Repurchase Decisions Research Articles

Why Do Companies Share Buybacks? Evidence from the UK

We examine the key drivers behind management decisions on share repurchase from various theoretical perspectives, including the free cash flow theory and the signaling theory/hypothesis. Specifically, we investigate the relationship between share repurchase and three key drivers: surplus cash, undervaluation, and leverage, along with several control variables. Using a sample of UK-listed non-financial companies from 2012 to 2022, we apply logistic regression, standard OLS regression, and Tobit regression to identify the factors influencing share repurchase. Our findings reveal that firms repurchase shares to distribute cash to shareholders with surplus cash and Surplus investing cash flow. This study also finds that undervalued smaller firms with lower market-to-book ratios and lower leverage are more likely to repurchase shares. Our study highlights the key factors motivating companies’ share repurchases, such as undervaluation, surplus cash, and leverage, examined from various theoretical perspectives, including the free cash flow theory and signaling theory. Focusing on the UK context, as well as adding a new angle in regard to applying logistic regression, standard OLS regression, and Tobit regression in combination, this research contributes to the existing body of knowledge in corporate finance. The outcome of the study has plausible implications for financial managers and investors in selecting stocks. Its practical implications will help investors gain a better understanding of the factors and forces influencing share repurchase decisions.

The business cycle’s influence on share repurchases of the UK

<p style="text-align: justify;"><span style="font-family: 'times new roman', times, serif; font-size: 14pt;">The UK fully legalised open market share repurchases in 1981, and to our knowledge no study has investigated the business cycle’s influence on repurchase decision-making. We address this aspect and investigate the period 1985-2014. This is relevant as the business cycle factors impact the firm-specific variables such as cash flow, profitability, dividends and capital structure, and these factors traditionally influence repurchase decisions. This forms the paper’s theoretical intuition, and the empirical objectives test the business cycle’s influence on the decision to undertake a repurchase, and also its influence on repurchases values. The results find that the business cycle influences both the decision of undertaking repurchases and repurchases’ values, and this influence has aggregately remained positively associated with economic prosperity. Thus, the frequency of repurchase announcements by British firms is more probable during prosperous economic circumstances. The results also reveal that the repurchase-business cycle relationship witnessed a structural break in 1996:Q2, and the real difference following this break is the increase in the business cycle’s influence on the decision regarding repurchase values. The paper thus contributes to existing literature by directly testing the UK’s repurchase-business cycle relationship, and providing detailed empirical evidences that business cycle conditions strongly impact the repurchase decision-making.</span></p>

The influence of brand image, price, foreign branding, brand ambassador, family, and peer group on repurchase decisions in the fashion industry

The industrial sector has heightened competitiveness as the economy progresses, especially among companies producing similar products. These conditions require companies to adapt to changes in both the social and cultural landscape. This study aims to determine the impact of brand image, price, foreign branding, brand ambassadors, family, and peers on repurchase decisions and to identify which variables wield the most influence among brand image, price, foreign branding, and brand ambassadors. Sampling was conducted using non-probability methods employing purposive sampling techniques, yielding 245 respondents who purchased Geoff Max products at least twice a year. Based on the test, the brand image positively affected repurchase decisions, while price exhibited a negative effect. Similarly, foreign branding showed a negative effect, whereas brand ambassadors, family, and peers all displayed positive effects on repurchase decisions. Other test results show that brand image, price, foreign branding, brand ambassador, family, and peer group collectively positively affect repurchase decisions.

PERAN KEPUASAN PELANGGAN DALAM MEMEDIASI LIFESTYLE, CITRA TOKO, DIGITAL MARKETING TERHADAP KEPUTUSAN PEMBELIAN ULANG PADA BUTIK HIJAB BILLAH DI SITUBONDO

The aim of this research is to determine the role of customer satisfaction in mediating lifestyle, store image and digital marketing on repurchase decisions at Hijab Billah store in Situbondo. The population of this research is all Hijab Billah customers. The sampling technique applied in this research is the probability sampling method using random sampling technique. Data analysis and hypothesis test in this research used the Partial Least Squares - Structural Equation Modeling (PLS-SEM). The results of the research showed that lifestyle had a positive and significant effect on customer satisfaction, store image had a positive but not significant effect on customer satisfaction, digital marketing had a positive and significant effect on customer satisfaction, lifestyle had a positive and significant effect on repurchase decisions, store image had a positive and significant effect on repurchase decisions, digital marketing had a positive but not significant effect on repurchase decisions, customer satisfaction had a positive and significant effect on repurchase decisions, lifestyle had a positive but not significant effect on repurchase decisions through customer satisfaction, store image had a positive but not significant effect on repurchase decisions through customer satisfaction, and digital marketing had a positive but not significant effect on repurchase decisions through customer satisfaction.

