Aktieåterköp är en snabbt växande företeelse och är på grund av tidigare lagar relativt nytt i Sverige jämfört med andra utvecklade länder. Aktieåterköp kan i vissa fall användas som ett substitut för utdelning, men kan även genomföras för att signalera marknaden och förhindra företagsuppköp. För att få en större förståelse för aktieåterköp har ett fåtal studier undersökt dess samband till ägarförhållanden på olika sätt. Dessa studier visar olika resultat i olika länder, vilket kan tyda på att landspecifika faktorer spelar roll vid undersökning av ägarförhållanden. Den aktuella studien undersöker hur ägarkoncentrationen och det interna ägandet ser ut i bolag som återköper aktier, samt om det finns någon skillnad i ägarkoncentration och internt ägande mellan aktieåterköpande och icke-återköpande bolag som är noterade på Stockholmsbörsen. Studien har en kvantitativ ansats och använder en tvärsnittsdesign för att besvara hypoteserna och jämföra de två grupperna. Hypoteserna är framställda utifrån den teoretiska referensramen som främst grundar sig i agentteori och asymmetrisk information. Resultatet visar hur ägarkoncentrationen och det interna ägandet ser ut för bolag som återköper egna aktier på Stockholmsbörsen 2019. Små skillnader kunde ur studiens resultat observeras mellan de två grupperna av observationer. Skillnaderna uppvisade ingen statistisk signifikans. / Share repurchases are a rapidly growing phenomenon and is relatively new in Sweden compared to other developed countries due to previous swedish laws. Share repurchases are often seen as a substitute for dividends, but can also be implemented to signal the market and prevent corporate acquisitions. Few studies have investigated share repurchases relation to ownership in various ways in order to understand the phenomenon further. These studies show different results in different countries, which may indicate that country-specific factors play a role when investigating ownership. The current study examines the ownership concentration and the internal ownership in companies that repurchase shares, and also if there is a difference in ownership concentration and internal ownership between companies that repurchase stocks and those who don’t. These companies are listed on Nasdaq Stockholm. The study has a quantitative approach and uses a cross-sectional design to answer the hypotheses and compare the two selected groups. The hypotheses are produced on the basis of the theoretical frame of reference, which is mainly based on agency theory and asymmetrical information. The results of the study indicate how the concentration and internal ownership looks for companies that repurchase their own shares on Nasdaq Stockholm. Small differences could be observed from the study’s results between the two groups of observations. The differences showed no statistical significance.

