Abstract This article embarks on ethical trade-offs at the sustainability/finance interface by contrasting shareholders’ interest in short-term financial returns with society’s counteracting ecological and social grievances. Scrutinizing share repurchases, we investigate a firm’s communicated sustainability orientation (i.e., its environmental value orientation) as well performance. Our results...

This study explores the importance of financial constraints and product market competition on share repurchase decision. We find that financially constrained firms are more likely to conduct debt-financed repurchases. Financially unconstrained firms, however, tend repurchases only when debt conditions favourable. also level industry is a significant factor behind managers’ decisions. High (low)...

We investigate the timing of open market share repurchases and the resultant impact on firm liquidity. Using Hong Kong’s unique disclosure environment, we identify the exact implementation dates for over 5,000 equity buybacks. We find that managers exhibit substantial timing ability. Consistent with the information-asymmetry hypothesis, bid-ask spreads widen and depths narrow during repurchase ...