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The Motives of Shares Buybacks in Russian Companies

Student: Matkulov Akramdzhon

Supervisor: Irina Ivashkovskaya

Faculty: Faculty of Economic Sciences

Educational Programme: Corporate Finance (Master)

Year of Graduation: 2020

mproving the well-being of shareholders is a priority for corporate governance. One of the tools that provide the solution to this problem is the implementation of share repurchases programs. The objects of research are the largest public Russian companies which are conducting and not conducting share repurchases for the period of time from 2009 to 2019. The aim of the study is to assess the impact of various motivational factors to the implementation of share repurchases’ programs in Russian companies. The work is structured in accordance with the empirical approach and analyzes the currently prevailing most common motives for conducting share repurchases and integrates these motives into the market of Russian companies. In addition, in this work is used the EVA (economic value added) method, which is used together with traditional approaches for motives of share repurchases assessment. The practical significance of the study is that the identified motives will allow the management of Russian companies to improve the quality of corporate governance and get the maximum benefit from holding share repurchasing programs. Keywords: share repurchasing, share repurchasing motives, signal theory, recapitalization, organization life cycle, EVA.

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