The global fashion retail industry has been characterised by fierce competition for numerous years. Boutiques face increasing pressure to distinctly differentiate themselves from competing retail stores offering fashion merchandise, since customers are becoming ever more demanding as fashion evolves and new trends reach South African retail stores. Accordingly, marketers have to ensure customer satisfaction, build store loyalty, and stimulate repurchase intentions in the fashion retail industry in order to survive and prosper. For marketers to attract and retain customers, they have to adjust their marketing strategies and utilise various elements in the marketing mix to compete for customers’ attention, satisfy their retail experience needs, and encourage them to return. Shopping for clothes forms a significant part of many South African females’ lifestyles. Customers to whom fashion is important, have specific needs and wants and desire specific retail experiences. These customers are also becoming increasingly more sophisticated and individualistic, and therefore turn to small, speciality retailers such as boutiques, which they believe can accommodate them by providing unique and tailored retail experiences. Essentially, these customers do not merely purchase the retailer’s merchandise; they want to experience the store atmosphere the retailer offers. Therefore, it is important for boutiques to be aware of their store atmosphere which can offer customers a satisfying, consistent and sound retail experience. Customers who positively experience a retailer’s store atmosphere may feel more satisfied with the boutique, and may return to the retail store in the hope of receiving a similar retail experience. Once the customer returns to the same retail store, the possibility arises that the customer may become store loyal. As soon as the customer keeps on returning to the same retail store, the probability of repurchase intentions becomes real. That said, store atmosphere is considered to be a significant marketing tool, given that it provides boutiques with the power to manipulate a customer’s retail experience which could ultimately influence, customer satisfaction, store loyalty and repurchase intention. The primary objective of this research study is to investigate store atmosphere as a second-order construct model comprised from four sub-dimensions (factors) namely the retail store exterior, interior, layout and design and point-of-purchase and décoration in order to determine the interrelationships between these sub-dimensions (factors), customer satisfaction, store loyalty and repurchase intention in the fashion retail industry. In order to address this, a descriptive research design was followed and self-administered questionnaires were fielded amongst females, 18 years and older with an average monthly household net income of more than R14 000 (medium-to-high household income) who have bought items most recently from boutiques in Potchefstroom and Klerksdorp during the past six months. Judgemental, convenience and quota sampling methods were used to select the sampling units and sampling elements. A total of 361 questionnaires were ultimately analysed. With respect to the empirical results of this research study, respondents agreed the most that the exterior location of the boutique is convenient, the entrance to the boutique is inviting, the interior of the boutique is clean and that the temperature in the boutique is comfortable. Regarding the layout and design of the boutique, respondents agreed the most that the checkout and service points in the boutique are well placed and that all the spaces in the boutique are creatively utilised, as well as that the furnishings in the boutique are attractive. Finally, regarding the point-of-purchase and décoration of the boutique, respondents agreed the most that the pricing of the merchandise in the boutique is clearly visible and that the merchandise is well displayed. All the measurement scales measuring the sub-dimensions (factors) and constructs of this research study exhibit internal consistency reliability as well as content, construct and criterion validity. The standardised model results indicate that all statements included in the measurement model exhibit significant factor loadings above the recommended cut-off point, exhibiting a large effect in all instances, leading to the retention of all statements for further statistical analysis. With respect to the assessment of the structural model, the fit indices indicate an acceptable model fit. Based on the empirical results obtained from this research study, it became clear that store atmosphere has a large direct influence on customer satisfaction and store loyalty, albeit with no direct influence on repurchase intention. Both mediation relationships realised a medium indirect effect between store atmosphere and repurchase intention with customer satisfaction and store loyalty as mediators. The recommendations of this research study mainly focus on strategies to improve the store atmosphere of boutiques, since it positively influences customer satisfaction and store loyalty directly and repurchase intention indirectly. Limitations the researcher encountered were mainly related to budget and time constraints. Recommendations for future research include extending this research study to other Provinces of South Africa in order to determine the status quo in these Provinces and to determine whether statistical significant differences exist between respondents based upon demographic and geographic differences with respect to the constructs of this research study. / MCom (Marketing Management), North-West University, Potchefstroom Campus, 2015

The global fashion retail industry has been characterised by fierce competition for numerous years. Boutiques face increasing pressure to distinctly differentiate themselves from competing retail stores offering fashion merchandise, since customers are becoming ever more demanding as fashion evolves and new trends reach South African retail stores. Accordingly, marketers have to ensure customer satisfaction, build store loyalty, and stimulate repurchase intentions in the fashion retail industry in order to survive and prosper. For marketers to attract and retain customers, they have to adjust their marketing strategies and utilise various elements in the marketing mix to compete for customers’ attention, satisfy their retail experience needs, and encourage them to return. Shopping for clothes forms a significant part of many South African females’ lifestyles. Customers to whom fashion is important, have specific needs and wants and desire specific retail experiences. These customers are also becoming increasingly more sophisticated and individualistic, and therefore turn to small, speciality retailers such as boutiques, which they believe can accommodate them by providing unique and tailored retail experiences. Essentially, these customers do not merely purchase the retailer’s merchandise; they want to experience the store atmosphere the retailer offers. Therefore, it is important for boutiques to be aware of their store atmosphere which can offer customers a satisfying, consistent and sound retail experience. Customers who positively experience a retailer’s store atmosphere may feel more satisfied with the boutique, and may return to the retail store in the hope of receiving a similar retail experience. Once the customer returns to the same retail store, the possibility arises that the customer may become store loyal. As soon as the customer keeps on returning to the same retail store, the probability of repurchase intentions becomes real. That said, store atmosphere is considered to be a significant marketing tool, given that it provides boutiques with the power to manipulate a customer’s retail experience which could ultimately influence, customer satisfaction, store loyalty and repurchase intention. The primary objective of this research study is to investigate store atmosphere as a second-order construct model comprised from four sub-dimensions (factors) namely the retail store exterior, interior, layout and design and point-of-purchase and décoration in order to determine the interrelationships between these sub-dimensions (factors), customer satisfaction, store loyalty and repurchase intention in the fashion retail industry. In order to address this, a descriptive research design was followed and self-administered questionnaires were fielded amongst females, 18 years and older with an average monthly household net income of more than R14 000 (medium-to-high household income) who have bought items most recently from boutiques in Potchefstroom and Klerksdorp during the past six months. Judgemental, convenience and quota sampling methods were used to select the sampling units and sampling elements. A total of 361 questionnaires were ultimately analysed. With respect to the empirical results of this research study, respondents agreed the most that the exterior location of the boutique is convenient, the entrance to the boutique is inviting, the interior of the boutique is clean and that the temperature in the boutique is comfortable. Regarding the layout and design of the boutique, respondents agreed the most that the checkout and service points in the boutique are well placed and that all the spaces in the boutique are creatively utilised, as well as that the furnishings in the boutique are attractive. Finally, regarding the point-of-purchase and décoration of the boutique, respondents agreed the most that the pricing of the merchandise in the boutique is clearly visible and that the merchandise is well displayed. All the measurement scales measuring the sub-dimensions (factors) and constructs of this research study exhibit internal consistency reliability as well as content, construct and criterion validity. The standardised model results indicate that all statements included in the measurement model exhibit significant factor loadings above the recommended cut-off point, exhibiting a large effect in all instances, leading to the retention of all statements for further statistical analysis. With respect to the assessment of the structural model, the fit indices indicate an acceptable model fit. Based on the empirical results obtained from this research study, it became clear that store atmosphere has a large direct influence on customer satisfaction and store loyalty, albeit with no direct influence on repurchase intention. Both mediation relationships realised a medium indirect effect between store atmosphere and repurchase intention with customer satisfaction and store loyalty as mediators. The recommendations of this research study mainly focus on strategies to improve the store atmosphere of boutiques, since it positively influences customer satisfaction and store loyalty directly and repurchase intention indirectly. Limitations the researcher encountered were mainly related to budget and time constraints. Recommendations for future research include extending this research study to other Provinces of South Africa in order to determine the status quo in these Provinces and to determine whether statistical significant differences exist between respondents based upon demographic and geographic differences with respect to the constructs of this research study. / MCom (Marketing Management), North-West University, Potchefstroom Campus, 2015

