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Share buyback activity has been one of major areas in the global capital market.

In the previous times it has only been restricted inside the US. But now it has crossed the entire boundary of US and entered in all developed countries like UK and Japan. once said that until the year of 2005 the share buyback activity throughout the world had been around US$ 400 billion dollars. In the UK share buyback activity has seen a significant rise in the percentages of the company involved in the share buybacks activity. This volume of activity has surpassed the volume of activity in US. In UK at right now, it is almost 10 times higher than the one decade ago Even UK companies in late nineties paid higher amount of cash to pay the dividends to the shareholders. This wave of the share buyback activity has been increasing from the past days. US companies did pay around US$ 82 billion dollar of excessive cash to the shareholders in the period of 2004. Shares are bought back for particular purposes in the market. Share have been bought back to achieve the goals of the company. In this research process Researcher did choose a particular banking plc (HSBC) and it helped him to this research process successfully. It will definitely give benefit to this researcher to go for detailed research and analysis based on a case study of one company. In the year of 1993 it was found that GBP 350 million pounds of shares were repurchased in UK. So it proves the present significance of the share buyback activity for the companies in recent times.

Activity of the share buyback hasnt been that much important during the 1980s. The term has been used as share repurchasing one in United States. Share buyback activity has been one of the major concerns for the company during the period of 1980s in US.

Around several hundred billion dollars of share have been repurchased by the companies and that proved to be one of the important one. This share buyback activity has become prevalent in the time of 1990s in UK. This activity has totaled around GBP 46 billion pound in 2006. It was only GBP 10 billion pounds in 1990s.In the US share buyback activity by the S&P 500 companies in the second quarter of 2008 were US$ 89 billion dollar, most importantly those were down by 44% in the same period of 2007. Till the year of 2007 the share buyback activity of UK was in full flow, but due to financial crisis of 2008 it halted for 2-3 years. The reason behind this halt was that major financial companies have suffered badly during the period of this recession. It went on to fall for around 43% in that period in UK. The same fell around for 44% in the US (. But whatever is the condition of the financial market, the share buyback activity would always remain one of the major tools for the companies to satisfy the shareholders. The research topic was aimed at analyzing the share buyback activities of top banking companies in the UK. As it was helpful for the researcher to give a view on the banking industrys share buyback capability. In addition, it also assisted the researcher to check whether all external adversaries would affect this companys share buyback activities or not. So the objectives for this research were

To review the views of different authors on the topic of share buyback activities. To examine the different views of the managers as to see the differences in the practices. To analyze the views of shareholders and employees of the HSBC plc.

To investigate into the timing of the share buyback activities In order to carry on with this research for the comparative study of share repurchasing activities in HSBC Researcher wanted to answer all the following research questions:

What are the primary reasons that influence the share buyback activities in HSBC Bank? What are the external forces that influence the rate of share repurchasing activities in the HSBC Bank? Is the share repurchasing activity of HSBC bank intending to satisfy the shareholders only?

Share Buyback activity has been the process that helps a company to buy back their own shares. It gives the company an opportunity to increase the dividend for the shareholders. It also helps the shareholders when they compare share buyback activity to the dividends. Shareholders do get flexible time period when to sell the shares to realize their cash..The company management in UK, US do purchase their own stocks while distributing the extra amount of cash to shareholders. Remaining profits are assigned as equity for the shareholders in the company to use it in for some other purposes in future. Even share buyback activity has another important side of the profit for the management. It reduces the number of shares those are retained by the public. The reduction of the float, or publicly traded shares, means that even if profits remain the same, the earnings per shares would increase So, particularly for repurchasing shares, when a company's share price is perceived as undervalued or depressed, it

may result in a strong return on investment. Beside this the free cash flow; share buyback activity has been used as one of the important signals in taking the advantages of the undervaluation. So thus if the shareholders believe that the share prices of the company has been trading below the intrinsic value he might choose to buy back the shares of the company. For executives of corporate houses they do believe that share buyback is unique executive compensation and could easily fulfill the earnings per share targets of executives. Those companies that have the capability to generate cash and also when they have limited needs for spending of the capital would accumulate those cash on the balance sheet only. So we can find several benefits of the share repurchasing activity. So, the researcher formulated a research topic based on UK based company This entailed the researcher to formulate all reasons for the share buyback activity in banking organization of UK.

In the chapter one the Introduction has been described. Share Buyback activity has been one of the important one for the capital market. Mostly all the previous share buyback activities were based on the US based companies. Even the history of the share buyback activities were described thoroughly. It was found that the amount of share repurchased was noted for the period. It was seen that around US$ 400 billion dollar has been invested in the share buyback activities in the last two decades in US. Rationales of this research study were directed towards the reasons for doing this research process. Next to that outline of the dissertation was made which is effective as

well, as it helps the readers and also the researchers to review the full dissertation by brief views. In this first chapter researcher successfully described all the important points and accumulated all those points before writing on for this report. All the points were discussed in order. Those were Introduction, History of share buyback activity, Aims and Objectives, Research questions, Rational for the research and last but not the least is outline of the dissertation. Literatures Review has always been important for any kind of research process. As it gives the direction to the researcher to review the study of the previous authors work based on the study of share buyback activity. Share buyback activity thus has been studied extensively in detail in past twenty years. There have been several areas of the share buyback activities where the researcher can get extensive knowledge for his own research study. Those areas are Timing of the share buyback activity, Reason for share buyback activity, Shareholders area of concern for share buyback activity, Involvement of the management in the share buyback activity, etc. All these are important for the analysis and research process of the share buyback activities. The most important case is that the study of this research process was totally based on UK perspectives, thus Researcher involved himself in looking for the findings of literatures based on recent activity. This chapter was based on methodology. The selected research process completely based on share buyback activities of HSBC UK. Thus the researcher was prudent enough to apply exact areas of the research like; Researcher selected Interpretivists Paradigm with Inductive approach for this research process. Next to that the researcher selected Case study research strategy as it would be helpful for him to conduct close

