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- Publisher
- Wiley
- Copyright
- Accounting and Finance © 2021 AFAANZ
- ISSN
- 0810-5391
- eISSN
- 1467-629X
- DOI
- 10.1111/acfi.12727
- Publisher site
- See Article on Publisher Site
Abstract
This study investigates the linkage between information opacity and open‐market share repurchases in emerging markets. We measure information opacity by accruals quality and find that firms with higher levels of information opacity experience more positive market reactions following repurchase announcements, which remain after controlling for some firm characteristics. We document that information opacity is positively related to announcement returns only in firms with strong corporate governance, controlled by a single family, or with a low level of foreign ownership. Our results reveal that the positive relationship between information opacity and announcement returns still exists even during the global financial crisis.
Journal
Accounting & Finance – Wiley
Published: Sep 1, 2021
Keywords: Corporate governance; Corporate governance