Stock Liquidity Sidedness and Share Repurchase

We show that stock liquidity sidedness plays a vital role in share repurchase decisions. Specifically, we investigate whether share repurchases are affected differently by upside and downside liquidity, which respectively correspond to positive and negative return days. Using a sample of U.S. publicly-listed firms over four decades, we demonstrate that upside liquidity has a larger effect on repurchase initiation, amount, and ratio. Managers of repurchasing firms are more concerned with upside liquidity because they expect their repurchase activities to propel stock prices upward rather than down. The relationship between liquidity sidedness and repurchase decisions is more pronounced for financially constrained firms but less so for firms with higher stock price informativeness. We mitigate potential endogeneity concerns by using the market and industry liquidity sidedness as instruments and exploiting the 2003 Amendment to SEC Rule 10b-18 as an exogenous shock to the information advantages of repurchasing firms. Overall, our findings underscore the importance of market microstructure in shaping corporate policies.

Pengaruh Citra Merek dan Harga Terhadap Keputusan Pembelian Ulang Dengan Kepuasan Konsumen Sebagai Variabel Intervening pada Gapyeong Korean BBQ Setia Budi Medan

The study aims to find out the impact of brand image and price on customer satisfaction re-purchase decisions as an intervening variable on Gapyeong Korean BBQ. This research uses a quantitative method of causal research with primary data taken from the dissemination of the questionnaire. The sample used in this study was 100 respondents who made a purchase at Gapyeong Korean BBQ. This study uses a non-probability sampling technique, namely purposive sampling using the Slovin formula. Slovin is a formula used to find large samples that are estimated to represent the entire population. The data analysis technique in this study uses (SEM) structural equation modeling using the help of smart-PLS to solve the formula problems and hypotheses that have been formulated in this research as well as used to test the relationship between variables. The results of this study showed that brand image did not have a significant impact on consumer satisfaction, price had a significant influence on cosmopolitan satisfaction, brand image had no significant effect on re-purchase decisions, price did not significantly influence re-purchase decisions, customer satisfaction had no significant impact on resupply decisions, consumers satisfaction could not mediate the influence of brand image variables on resumption decisions, and consumers satisfaction couldn’t mediate price on resuspension decisions.

PENGARUH EKUITAS MEREK PRODUK SUSU BEAR BRAND TERHADAP PERILAKU PEMBELIAN KEMBALI PASCA PANDEMI COVID 19

The Covid-19 pandemic has caused panic buying of certain products such as hand sanitizers, masks, vitamins and bear brand dairy products. This change in behavior resulted in the product being scarce and experiencing an increase in price. This study aims to provide empirical evidence of the brand equity dimension, namely awareness, association, perception of quality and brand loyalty partially and simultaneously on Buyback Behavior. The research method used is quantitative. The population in this study is consumers of bear brand milk, with a sample of 105 people. The determination of the sample was carried out by the purposive sampling method with the characteristics of consumers who had consumed dairy products during the pandemic and were still consuming until after the pandemic. Data processing using SPSS. The results of this study are known to have an influence between brand equity and repurchase decisions. Consumer loyalty in making repeat purchases is due to consumer awareness of health by consuming milk.

THE EFFECT OF PRODUCT QUALITY, SERVICE QUALITY, AND PRICE ON REPEAT PURCHASES

This study aims to determine what factors can influence Repurchase interest. This study uses three independent variables Product Quality (X1), Service Quality (X2), and Price (X3). Meanwhile, Repurchase (Y) is used as the dependent variable. In this study, the authors used descriptive-quantitative research methods, namely researchers tried to make a description, description systematically, factually and accurately regarding the relationship between the facts, characteristics or phenomena studied. The R Square coefficient is 0.742, or 74.2%, which indicates that the variables of Product Quality (X1), Service Quality (X2), and Price (X3) affect the Repurchase Decision variable by 74.2%, other variables not included in this study affect 25.8% of the total. Repurchase simultaneously or simultaneously has a positive effect between Product Quality, Service Quality and Price with Repurchase interest. This is indicated by the calculated F value of 50,553 and significance at <0.001, so with these results indicating that Product Quality, Service Quality and Price are not simultaneously due to the positive influence of several elements that make a significant contribution to the Repurchase of Some More Taste Swits

Evaluasi Kualitas Produk, Harga, dan Kualitas Pelayanan Terhadap Keputusan Pembelian Ulang