ended questionnaires and Semi-Structure interviews. Even before applying every single process for this research researcher did give all possible justifications of selecting of particular process and the same for the rejection of a particular method. At last Researcher applied the thematic data analysis method as the data that has been collected were only the qualitative one. That made the research methodology chapter to finish off in proper way. Researcher found it easier to move in the next chapter. This chapter was one of the important one after the methodology. As all collected data were analyzed with giving proper reasons. In this research process researcher did collect only one form of data that is qualitative data, so for these types of data Researcher used thematic analysis. Next to that all data were analyzed with proper analysis. For the close ended questionnaires Researcher used charts and tables to compare the statements of different respondents. It was completed successfully by the researcher. For Semi-Structured interview researcher used different statements of the managers to critically analyze the Semi-Structured interview process. In the beginning of this chapter the researcher did evaluate all findings by relating it to the previous chapters collected data. In addition Researcher was successful in linking up each single objective with the literatures and findings. That was one of the important points for this research process. As aims and objectives need to be matched with the literatures and findings that made the research process successful. Next to that researcher used wrote some areas in the limitations of this research process. Even the researcher gave recommendations for the management of HSBC. In the last point researcher was prudent enough to give the directions for future research in this area.

This marked the end of the first chapter of the dissertation. In this chapter researcher discussed about the share buyback activities those are the main areas of this research. He described every possible area of the share buyback activity as the time period for this research was not too long. Even In the history section, the researcher gave few significant incidents of the share buyback activity that happened both in US and UK. Next to that he described the researchs aims and objectives and research questions before going in to the rationale for this research study. In the last point researcher did give the outline of this dissertation, by giving a brief overview of each single chapter.

In this very chapter the context of some effective literature were discussed. Share Buyback activity has been a global phenomenon. The previous chapter did describe the introduction part of the share buyback activities. This chapter discussed about some of important areas of the share buyback activities. The context of this very dissertation topic was marginally based on the form of share buyback activities that started to take place in the United States around three decades back. The concept of the share buyback activities have been practiced in the United States from 1970s onwards. It was thus obvious for the rest of the world to follow United States as they have been the

global power in the economic field. This share buyback activity does help to increase the share price of the company. In the year of 2005 this famous activity helped to earn a total of approximately US$ 400 billion dollar in the world market. In addition it is also important to look for the different other reasons for this prcised activity Share Buyback activities are related to the individual circumstances of the company. A companys management does take the decision when to buy a share and when to sale a share. A Buyback activity of the company is to purchase companys own shares from the market. These shares get cancelled after that. Even the companies determine to keep those bought back shares in the form of treasury shares, this will be able to help the company to resale their shares again in future or it can also be allocated in to fulfill share options or it is to avoid the issuance of new shares in the market A stock repurchase has been a non-cash distribution towards the shareholders for involving in the adjustments for the firms financing mix, ownership structure and also the asset composition. Share repurchase is often referred as one of the buyback program and it has been an open policy that is approved by the board group of directors. It has been one of the formal policy in the sense of the institutional cases and in that case structure of the planning and the procedures will relatively standardize across all firms The plan does help typically to indicate all the rationales for the share buyback activity and it describes how the share buyback activity is going to affect the activity of the banks. During the period institutional investors of shareholder groups, and all other share regulatory groups voiced for several other accounted issues. These all concerns

have manifested themselves as all the pressures of the firms for adopting all policies of share buyback program and in addition it demonstrates the corporate control over managerial behavior on behalf of the interest of the shareholders It has been found out from one of the study that since 1987 US firms has been planning for share repurchasing that is of around US$ 1 trillion (Sources: securities Data Corporation). The entire phenomenon showed not a single sign of the waning during the period of the stock market crash. There have been several literatures those examined all different types of looks of the share buyback program which would help to adopt these plans. In this case the financial economists have provided all typical enquires. In the explanation of all the findings financial economists did provide several of the related distinct arguments. First of the argument is that share buyback program will provide all the investors all positive information on the perspectives of the firms. Firms willingness for investing for share buyback activity will indicate that the management has enough information about firms future. From that perspectives the adoption of the share buyback program indicated that the management is more than wise to satisfy the shareholders. Adoption of the share buyback activity does indicate that the management is having encouraging information for their market. The perception has been shared with the business press and it typically notes all the enthusiasm that Wall Street loves It shows that they are standing by their shares and they also hoped that individual and institutional community follows suitand on the other side repurchasing program can be the signs of the greatness

There has been second form of the argument for the free cash flow hypothesis Marketers have seen it as one of the repurchasing plan that would help in their own causes. Precisely large share buyback activity is the process of carrying out the return of the capital to the shareholdersOn the alternative side special dividend has been more complex activity. Main advantages of the share buyback activity are linked to the boosting of share price in the market. Companies do buyback numbers of share every single year. Share buyback activity does help the shareholders to have more flexibility instead they get it from the dividends. This does also help for minimizing the tax. Shareholders even do sell the correct proportion of the holding amount for removing the cash out of the company did work on the issues of the dividend policy. These two authors did show that the corporate share buyback program have been one of the important underlying activities and pattern for the companies. These two authors did also show that under the condition of the perfect economic condition in the market can also help the companies and it also distribute the income of the shareholders instead of the managers. Number of studies did describe that the share buyback activity has been important one and the signaling mechanism does help to judge the information asymmetry between the shareholders and managers of the companyIn addition if we see the words of different researcher then we will see that did say that proposed distribution of the income have been one of the important perspectives for the development of the company. It is also costly for the company and it requires sufficient amount of cash for these payments.