The purpose of this study is to examine post-purchase evaluation factors influencing repurchase intention of credence products, and develop a model of consumer’s post-purchase evaluation for the repurchase intentions. The credence products in this case are dietary supplements, with a focus on consumers in Thailand. The study classifies a conceptual model and hypothesised relationships into two consumer perspectives: product; and brand. This research assumes that trust, expectations, satisfaction factors may relate to repurchase intention for the consumer product perspective. Also, brand trust, brand experience, expectation, and satisfaction factors are correlated with repurchase intention from the consumer brand perspective. The research adopts a hypothetico-deductive method to enable the testing of hypotheses and also a structural equation modelling (SEM) to measure the constructive relationship and regression analysis that evaluates the relationship between independent and dependent variables. Both simple regression and hierarchical multiple regression analysis were used to examine the effect of post-purchase evaluation factors on repurchase intention. These analyses are based on a sample of 504 dietary supplement users of vitamins, minerals, and herbs or other botanical products in four regions of Thailand through face-to-face structured interviews. Findings indicate that from consumers’ product perspective, consumer trust has no significant direct effect on consumer repurchase intentions whereas the relationship between consumer trust and consumer repurchase intentions of credence products are related, when it is mediated by consumer expectation and consumer satisfaction. In terms of consumers’ brand perspective, the study leads to a better understanding of consumer brand trust and consumer expectation, both of which have no significant direct effect on consumer repurchase intentions. Consumer brand trust, consumer brand experience and consumer repurchase intentions are not correlated when mediated by consumer expectation. Other findings reveal that brand experience has a direct impact on repurchase intentions whereas consumer satisfaction is a significant mediating factor when connected with: (1) the relationship between consumer brand trust and repurchase intention; (2) the relationship between consumer brand experience and repurchase intention. The study makes a contribution to a post-purchase evaluation for repurchase intentions of credence products from both consumers’ product and brand perspectives in Thailand. This study also suggests that consumer brand experience is the strongest factor and consumer satisfaction is the strongest mediator for consumers’ P-PE for the repurchase intention of credence products. From a managerial perspective, the findings of this study provide evidence for both the public and private sector in Thailand in terms of devising marketing strategies in accordance with this model.

以往重複事件分析法主要用於醫學與科學領域，近來學者逐漸將其應用至經濟、商學、社會科學等領域，本篇論文採用重複事件分析法，分析S&P 500公司股票回購的行為，回顧過去學者對股票回購之研究，我們檢視公司執行股票回購的三大原因，根據我們的實證結果發現公司可能會以股票回購作為影響公司資本結構的工具，再者亦可能用以減低剩餘資金，然而，本篇論文的實證結果較不支持訊號發射理論。 / In this study, we apply Cox proportional hazard model in recurrent event analysis, which usually used in medical and science studies, to analyze the determinants of the stock repurchase events of S&P 500 companies. We investigate three main incentives that companies conduct stock repurchase. The empirical results show that companies employ repurchase as a technique to alter capital structure. In addition, companies conduct stock repurchase to distribute excess capital. In contrast, there are little evidences to support signaling undervaluation.

