Table 9.
Compare the firm performances between various events. The Difference Indicator (DIROA) is calculated by subtracting the ROAs of the two compared events.
| Difference Indicator | p-value | |
|---|---|---|
| Panel A. Share repurchase vs Cash dividend payment | ||
| Year (−3,-1) | 0.02** | 0.0129 |
| Year (+1,+3) | 0.02*** | 0.0011 |
| Panel B. Share repurchase vs Stock dividend payment | ||
| Year (−3,-1) | 0.01** | 0.0130 |
| Year (+1,+3) | 0.10*** | 0.0071 |
| Panel C. Cash dividend payment vs Stock dividend payment | ||
| Year (−3,-1) | −0.01** | 0.0230 |
| Year (+1,+3) | 0.08** | 0.0179 |