Dividend policy, investment decisions and capital structure are the three important criterions of the share buyback activity. For the improvement of financial health company needs to adjust three of the main elements and it also helps to influence the share buyback activity. Flexible policy in the distribution does help in optimizing the investment decisions of the company and it also enable the managers to retain the income .Thus the company gets benefitted from the future investment and also it helps in developing the capital structure. The debt providers are unlikely to be one of the concerned with the dividend payments. Fixed expense of the company needs to fulfill in the case of the regular intervals.

The companies throughout the world can use the income distribution process as one of the mechanisms for managing agency costs in between the managers and shareholders. Even there are situations in that type of case when the company has excess cash flow; the management can be tempted to use it in the self-interest at the expense of the shareholders. If we see the distribution policy then we will find that company do deploy excessive cash flows thus the excessive cash flows prevent the managerial interest and this will protect shareholders wealth Finances are important prospects for the future investments. It also helps in the monitoring process of managers by the help of the external stakeholders.

On the other hand in the case of agency costs the companies need to focus on the free cash flows with few of the investment opportunity. Even the distribution program that

returns excess amount of capital to the investors is completely valuable. This type of investment opportunity does give the investors for reinvesting their funds in alternative activities. It also helps to generate return higher than the companies are generally able to achieve. So, in the absence of the positive investment projects companies do engage themselves in the dividend payments. It also helped to enhance the share buyback activities.

Shareholders expectation and preferences will definitely influence the distribution policy. Shareholders do have preferences in case of income redistribution and also for the income retention. They also use every single distribution policy for the shareholders. In this case company shareholders do feel compelled. Situations underpinning shareholders views on the case of distribution policies do include circumstances of the shareholders, taxation policies, investors expectations. Shareholders do want regular dividends in the share buyback programs as their income do depend on this process. Investors do believe that they are in the better position for making capital investments in the companies from which they can earn a big. One of the key considerations in relation to the corporate shareholders is to depend on the characteristics of the individual shareholders and their circumstances. Even the companies do think that there is conflicting demand from different group of investors.

There are number of motivational support for the share buyback activities. Managers do believe that shares of the companies are quiet undervalued thus the company do engage themselves into the buyback activities and it will also signal the efficiency in the

market, Even the market believes that managers purchase share when they think all the shares are undervalued. So, share buyback activities do mark as one of the perceived signaling process and it helps to adjust the upward adjustment in the share price. Management can also repurchase shares as they dont have to look for the volume and price restrictions. Even they influence to drive up the prices of the share. In other way dividend payments, share repurchasing activity does enable company in addressing undervalued signaling process for influencing the share prices. The extent to the activity of these regulations does depend on regulations of that have been surrounded by the share buyback activity. In the country like UK share buyback activity has been one of the major and influencing one to manipulating the share price. Maybe there are few restrictions in the time of buyback activity. This disallows the share buyback activities and in addition, the information asymmetry is at the highest stages. The same can be seen in the case of buyback activity as there are few restrictions on the number of share buyback. did oppose different use of the share buyback activities in the UK market. This will definitely increase the EPS and market share prices. Also the authors did argue that there must not be any kind of positive attribution for the increment of the earnings per share. This impact the reallocation process as excess funds has been returned to the investors. Authors on the other hand did suggest that EPS indicates the improvement in the productivity of the company. Investors will also recognize all these changes and they can also work on the improvement in the finance sectors productivity. did argue that Earnings per share cant be the reason for the enhancement in to the share buyback program of the company. This will enable the company for reducing the agency costs by the return of the free cash flows toward the investors.

In this context of the previous research potential motivations for the buyback activities of the companies were studied. Maybe these all companies are listed in particular stock exchanges and in addition the company has fixed number of ordinary shares outstanding. It differs mostly in the non-investment companies in number of areas. noted that several of the investment companies dont hold surplus cash thus those companys buyback activities need to be funded by the help of the short term borrowing and sale of investment activity. Thus the company will have to reduce the returning cash flow.

Investment companies of UK are entitled to publish the net asset values (NAV) on the regular basis. Net Asset Value generally represents the intrinsic values of the shares in contrast to non investment companies. NAV represents the inner value of the shares and thus for the non investing companies there is no effect in the information asymmetry in between the managers and also with the investors in the consideration of that particular value. Share repurchase program thus have not undervalued any kind of the signal for undervaluing of the investment companies. On the other hand relation to the capital structure hypothesis, investment companies in UK has had tax status that will prevent them to have a benefit in tax reliefs. In the case of the share buyback activities it can be seen that it helps to enhance the corporate value.Even some of the investment companies do think of consideration of some of the related factors of gearing. In order for qualifying in the tax approvals investment companies in UK need to maintain certain areas of tests. Among all these incomes of the companies around 15%

