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Firm Characteristics And Abnormal Returns During Share Repurchases

Table 5:

ANOVA
Model 2 Sum of Squares df Mean Square F Sig.
Regression 494.543 13 38.042 2.766 0.001
Residual 5665.880 412 13.752
Total 6160.423 425
Model 2 Unstandardized Coefficients Standardized Coefficients t Sig.
B Std. Error Beta
(Constant) 0.079 0.213 0.373 0.710
Debt Ratio -0.016 0.014 -0.066 -1.177 0.240
Dividend Yield 0.049 0.087 0.029 0.559 0.577
Earnings Per Share -5.286 2.540 -0.171 -2.081 0.038 **
Market-To-Book Value -0.046 0.502 -0.005 -0.092 0.926
Prior Announcement Returns -0.053 0.023 -0.122 -2.268 0.024 **
Return on Assets 0.075 0.058 0.103 1.291 0.198
Firm Size -0.476 0.406 -0.081 -1.172 0.242
Debt Ratio x Firm Size 0.005 0.017 0.015 0.279 0.781
Dividend Yield x Firm Size 0.007 0.133 0.003 0.056 0.956
Earnings Per Share x Firm Size 9.088 2.492 0.233 3.646 0.000 ***
Market-To-Book Value x Firm Size 0.284 0.742 0.021 0.383 0.702
Prior Announcement Returns x Firm Size 5.970 3.765 0.085 1.586 0.114
Return on Assets x Firm Size -0.126 0.074 -0.118 -1.692 0.091 *
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