This research aims to find out how much influence the factors of product quality, price and service quality have on consumer repurchase decisions at Bakinco Resto Payakumbuh. The research method uses causative descriptive analysis. The sampling technique used Nonprobability Sampling with a sample size of 100 people by distributing questionnaires. The technique used to analyze this data by the t-test, F test, determination test and path analysis using SPSS version 22. The research results were concluded simultaneously through the F test that product quality, price and service quality have a positive and significant effect on consumer repurchase decisions. In other words, Bakinco Resto Payakumbuh consumer satisfaction is influenced by product quality, price and service quality. The results of the path analysis show that the exogenous variables product quality (X1), price (X2) and service quality (X3) have a significant effect with a sig level < 0.05 on repurchase decisions at Bakinco restaurants. Researchers suggest that product quality and price variables need to be considered because by maintaining the quality and price of food products in accordance with consumer desires, consumers can make repeat purchases at Bakinco restaurants. Furthermore, the service quality variable needs to be improved further by increasing service speed, facilitating communication with customers and personalizing service so as to create strong engagement between restaurants and consumers. Keywords: Product Quality, Price, Service Quality, Consumer Repurchase Decisions

Pengaruh Tingkat Kepuasan Pelanggan Dan Kualitas Pelayanan Terhadap Keputusan Pembelian Ulang Di Aulia Cell

This research aims to determine the influence of Customer Satisfaction Level and Service Quality on Repurchase Decisions at Aulia Cell. Data collection was carried out using primary data sources obtained through distributing online questionnaires via Google Form to students. The type of research used is quantitative research. The number of samples determined in this research was 50 respondents. The research data collection method was carried out through distributing questionnaires using a four-point Likert scale as a measuring tool. The data analysis technique in this research uses multiple linear analysis with a model feasibility test (F test) and partial regression test (t test). The data processing was carried out using the Statistical Package for Social Science (SPSS) 26 program. The results of this research show that there is a significant influence on the level of customer satisfaction and service quality on repeat purchase decisions at Aulia cell.

U.S. multinational corporations' income shifting incentives and share repurchases: Evidence across differential taxation systems

This study examines the association between income-shifting incentives and share repurchases using a sample of US multinational corporations (MNCs) from 2006 to 2020. We find a significant negative (positive) association between income shifting and share repurchases before (after) the enactment of the Tax Cuts and Jobs Act (TCJA) in 2018. The results show that the TCJA only had a short-term effect on the relation between income shifting and share repurchases that was largely confined to 2018 and reverted to pre-TCJA levels in subsequent years. Additionally, the overall negative relationship between income shifting and share repurchases is stronger in firms with high repatriation costs. However, firms with an advance pricing agreement with the Internal Revenue Service evidence a positive association between income shifting and share repurchases. Overall, we provide evidence for the effects of taxation system reforms on MNCs' income-shifting incentives and share repurchase decisions.

Do bank ties influence stock repurchases in a bank-based financial system during financial distress? A pre-registered report

This pre-registered study seeks to investigate the effects of bank ties on corporate repurchase decisions and stock price reactions to buyback announcements. We make causal inferences to provide more insights into bank ties for stock repurchase decisions during extreme financial distress. We focus on the COVID-19 pandemic as an exogenous shock and identify whether the COVID-19 shock affected the bank-ties effect of the motives of stock repurchase decisions in a bank-based financial system. Our study sheds light on the motives behind stock repurchase decisions and the role of banks in corporate cash distribution to shareholders. Furthermore, our study contributes to understanding how extreme financial distress, such as COVID-19, affects the motive for stock repurchase in a bank-based financial system.

Analisis Kualitas Produk, Kepuasan Pelanggan dan Promosi terhadap Keputusan Pembelian Ulang Produk (Studi Kasus pada Larissa Skincare Jember)

This study aims to analyze product quality, customer satisfaction, and the promotion concept of repurchasing decisions for Larissa Skin Care products in Jember. The type of data to be used is quantitative data. The primary data source that will be used in this study comes from a list of questions (questionnaires) that will be distributed to respondents. The questionnaire contains data on the characteristics of the respondents in the form of gender, age, profession, status, number of product purchases, number of treatments. The questionnaire also contains questions regarding the variables of product quality, customer satisfaction, promotions and repurchase decisions. The results showed that product quality has a significant effect on repurchasing decisions for Larissa Skin Care products in Jember. Then the customer has a significant effect on the repurchase decision of Larissa Skin Care product satisfaction in Jember. Lastly, promotions have a significant effect on repurchasing decisions for Larissa Skin Care products in Jember. Keywords: Customer Satisfaction, Product Quality, Promotion, Repurchasing Decisions.

