Yutong Li, a Ph.D. student of the RITM laboratory at Université Paris-Saclay, supervised by Philippe Gillet, will defend her Ph.D. thesis entitled “Share buybacks: why do companies buy back their shares? What is the trigger between dividend payments and share buybacks?”, on May 22, 2025. The PhD defense will start in the Gaudemet Room (Building D of the Jean Monnet Faculty).

Composition of the jury:

  • Jérôme Héricourt, Professor at Université Paris-Saclay — Examiner
  • Evelyne Poincelot, Professor at Université de Franche-Comté — Reviewer
  • Sabri Boubaker, Professor at EM Normandie Business School — Reviewer
  • Nada Mselmi, Associate Professor at Université Paris-Saclay — Examiner
  • Roland Perez, Professor at Université Montpellier 1 — Examiner
  • Gunther Capelle-Blancard, Professor at Université Paris 1 Panthéon-Sorbonne — Examiner

PhD Thesis Abstract: This thesis investigates corporate capital allocation strategies, focusing specifically on shareholder return mechanisms—dividends and stock buybacks—across diverse international markets. Utilizing an extensive dataset comprising 1,000 firms from nine countries over a 15-year period, this research adopts a robust mixed-methods approach, integrating advanced quantitative methods such as Vector Autoregression (VAR), Granger causality tests, event studies, and neural network modeling, along with qualitative analyses including thematic and content analysis. The findings highlight clear regional distinctions: U.S. companies predominantly favor stock buybacks due to their flexibility and responsiveness to market conditions, whereas European firms typically emphasize dividends to signal stability and long-term financial strength to stakeholders. Additionally, the analysis demonstrates that firms combining dividends and buybacks consistently achieve superior financial performance and value creation, underscoring the strategic advantages of hybrid payout approaches. By highlighting the interaction among governance frameworks, regulatory environments, and cultural factors in capital distribution decisions, this study enriches existing debates in corporate finance. It provides actionable insights for corporate managers, investors, and policymakers, emphasizing the strategic importance of aligning shareholder payout strategies with both immediate market expectations and long-term financial sustainability.