Economic action and interfirm relations: Diffusion of stock repurchases on the Stockholm Stock Exchange 2000-2003
Economic action and interfirm relations: Diffusion of stock repurchases on the Stockholm Stock Exchange 2000-2003
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DOI：
10.1093/esr/jcl003
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发表时间：
2006-09-01
影响因子：
3.2
通讯作者：
Bohman, Love
中科院分区：
文献类型：
--
作者：
Bohman, Love
本研究考察了2000年至2003年间在斯德哥尔摩证券交易所进行的股票回购的组织间关系的重要性。在社会影响理论的基础上，提出的主要论点是股票回购不仅与回购公司的特定经济特征有关，而且通过董事会连锁关系与社会影响有关。该研究利用参数生存分析，并在斯德哥尔摩证券交易所上市的所有公司至少在1月和6月在检查的年份之一进行。结果表明，股票回购决策既依赖于公司的经济环境，也依赖于董事会的社会嵌入性。即使考虑到所有权连锁，社会嵌入性的论点也是正确的。这一点尤其重要，因为在董事和所有权网络之间似乎存在一些重叠，并且控制所有权连锁增加了在研究期间进行的股票回购与董事会连锁方面的社会嵌入性相关的论点的可信度。
This study examines the importance of interorganizational relations for stock repurchases made on the Stockholm Stock Exchange between 2000 and 2003. Building on theories of social influence, the main argument made is that stock repurchases are associated not only with specific economic characteristics of the repurchasing firms but also with social influence through board interlocks. The study makes use of parametric survival analysis and is performed on all firms listed on the Stockholm Stock Exchange in at least January and June in one of the examined years. The result suggests that the decision to repurchase stocks is dependent on both the firms' economic settings and their social embeddedness in terms of board interlocks. The argument of social embeddedness holds true even when ownership interlocks are taken into consideration. This is particularly important because there seems to be some overlapping between the director and the ownership network, and controlling for ownership interlocks increases the credibility of the argument that stock repurchases made during the studied period were associated with social embeddedness in terms of board interlocks.