This thesis adopts an option approach to examine the stock price reaction to the stock repurchase announcements for both Exchange-listed and Over-the-Counter-listed companies in Taiwan from August 2000 to June 2009. We modify Ikenberry and Vermaelen's (1996) information-asymmetry-based exchange option hypothesis further into a call option hypothesis to accommodate the unique practice in the Taiwanese stock repurchase program. In addition, we conduct robustness tests by including the variables for both information signaling and free cash flow hypotheses which are supported by prior studies. First, we find positive abnormal returns around announcement day, which is similar to previous study. Second, our cross-sectional results support our call option hypothesis, which predicts that the positive abnormal return is positively related to risk-free interest rate, time to maturity and target buyback share fraction. And the abnormal return is negative to the size and market-to-book value of the announcing firm, which are consistent with the signaling hypothesis. However, we do not find any strong evidence for the free cash flow hypothesis.

Made available in DSpace on 2016-04-25T16:45:31Z (GMT). No. of bitstreams: 1 Regilane Lacerda Abreu.pdf: 2757231 bytes, checksum: bde3a61b38bf8099f9abd4fbd3aecfcd (MD5) Previous issue date: 2010-05-12 / Coordenação de Aperfeiçoamento de Pessoal de Nível Superior / This study aims at testing the semi-strong form of market efficiency, which presumes that the prices should reflect all publicly available information, and at verifying the effects of the anomaly of announcements determined by the behavioural finances, specifically, the announcement of share repurchase by the open companies in Brazil, analyzing its effects in the share market value of those companies listed on Bovespa through the application of event study whose data were obtained from both the Economatica database and the São Paulo Stock Exchange (Bovespa). The study concentrates in the verification of abnormal return on the announcement dates of share repurchase announced by the companies listed on Bovespa from 1998 to 2008. An event study methodology was applied using the logarithmic approach of continuous capitalization to estimate the returns of shares and the return of Ibovespa. Regarding that event, the return of shares of those companies in the Brazilian Stock Market was investigated in a period shorter than or longer than 20 days around the event, comparing it with the return of portfolio market represented by Ibovespa. It was possible to determine the presence of abnormal returns in the share prices statistically superior than the returns of Ibovespa, indicating that probably occurred a stronger valorization of the companies that announced share repurchase in the years studied according to the methodology adopted for this study. The t-Student test was applied for testing the statistical significance of the results, leading to the rejection of a null hypothesis that the abnormal variation in the return of the shares around the date of the repurchase announcement is equal to zero. The regression analysis certifies that the variation in the Ibovespa s portfolio market is not enough to explain the abnormal returns of the shares analysed. Those results lead to the rejection of the hypothesis that the semi-strong form of market was efficient in the period covered by this research since the presence of abnormal returns indicate that the market was not efficient in its semi-strong form after the share repurchase announcements in that period / Este estudo tem como objetivo testar a eficiência do mercado em sua forma semiforte, que pressupõe que os preços devem refletir toda informação publicamente disponível, e verificar os efeitos da anomalia de anúncios determinada pelas finanças comportamentais; neste caso, o anúncio de recompra de ações por parte das companhias abertas no Brasil, analisando seus efeitos no valor de mercado da ação das empresas listadas na Bovespa, por meio da aplicação do estudo de eventos cujos dados foram extraídos da base de dados Economática e da Bolsa de Valores de São Paulo (Bovespa). O estudo se concentra na verificação de retorno anormal em torno das datas de anúncios de recompra de ações divulgados pelas empresas listadas na Bovespa no período de 1998 a 2008. Neste contexto, utilizou-se a metodologia de estudo de evento, considerando a abordagem Logarítmica de capitalização contínua para estimar os retornos das ações e o retorno do Ibovespa. Considerando este evento, investigou-se o retorno das ações das respectivas empresas no mercado acionário brasileiro, em um período -20 e +20 dias em torno do evento, comparando-o com o retorno da carteira de mercado, representada pelo Ibovespa. Foi possível determinar a presença de retornos anormais nos preços das ações estatisticamente superiores aos retornos do Ibovespa, o que indica que provavelmente ocorreu uma maior valorização das companhias que anunciaram recompra de ações nos anos estudados, segundo a metodologia deste estudo. O teste t-Student foi utilizado para testar a significância estatística dos resultados, que levaram a rejeitar a hipótese nula de que a variação anormal no retorno das ações em torno da data de anúncio da recompra é igual a zero. A análise de regressão atesta que a variação na carteira de mercado, Ibovespa, não é suficiente para explicar os retornos anormais das ações estudadas. Esses resultados levam a rejeição da hipótese de que o mercado se mostra eficiente em sua forma semiforte no período da pesquisa, uma vez que a presença de retornos anormais indicam que o mercado não foi eficiente em sua forma semiforte após os anúncios de recompra de ações no período