of the income comes from the investments. Even they must pay their earnings to the investors. It renders dividend substitution decision as all these are irrelevant to all companies. On the other hand if the capital markets are more than efficient enough then gain must be made to have share buyback program that have been announced. Actual share buyback program doesnt have that much of impact after the announcement process is end. But it has been suggested that market may not be that much responsive to the repurchasing announcements and the commitment of the company is to actually make the repurchasing process. That is why there are lots of long term effects after the buyback process of the shares. Announcement of the share buyback programs in the meantime does help to increase the share prices of the company. It is the matter of consideration as when share buyback activities are needed to be carried out. In the meantime Net Asset Value of the remaining shares will increase from the original value. In the same period the absence of other kind of effects and increase in the NAV as actual buyback activity will help to return the pre-announcement level. Thus the overall effect of share buyback activity will lead into the discount as suggestion has been given to increase the Net Asset value of the shares. Furthermore it has been one of the options for the investment companies to use share buyback options to give reduction in the discount of the Net Asset Value. So, the balancing of the supply and demand of the shares of the market will influence the market liquidity and it will also play as one of the relevant role for the investment companies. The views have been there in testing the perceived importance of institutional disinvestment. did note that potentially there have been two of the different types of liquidity which will be resulting from the share buyback activities. also noted that the liquidity position of the company

remain not confirmed as the share buyback activity enacted before. As companies need to cancel the share buyback activity right after that. In addition they are unable to affect the supply and demand levels in turn of liquidity in long term frame. Since the year of December 2003 all listed companies have been given permission to hold off their shares in the market for re-issuance and regulation. So Demand and Supply management has been one of the possible activities for the period and it is covered in this kind of research.

Capital market based study process relies on public available information for assessing the corporate and investor behavior. It has generally had the access for enhancing the shareholders value and also there needs to have specific reasons for this kind of programs. It might affect the changes in the shareholders value. In linking with the research based on the US perspectives examined that Share buyback activity of UK gave the abnormal return to the shareholders in comparison to the US shareholders. suggested that those companies which announced the buyback activity will outperform the whole market by the average of the 13% and up to the figure of 21% for the following months of activity. On the other hand there has been different study that is made for considering the share buyback activities for the long time situations. It would probably reverse the conclusion figure and this might help to report overall the bad performance in the share price. Even the share prices of the buyback company will rise by an average of 8.2% per annum, in the case of market and dividend paying companies it will rise by 10.3% and 12.7% consecutively

On the other hand addressing the specific motivation and explanations will give the in detail discussion. did give several of the discussion on this subject in addition they stated that economic role of the share buyback activity has been one of the main for the understanding whole of this main concept. Several empirical studies did discuss on the share buyback activities for influencing the corporate gearing levels . Even they reported that Earnings per share levels fall short of the analysts forecasts. They might experience dilutive effects from different new shares issued in the market. So this kind of consensus is absent from the explanation and other motivations it helps in returning excessive cash flows and in turn it avoids whole problems of overinvestment process. It signals managements confidence for the future earnings potential. Share buyback activity does also undervalue the market. It also helps in reducing the tax charges in the UK. Even the traditional dividend payments are replaced in the payment process. In the relation to the free cash flow in the company, all reported that all share buyback companies do exhibit the free cash flow activities as all these activities are linked to the abnormal returns from the market.

In the year of 1999, financial executives of the research foundations have found that there have had several factors those were affecting the share buyback activity of the companies. Even one distinguished author did research on the share buyback activities of 200 companies. In that study the researchers did identify the motivations for the share buyback activities. As this share buyback activity does help to increase the prices

of the shares in the market. In the end it alters the capital structure of the bank. This proved to be one of the substitutes for the dividend payments. did suggest that share buyback activity has been portrayed as one of the incredible, valuable. On the same side management cant furnish wrong information to the investors by manipulating the share prices. However they suggested that dividends and share buyback has been almost similar sort of activity but they do play different roles in the market. In the information of these authors study dividend appeared to be carrying one of the perceived signaling roles. Also dividends appeared to be one of the important significant roles by the management to convey managements assessment in the prospects of the firms. did highlight about the share buyback activity that it wont be a costly one for the companies as they have to pay a large premium to the shareholders in the process. indicated that two of the important points are needed to keep in mind always for the share buyback activities. One is to check the increasing share prices of the company and the second one is the share buyback activity that will help in conveying information to the market which is very positive for the prospects of the company. Dann also did describe that expected increasing earnings per share do help in the share buyback activity. Past evidences suggested that all the investors are not that much fool as the relative transparent financial adjustments which lack some kind of substances can affect them. Even Dann argued that earnings per shares influence on the share buyback activity have simply been a financial illusion. argued that research has indicated that information which has been conveyed by the share buyback activity are important from the prospective of the company. Share buyback in the bargaining prices would benefit long term shareholders of the bank.

Research that has been reviewed by is considered as one of the most popular one for explanation of share buyback and it conveys management signals for the share buyback. supported free cash flow explanation and even the surplus cash is needed to be returned to the shareholders that helps to prevent any clash that would arise when it would have been thought of by the managers that they can use that free cash in the investment of any kind of project in the economy. argued that share buyback is the effective way for the elimination of excessive cash which would have been wasted by the management. did suggest that share buyback offers it and it has been made in particular by the large firms in order to tackle the hostile acquisition bid. It has been argued that share buyback options have been made available for fulfilling the obligations of the share options schemes. However another distinguished authors did notice that average number of all the options has been tripled inside the period of the 1992 to 1997. Pattern has been consistent as the increasing share buyback activity can easily be effective during that period. If all the regulatory checks are made about the share buyback activity then it will be seen that US companies have been more active in the share buyback active than the UK companies. Despite of some of the differences in the tax regime and in corporate legislation there have had similarities in between the US and UK practices of share buyback activity. Even recent UK studies did suggest that all the UK firms do enjoy same kind of facility like that of the US firms. But however the authors did say in the contrary the UK companies havent had that much of experience like the US companies.