Analisis Pengaruh Kualitas Produk Dan Kualitas Pelayanan Terhadap Keputusan Pembelian Ulang Pelanggan Produk Dummy Cake Melalui Kepuasan Pada United Foam (Studi Kasus Yang Bertransaksi Di Tokopedia)

Marriage and birthdays are sacred moments and important celebrations. One tradition observed during wedding or birthday parties is the cake-cutting tradition. A fake wedding cake is also a good option if you want to showcase a large and beautiful cake but have a smaller guest list. The purpose of this research is to determine and analyze: 1) the influence of product quality on consumer repurchase decisions, 2) the influence of service quality on consumer repurchase decisions, 3) the influence of product quality on consumer satisfaction, 4) the influence of service quality on consumer satisfaction, 5) the influence of consumer satisfaction on consumer repurchase decisions, 6) the influence of product quality on consumer purchase decisions, and 7) the influence of product quality on consumer purchase decisions, mediated by consumer satisfaction on Tokopedia. The research method used in this study is path analysis; the researcher used path analysis (SPSS ver. 26) to determine cause-and-effect relationships. To obtain reliable research results, validity and reliability tests. The hypothesis results show that 1) product quality has an influence but not significant on consumer repurchase decisions, 2) product quality has a significant influence on consumer repurchase decisions, 3) product quality has a significant influence on consumer satisfaction, 4) service quality has a significant influence on consumer satisfaction, 5) consumer satisfaction has a significant influence on consumer repurchase decisions, 6) product quality does not influence consumer satisfaction through consumer satisfaction, and 7) service quality does not influence consumer satisfaction through consumer satisfaction. Keywords: Product Quality, Service Quality, Consumer Satisfaction, Repurchase Decisions.

Implementation of Marketing Techniques on Social Media to Increase Sales Via Repeat Orders

In the era of rapidly developing digital marketing, it is important for companies to understand and apply effective marketing techniques to increase sales in a sustainable manner. This research highlights the main focus on digital marketing, social media copywriting, marketing strategy planning, and collaboration with the marketing team as an effort to strengthen marketing activities. By emphasizing planning and implementing digital marketing strategies, as well as developing relevant content, this research explores the effectiveness of implementing marketing techniques on social media in increasing sales through repeat orders. Using qualitative methods, this research explores insights from primary data through direct observation and interviews with digital marketing experts. The aim of this research is to understand how marketing techniques on social media can influence customers' repurchase decisions. The research results highlight the importance of planning appropriate marketing strategies and creating engaging content in achieving repeat sales goals. This research also emphasizes the importance of collaboration between marketing teams to formulate and implement effective strategies. Thus, this research not only provides insight into best practices in digital marketing, but also provides valuable insights for companies in optimizing their marketing efforts to increase sales sustainably.

PENGARUH KUALITAS PRODUK DAN BRAND AWARENESS TERHADAP KEPUTUSAN PEMBELIAN ULANG MELALUI KEPUASAN PELANGGAN

<p><em>One of the typical foods of the Riau region is Ketan talam durian which was introduced by Rumah Kue Viera which is very delicious, its development is extraordinary.. The purpose of this research is to find out and analyze 1) the effect of product quality on Repurchase Decision 2) the effect of Brand Awereness on Repurchase Decision, 3) the effect of product quality on customer satisfaction, 4) the effect of Brand Awereness on customer satisfaction,5) the effect of customer satisfaction on Repurchase Decision, 6) the effect of product quality on Repurchase Decision through customer satisfaction, 7) the effect of Brand Awereness on Repurchase Decision through customer satisfaction. This study uses a quantitative descriptive approach to Viera Cake House customers. The research population is Viera Cake House customers who have shopped more than once in Mey 2023 with a research sample of 100 respondents using an accidental sampling technique. The inferential statistical analysis technique uses the Partial Least Square (PLS) technique with the SmartPLS 4.0 tool. The test instruments used are validity and reliability tests, outer model construction tests, discriminant validity tests with the Fornell-Larckel Criterion and the AVE method, Inner Model R-Square, Q-Square and GoF tests, Bootstrapping hypothesis testing,, the results show 1) product quality affects customer satisfaction 2) Brand Awareness affects customer satisfaction 3) product quality affects repurchase decisions, 4) Brand Awareness affects repeat purchase decisions,</em><em> </em><em>5) customer satisfaction does not have a significant effect on repurchase decisions 6) product quality does not affect repurchase decisions through customer satisfaction 7) Brand Awareness does not affect repurchase decisions through customer satisfaction.</em><em></em></p>