Cette thèse développe et teste un modèle expliquant les antécédents de la culpabilité post-consommation et ses effets sur la satisfaction et l'intention de réachat. Sur la base d'une étude qualitative et de deux expérimentations, cette recherche doctorale identifie ainsi l'estime de soi, la tendance à culpabiliser, le sexe et le contrôle situationnel comme des antécédents de la culpabilité post-consommation. Elle identifie également le rôle médiateur des stratégies d'ajustement dans la relation entre culpabilité post-consommation et satisfaction, ces stratégies étant modérées par les antécédents de la culpabilité postconsommation. Enfin, le dernier apport de cette thèse renvoie à la construction d'une typologie fondée sur les stratégies d'ajustement et identifiant quatre classes de consommateurs s'ajustant différemment à leur culpabilité / "This dissertation develops and tests a model explaining the antecedents of post-consumption guilt and its effects on satisfaction and repurchase intention. On the basis of a qualitative study and two experiments, this doctoral dissertation identifies self-esteem, guilt proneness, gender and situational control as antecedents of post-consumption guilt. This work also identifies the mediating role of coping strategies in the effect of guilt on satisfaction, these coping strategies being moderated by the antecedents of guilt. Finally, the last contribution of this doctoral dissertation lies in a coping strategies-based typology which identifies four clusters of consumers reacting in different ways to guilt."

<p>Huvudsyftet med uppsatsen är att se hur ett företags annonsering om återköp av aktier påverkar dess börskurs i Sverige. Som delsyfte kommer även en undersökning göras om huruvida reaktionen skiljer sig mellan olika branscher samt om Sveriges reaktion skiljer sig från den tidigare forskningen i USA och i Storbritannien.<strong><em> </em></strong></p><p>Undersökningen har genomförts med hjälp av en eventstudie där den abnormala avkastningen beräknas. En intervju utförs för att bekräfta resultatet.</p><p>Resultatet gav en sammanlagd kumulativ avkastning på 0,57 %. Det visade även att det finns en skillnad mellan olika branschers reaktion på en annonsering av ett återköp. Sveriges reaktion jämförs bäst med Storbritanniens som har en abnormal avkastning på 1,14 % än med USA som har en abnormal avkastning på 3,5 %.<strong><em></em></strong></p> / <p>The purpose with this study is to examine how a company’s announcement of a repurchase of stocks affect the stock price in Sweden. There will also be an investigation about how the reaction differ between branches and if the reaction found here in Sweden is different than the ones that has been found in USA and the United Kingdom.</p><p>The examination has been carried out with an event study where the abnormal return has been calculated. An interview has been performed to confirm the result.</p><p>The result showed a cumulative abnormal return with 0,57 %. It also showed that there is a difference in reaction between branches. Sweden is more comparable with the United Kingdom who has an abnormal return with 1,14 % than it is with USA which has an abnormal return with 3,5 %.</p>

Bakgrund: Den 10 mars 2000 blev Sverige ett av de sista västländerna att tillåta noterade bolag att återköpa egna aktier. Intresset för denna nya möjlighet har varit stort bland svenska börsbolag och fram till idag har ett femtiotal bolag återköpt egna till ett värde av åtskilliga miljarder. Syfte: Syftet med uppsatsen är att studera hur ett bolags återköp av egna aktier påverkar aktiekursen. Genomförande: Vi har studerat litteratur och artiklar om ämnet återköp. Vi har undersökt 48 företags återköp och dess kursutveckling en månad efter avslutat återköp. En jämförelse har gjorts med respektive företags branschindex. Därutöver har vi även undersökt om det går att se någon mer långsiktig effekt från starten av respektive återköpsprogram till det att de avslutades i varje företag. Resultat: I knappt hälften av de undersökta bolagen fann vi att återköpen haft en positiv effekt på aktiekursen.