Impact of Buyback of Shares on Firm Value: An Empirical Evidence from India

Document Type : Research Paper


1 University Business School Maharaja Ranjit Singh Punjab Technical University, Bathinda,Punjab, India

2 University School of Business Studies, Guru Kashi Campus, Talwandi Sabo, Punjabi University Patiala, Punjab, India

3 L M Thapar School of Management, TIET (Deemed -to –be-University) Patiala, Punjab, India


The present study examines the impact of capital employed in buyback of shares on firm value for 180 firms listed in the Bombay Stock Exchange of India. The issue of buyback of shares in the period from 2006 to 2016 was examined. The firm value is measured by a proxy, enterprise value, as a substitute of share price. The results suggest that the firm value differs from pre and post buyback of shares. The findings of this study further imply that the proportion of paid-up equity capital employed by companies for buyback of shares does not have any significant effect on firm value.


Main Subjects

Article Title [Persian]

تاثیر بازخرید سهام بر ارزش شرکت: شواهد تجربی از هند

Authors [Persian]

  • پریتبال سینگ بولار 1
  • دایل بتناگر 2
  • پرادیپ گوپتا 3
1 گروه مطالعات علوم انسانی و مدیریت، دانشکده مهندسی و تکنولوژی، پردیس جیان زیل سیانگ،.دانشگاه فنی مهاراج رنجیت سینگ پنچاب، پنجاب، هند
2 دانشکده مطالعات تجاری، پردیس گورو کاشی، دانشگاه پنجابی پاتیلا، پنجاب، هند.
3 دانشکده مدیریت تاپار، پردیس دره باسی، دانشگاه پاتیلا، پنجاب، هند
Abstract [Persian]

پژوهش حاضر تاثیر سرمایه به­کار گرفته شده برای بازخرید سهام بر ارزش شرکت را در میان 180 شرکت موجود در بورس اوراق بهادار بمبئی هند و برای دوره زمانی بین سالهای 2006 تا 2016  مورد بررسی قرار داده است. از ارزش بازار سهام شرکت به عنوان معیاری برای سنجش ارزش شرکت، Enterprise Value، استفاده شده است. نتایج پژوهش نشان می دهد که ارزش شرکت  قبل و پس از بازخرید سهام متفاوت است. یافته­های تحقیق همچنین حاکی از آن است که سرمایه سهام بکار گرقته شده برای باز خرید سهام تاثیر معنی داری بر ارزش شرکت ندارد.

Keywords [Persian]

  • بازخرید سهام
  • ارزش شرکت
  • سرمایه به‌کار گرفته شده
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