The effect of share buyback announcements has several effects on the share prices of the companys. argued that information that has been conveyed to the share buyback announcement have at least two kind of ways. The most important one does reflect positive economic conditions that are faced by whole industry. do refer that positive effects of the announcements have contagious effect on the industry. However the information might have reflected a change in the competitive balance within the place of the industry. assessed a study that would test share prices fluctuation of the rival firms. So the authors did research on the increasing share buyback activities of the firms. Even most of the researcher did say that share buyback activity is firm specific. Findings have been contrasted in very efficient manner and in addition even the researchers previous to Firth did show similar positive reaction that of the Firth. attempted their research on the contrasting evidence by some of the examiner for distributing the cash to the shareholders in the share market for share buyback program. did indicate that open market announcements associated with the sustained price and the increase is around 3%, However Erwin and Miller did indicate that there hasnt been that much of research for the investigation of the increasing investors for revising the expectations of the rival firms in the same sort of industry. In addition both of them undertaken the research that would help to examine the intra-industry effects that has been associated with the open market share buyback activity.

In past there were several authors and they did believe on the institutional theory. Even the authors like did propose that organizations do adopt formal policies, planning

program for socially sanctioned purposes. Even the organizations internal structures have been affected by the decoupling in the institutional theories. There has been several researchers which has been devoted to the phenomenon of the organizational decoupling In recent past and thoroughly researched on actual hiring and promotional process. In another research study related to the share buyback activity organizations adopted new program and policies for this kind of structures. researched on environmental and organizational factors that does lead to firms adoption of new methods in the environmental and other organizational factors. said that institutional uncertainty might have lead to imitate the acquisition strategies of all the other firms. However there has been research on how conflicting the institutional demand may lead to the organization for adopting conflicting organizational practices told that institutional processes can be developed and tested by theoretical explanation by some firms those have adopted a different types of policy in the response of external pressures. Stock repurchasing program has been non cash dividend program for the stockholders and it also involves an adjustment for financing mix. A strong share buyback program has been referred as written policy which is approved by the board of directors In the case of institutional sense it has been considered as one of the important structural planning and the procedures are needed to be adopted by the standardized firms The plans of these researchers were to furnish the rational for the research and do help to meet the corporate objectives.

The view of the investors in conjunction with the dividend substitution has broadly mirrored those activities of the financial managers. Though there might be distinct variation in the strength of different types of views those has been expressed. In addition investors like the financial managers havent seen the share buyback program as one of the substitute for the regular dividend payments programs. Their views have been very much important in the perspectives of the other financial managers.

Markets often exaggerate their response when one is cutting a dividend or passing on it in full amount. So in this case share buyback have become the event in terms of the shareholders approval and will use its as one of the regular and consistent, recurring, stable trend kind.

Decoupling of the share buyback activity planning and the subsequent implementation reflect the efforts made by the organizational leaders for advancing in the political interests and it also proves some of the aspects of the organization. Decoupling could also relieve different types of tension those are created by the external pressures for changing the desires or avoiding the disruptions of the existing relationships in the organization and it does include the different types of disruptions for existing relationships in the prestigious organization that includes the power relations. suggested that the firms are mostly important for pressurizing the tactics such as decoupling to the external pressures and it is done by using the tactics such as decoupling for the extent of checking the external pressures for changing the main format. These are inconsistent with keeping in tag with the internal goals. In addition external constituents firms do

pressure a lot for adopting a policy which does threaten for discretion of organizational actors, those actors might be in the favor of the symbolic types of response and it generally involves separating types of activities for the organization from the formal adopted policy. Thus it would enable the corporate leaders for pressurizing the discretion over on the allocation of resources. On the other hand offered that the specific organization does often offer unwillingness for incurring the costs for the managerial control by implementing formal adopted plans. On the other hand in the case of the buyback program the top managers of the company might decouple actual financial investments which would help in formal adopted approach for the buyback planning for preserving the free cash flow for them and it would in addition maintain all managerial ways of discretion on locating the corporate resources. did suggest that the managers need to look for the recent cash flow for the increase of in the size of the companies which they run. It would help in the leading higher executive compensation program in the social types of prominence and in addition public prestige. There are lots of empirical studies those are based on the free cash flows and are associated to the increasing nature of the executive compensation and it would increase greater consumption by the top executives and it would definitely give some positive decisions on acquisition and it would appear as promoting the corporate stability at the expense of the maximizing the wealth of the shareholders. This would conversely show some more influence on the top management, directors and it would help them to control and monitoring function of the shareholders interest. The empirical research has shown that the boards do exercise a higher degree of the power for independent body of the government. Then they become more vigilant for the decisions making skills for the

interest of the shareholders. In addition there are the influences of the boards which do link the share buyback program. In the effect for congruence between the goals of different constituent (institutional investors) and also the goals in between the powerful actors in this specific organization would help to increase the different likelihood of the acquiescence for controlling the external pressure. The boards exercised different investment opportunities and it would influence the financial policies, CEO of the company might be less likely to decouple the actual investment practices for the formally adopted types of plans and the share buyback program does represent as substantive commitment for the firm and also for its shareholders( By actually investing on the firms). In addition all independent boards are more likely for distributing the cash to investors in preventing the managers in reserving the funds for the diversification, other actions those are completely related to the actions which dont advance shareholders objectives. It is thus important for the CEO power for helping in determination whether the firms do decouple the repurchase plans from the practice; on the other hand the theoretical arguments do suggest that all powerful actors do mediate on the institutional effects. These kinds of views are consistent with sundry types of practices based on the neo-institutional literatures as all the several theorists began emphasized on different potential roles of the individual volition in congruence with some institutional effects. If view could be drawn then we would be able to see that they matched the view of the other researcher who did suggest that all different types of organizations and also the leaders of that particular organization not necessarily conform towards any kind of external pressures that would be adopted by the policies or structures. On the other hand they are only taken for granted because did note that all