The Role of Customer Value as Intervening in Repurchase Decisions: The Case of Skincare Indonesia

Objectives: Companies can more easily communicate product information by using digital marketing. Indonesian manufacturers of skincare products use digital marketing to advertise and promote their goods to a larger target audience. The objective of this study is to assess the potential mediating role of customer value in the relationship between digital marketing, product quality, brand perception, and the decision-making process of repurchasing products. Methodology: A quantitative research approach using purposive sampling of 210 research respondents from the population of Indonesian skin care product consumers based in Surabaya. Analysis was carried out using structural equation models, with Warp PLS 5.0 software.Finding: The results demonstrate that customer value does not mediate the relationship between digital marketing and repurchase decisions. The influence of brand perception and product quality on decisions to repurchase goods is mediated by customer value. Research findings also indicate that in comparison to digital marketing, factors such as product quality and brand image have a favorable impact on customer value. Conclusion: It is important to assess and improve how skin care products are marketed and promoted online. Brand perception, product quality, and customer value can increase customer repeat purchases. These findings have implications for the skin care business and highlight the need to prioritize factors that contribute to customer value to drive sales and increase customer repurchase decisions.

Determinants of Customer Satisfaction That Impact Electricity Repurchase Decisions: Evidence From Electricity Companies in Indonesia

The purpose of this study is to determine the effect of marketing mix and service quality on customer satisfaction and its impact on electricity repurchase decisions, a case study on electricity companies in Indonesia. This research uses power electricity product categories and customer service provided by electricity companies. The population of this study is electricity customers spread throughout the territory of Indonesia using questionnaires of 250 respondents. This study used a multiplier regression analysis technique with SPSS Statistical Version 25 statistical processing. Research results, First, electricity customer satisfaction is significantly influenced by price, distribution channels, promotions, and service quality; Second, customer satisfaction has a positive and significant effect on the decision to repurchase electricity, Third, simultaneously product, price, distribution channel, promotion, and service quality have a significant effect on customer satisfaction and repurchase decisions, Fourth, customer satisfaction can mediate the influence of price, distribution channels, promotions, and service quality on repurchase decisions, But it is unable to mediate the influence of the product. The results of this study enrich the empirical literature on Marketing Mix theory, Service Quality, Customer Satisfaction, and Purchasing Decisions. Electricity companies can implement a marketing mix and service quality to improve customer satisfaction and electricity repurchase decisions. The originality of this study on mediating customer satisfaction on the effect of marketing mix and service quality on electricity repurchase decisions, no previous study has examined its effect on electricity companies in Indonesia.

The Role Of Halal Labeling, Brand Image, And Brand Trust On Repurchase Decisions On Mixue Products In Surakarta

The aim of this research is to investigate how mixue product repurchase decisions in Surakarta are influenced by brand trust, brand image, and halal labeling. This research used a quantitative approach. The population under consideration was the residents of Surakarta. In this study, purposeful sampling was used, and 151 respondents in total fulfilled the predetermined criteria. The study's primary data source was primary data, which was gathered using a questionnaire. The results of this study's analysis demonstrate that halal labeling, brand image, and brand trust all have a favorable and significant impact on consumers' decisions to repurchase.

Customer’s Repurchase Decision of Fruits and Vegetables Through E-Commerce Sites during Omicron Outbreak in Surabaya

In the past few years, the number of e-commerce businesses in Indonesia is increasing including those that offer vegetables and fruits. Due to COVID-19 outbreak, transactions through e-commerce sites had also increased. During the outbreak, customers in Indonesia had a tendency to allocate their income for essential needs such as vegetables and fruits. This study aims to: (1) assess the frequency of vegetables and fruits purchases through e-commerce sites before the Omicron outbreak (October – December 2021) and during the Omicron outbreak (January – March 2022); and (2) examine the determinant factors of customers repurchase decision to buy vegetables and fruits through e-commerce sites. Data were collected using online questionnaire distributed to 140 respondents that were selected based on age and experience of purchasing vegetables and fruits online. The differences in frequency of purchasing vegetables and fruits through e-commerce sites before and during the Omicron outbreak were analyzed using the Wilcoxon test. Meanwhile, the determinant factors of the decision to repurchase vegetables and fruits through e-commerce sites were analyzed using binary logistic regression. The results showed that there is no significant difference in frequencies between purchasing before and during the Omicron outbreak. Education, products, price discounts, promotions, and COVID-19 situation are the determinant factors of repurchase decision of vegetables and fruits through e-commerce sites. As the writer conducting this study, there was no previous study on the same case that using the combination of demographic, marketing mix, and situational factor as determinant factors on customers repurchase decision through online platforms.