from 2000 to 2020, our study uncovers a positive relationship between a payout composition that prioritizes share repurchases over dividends and market longevity. Our findings suggest that the benefits associated with this payout mechanism outweigh its costs, thereby enhancing firms' resilience in remaining listed in the organized capital markets for extended periods. Furthermore, our results withstand a battery of robustness checks, offering valuable insights for managers, regulators, and the investor community.