the institutional theories could accommodate all interest seeking, active behavior and it would also helped in the checking the responses to this kind of the institutional desires and pressures. and in addition suggested that found evidence are consistent enough for creating any sort powerful corporate types of actors in stimulating the development of different institutional processes which described as decoupling and there are social appropriate types of corporate languages. So, our theoretical language do build on the symbolic management and proposing all political differences that could help in the explanation of the differences in the organizations respond towards different environmental pressures for managing the accountability. Theoretical arguments which regard the effect of the CEO power over the board on the symbolic vs substantive nature of the share buyback programs and it suggested different relevant hypothesis based on this share buyback program.

The external factors would provide that additional insights into the institutional decoupling. On the other hand from the perspectives of the different types of research, an economic action which is socially situated and that cant be explained by the reference that would be given to the individual for political motives. Macro-institutional pressures wont only determine the action of the organizational policies and it would help in the organizations immediate social network. So thus to respond to all external pressures of the greater corporate accountability to different shareholders and also to the top managers and directors those who does influence all information those are

obtained from the different kind of network for the leaders of other firms. On the other hand side the proper indication for the social networking site does relate to the leaders of the large firms and on the other hand it would overlap the board memberships. The growing body of the thorough research did examine different consequence for overlapping the board ties for the purpose of checking the organizational behavior. Several studies in this prescribed program are associated to the testing of different mechanisms in resolving all raising uncertainties for the implication of adopting all organizational practices, programs and structures.. In the discussion of how to interlock ties before the adopters may increase all the likelihood for adopting defenses takeover as we can see that did emphasize on the value of the direct communication in between the directors and the managers and it would raise the awareness for the potential benefits of the adoption and need to know how to avoid all potential drawbacks from the adoptions. Thus it would provide all mechanisms for different kinds of vicarious learning. There might be some studies and it is not directly considered as the influence for the inter organizational ties and it helped to check what extent of the formal study would expect the process of decoupling. On the other hand interlock ties of firms would engage in different symbolic decoupling of the share buyback program and it would raise the awareness on the symbolic and potential benefits of the decoupling policies of government and it would provide mechanisms for the learning of different symbolic actions of the institutional pressure.

When the network does provide one ties for the managers, they also do provide symbolic decoupling, it might also be the reason of more direct types of learning which would rather help in increasing the likelihood of the observing share buyback programs. On the other hand a firms experience of the decoupling does help in formal adoption of the program from the practices which might affect the probability in future decoupling. In viewing the scarcity of literatures and also its antecedents would perhaps surprise that there might be having some relevant discussion on the decoupling as one of the repeated practices. did speculate that the firms might be engaged in different types of symbolic management those are repeatedly across the multiple types of issues. On the other hand a central tenet on the learning literatures of the organization is that different types of actions associated with positive outcomes and it would definitely going to be repeated, even when there is only one instance of the behaviors did find that strong evidence which firms experienced in positive share market reactions are the incentives plans and it is going to be implemented and there is some specific evidence which would help in enjoying positive reactions from the market and it would decouple the share buyback programs. So based on this kind of investment the experience of the decoupling is going to be encoded with organizational memory and the routines and it would definitely invoke the process of the adoption in order to maintain the governance policies in the coming future. On the other hand all theoretical concepts do suggest that influence of the decoupling would help in building some effective awareness among the decoupling actions and it is definitely going to be moderated by the power of the CEO and Board relationship. Next to that firms direct relations with the symbolic decoupling do serve as one of the

different precedence and it would help in reducing the uncertainty among all the top managers on the issue of the symbolic actions that is further related to the political interest. Such "selective learning" from experience dovetails with recent theoretical developments on organizational routines and learning, which suggest that reliance on routines that have been developed from experience is contingent on the political interests and identities of powerful actors or groups in the organization those are completely related to the actions which dont advance shareholders objectives. It is thus important for the CEO power for helping in determination whether the firms do decouple the repurchase plans from the practice; on the other hand the theoretical arguments do suggest that all powerful actors do mediate on the institutional effects. These kinds of views are consistent with sundry types of practices based on the neo-institutional literatures as all the several theorists began emphasized on different potential roles of the individual volition in congruence with some institutional effects. If view could be drawn then we would be able to see that they matched the view of the other researcher who did suggest that all different types of organizations and also the leaders of that particular organization not necessarily conform towards any kind of external pressures that would be adopted by the policies or structures. On the other hand they are only taken for granted because did note that all the institutional theories could accommodate all interest seeking, active behavior and it would also helped in the checking the responses to this kind of the institutional desires and pressures. and in addition suggested that found evidence are consistent enough for creating any sort powerful corporate types of actors in stimulating the development of different institutional processes which described as decoupling and there are social appropriate types of

corporate languages. So, our theoretical language do build on the symbolic management and proposing all political differences that could help in the explanation of the differences in the organizations respond towards different environmental pressures for managing the accountability. Theoretical arguments which regard the

In this chapter Researcher described some activities of share buyback activities those took place throughout the world in different circumstances. It proved that the Share buyback activity is very essential and effective for the companys to return back extra cash to its shareholders. Companies are very much concerned about the share buyback activities and they are applying it whenever they need this. Now After the completion of discussing the literatures it is now important for the researcher to pen on the next important chapter that is Research methodology.

In the preceding chapter researcher successfully described all the conceptual clarification regarding the methodology. In addition researcher put every single effort in providing every single step for this research. Even researcher was very much successful in applying the process that was identified by. This author gave every single analysis of the research. Even the author was successful in citing several of the rationales for this research process. Precisely the task is huge to carry out every nook and bit for the research process. Brief descriptions of the aims and objectives were given by the researcher, this helped the researcher to meet all the perspectives and need for this research. Researcher discussed all significant reasons for choosing every particular method for this research study. Research philosophy was identified properly by going through few of the phenomenological areas. Researcher was also successful in selecting a particular research strategy, data collection method for this research process. Research was carried out with the influence of the research philosophys one school of thought. Phenomenologist paradigm was described by the authors named. As the

reason behind this is that human behavior has been considered as one of the subsumed measure of numerical classification. So the selection of the phenomenological research philosophical process emerged as one of the main conception and it had been investigated that the share buyback activity of UK was one of the complex matter for the research and it would help the positivist researcher for building the philosophy and it anchors some of the generalized laws. Even it cant be easily condensed within the ambient reasoning as it appears to be lackadaisical in the place of the human element. In the philosophical stance of the positivist research it has been empirical and antispeculative one .In addition it concentrates on the perceptible phenomenon and there has been some ordered relationship which helps to establish by the process of empirical research. So when a researcher plans to apply for position of the research that investigates the issues of the organizations impact on the host communities. It was also appear to be one out of context considering some of the important fact that the issue needs to be investigated with relative and approach based ways. In addition it appeared to the researcher in some of the important context but it might be possible that the researcher will be able to establish the concept of Interpretivisms with empirical ways .On the other hand the proper formation of the generalized laws that constitutes one of the prime characteristics of the positivist paradigm would lead into the loss of valuable information that might have necessitated the loss of valuable data. Precisely the research have had direct bearing on the context of the subjective experience of the particular filed that phenomenological field needs to embraces. in conjunction to that described the reality of the given educational setting and it would seen it as fixed and a

stable entity but also as a type of variables which is discerned by multiple forms of understanding. In the literatures lots of philosophical assumptions was revealed for shedding the light on the conduct of the researcher and it would precisely underpin the research philosophy that is employed by the researcher. Out of the all important paradigms of research, researcher has selected interpretivists paradigms for this research process. As data that has been analyzed are only qualitative. Qualitative data are mostly analyzed by the Interpretivists approach. Even the choice of inductive method over deductive methods has been justified. As the deductive approach follows the positivist paradigm. Interpretivists approach is more effective for analyzing the data those were collected from the Semi-Structured interviews and closed ended questionnaires

If we see the essence of this section then we would find that it is important to determine the means of conducting the research methods that was used. on this very issue did note that research approach could easily be formulated from what does take place within the form of context. The reason of this is that the researcher was very much in concern for choosing the right approach which would be pertinent for sieving out one of the data that would definitely benefit in answering the research questions. There are two types of research approach one is quantitative and another one is qualitative. Quantitative research approach is known as deductive research approach. In the same way qualitative research approach is known as inductive approach did say that deductive approach is similar to the scientific approach. Inductive approach is the

process in gaining an understanding of the meanings which led event to attach to the research context. By considering all above important reasons researchers have been very much efficient in applying qualitative methods for this research process. This is basically based on the similar sort of approach that begins with specific observation and it builds towards the general patterns. In this context of this qualitative research data were collected by interviewing the sample of managers of the HSBC bank. Even the shareholders and employees were involved in the close ended questionnaires process. So this helped the researcher to comprehend the expectations and perceptions of the company in the share buyback activity. Thus it would reveal the reason behind the share buyback activity. The conclusions that has been drawn through this approach will be efficient for the researchers share buyback activity, thus it would influence the business performance of the company. Precisely telling this research process was complex and specific. These types of research approach are totally content specific and would accommodate all human elements. It is also important to analyze the event within the whole context. This would also help to entail the collection of data which would help for preceding the formulation of the theory. Thus it draws the choice and appropriateness in adopting the inductive approach. So there wont be any kind of context for stating the inductive approach. It also emerged from the important nature of this topic and has been researched and even research philosophy was employed.

It assists in helping an exploratory research design.

Researchers have to deal with only unstructured data, and then afterwards they can arrange those data.

Qualitative research does follow important evidence in the research reports. Small group interviews cant be taken place in the qualitative research. In comparison to quantitative research, the data those are gathered are less structured.

Some researcher believe that they have lack of factual data based on validity

Research strategy in general is one of the important subset of the research process. Researcher in general to let it know the readers in which particular process he intends in collecting data as it would help the researcher in meeting the research aims and objectives. Research Philosophy does describe one of the exploratory type and nature of the research; In addition it involves one of the important aspects of the bounded research. Researcher selected case study strategy in this very research process, it would help in gaining an in depth understanding and focus in the research. described it effectively and even re-affirmed by. A case study strategy of the research involves one of the important investigations of contemporary phenomenon of research in real life context. Also researcher has been very much successful in using multiple sources of evidence. Case study strategy also helps in offering important subjects in depth and it also lends credence for choosing the appropriate strategy for the understanding of the research process In addition as there are strengths for the case study, it would also need for the scholars to ask for the credibility in this research process. did question about selecting evidence and support in choosing the explanation in finding the evidence did depict and identify

that the influence of the etic (Researchers value) and emic(Researched things value). Main implication of this kind of research is that content analysis does convert the qualitative data into the quantitative data. Even the contextual factor and unique nature would always help in the study of research thing. Next to that did also describe that case study strategy is time consuming but on the contrary to that it supplied massive information to the researcher those are needed to be analyzed by enhancing the tendency of biasness and selectivity. On the other hand the enumerated demerits of this case study strategy are important in considering the precise nature of the research. In researchers perception the case study strategy would help in shedding more perceptions in issuing the investigation. For substantiating the real fact the intention of the researcher was for well justifying the process by examining some important alternative research strategy. Grounded theory research strategy has been used and mostly accepted one in the commonly used qualitative methods. For this Research perspectives Researcher did find it inappropriate for the effective results in the concern of this research process. The first one is identified by as the grounded theory for systematic procedures in finding the research which would help to constitute theoretical process under the investigation of the set of numbers, groups related themes) Ethnography is at all writing about the people. In common sense it does includes the study and group of people in the purpose of socio-cultural activity and patterns. Ethnographic research does depict as one of the important one for collection of data on the basis of interpretation. In the process of ethnography this could easily be seen as one of the important one for the science of cultural descriptionResearcher rejected this

research strategy as the prime methods for the data collection of this method is completely based on the observation of the participants and also of the informant interviews

This is one of the prime methods for collecting data of qualitative categories. In this process two or more people are involved in a purposeful discussion. It is rightly based on the description given by. This could easily assist the gathering of the valid data and the interviews method could easily be the Structured, Semi-Structured, or may be Unstructured. In the structured interview process the pre determined questionnaires are used. On the other hand Semi-structured interview method is informal. In this very research process the researcher was more than wise to use the Semi-Structured interviews methods for gathering the data from the managers of the HSBC bank. One of the important aspects of this research is that the researcher have the freedom to ask any kind of questions but that should be based on the research criterions. After selecting the particular method of the interview the questionnaires design were established. The Semi-structure interview questions were directed towards the criterions of the research questions. In addition to that the researcher employed a purposive approach based on the sampling criterions. Letters of request were sent to the interviewees and the evidence of that has been attached to this research study. Even one of the other important thing was that constructed interviews questions needed to undergo a pilot study before undergoing the interview session.These all were built upon the share buyback activities criterions. Whatever sample were applicable to the

research process were selected by proper justification. Interviews are always the explanation of an important study process. Even the mangers of the bank who were involved in this important process of the interviews of share buyback activities were very much active and vibrant throughout the research process. Lists of questionnaires are set up in order to set up the research topic. Even further necessary questions can be added and even questions can easily be omitted. It helps to understand the relationship in between the variables. Even the researcher has the ground to enter into another area related to the topic. Proper lack of standardization is one of the main concerns of this process. Even the issues of trust and credibility are one of the major concerning things. Time consumption by this research method is also matter of consideration.

It is one of the important methods of collecting data. In the research literatures there were various options which were related to the definition. Precisely the process includes every single data collection techniques in which the person are asked for providing similar set of questions in predetermined way.Questionnaires are generally of two types. Those are Close ended questionnaires and Open ended questionnaires. However for this important research researcher did select the close ended questionnaires of same sort of questions and answers from the employees and shareholders of the bank.

In the same way of the semi-structured interviews, close ended questionnaires had some sort of questionnaires statements those were helpful in this very topic of share buyback activity. Interviews issues have been investigated with proper envelop. Even the requirements of host communities have been well discussed. Next to that company did embrace the demonstration of share buyback activities and even proper demonstration has been made for this share buyback activities. Even the method has been adopted by keeping in mind about the important criterions of the organizations and the research questions have been covered with proper specification. Even the questionnaires were kept at short, clear and easy for answering different kinds of respondents. In specifically 14 close ended questionnaires have been administered by doing some sampling approach. So the knowledge for this research process was applied properly. It is one of the best techniques for describing the descriptive and explanatory research. Even the descriptive research uses opinion and attitudes for questionnaires for the organizational practices. It also helps to disclose a precise answer for the research process.

Some authors did find the method as harder and most time taking. Questionnaires method has lack of reliability.

The most important criterions of this kind of research process is that in both interviews and in enquiry where the researcher is expecting feedbacks to give it to the third party

would be perfect to seek the consent and confidence of others.Respondents are successful in giving the confidentiality of the statements they are providing. Main benefit of this kind of consideration is that the participant can easily be more open and would be able to discuss the issues more deeply. Even the researcher have been well organized to describe the main reason for this research study that made the respondents to become more open and they were able to describe the issues in more details. In addition to that where age has been mentioned the researcher did receive the consent of the respondents before revealing that. Even the participants were assured that there participants are only voluntarily and more importantly their name wont be revealed in any sort of areas like data analysis or in informal discussion. This important practice was in conjuncture with the recommendations those were given by and also the main views of the participants were consulted and their consents have been sought throughout this research process. Sampling and the interpretation of the sampling process are fundamental concept for any research process. Leaving few cases, most of the research are conducted by the means of sampling process. Even on that vary basis generalizations are applicable to some number of populations from which the samples are obtained. The main prime areas of the sampling has been quiet evident and has been derived from the works of. Even when the researchers did note that it would be unrealistic for surveying the whole population, he declared that time limit and budget were not that much in amount. did suggest that sampling is needed to be viewed as one of the important portions of the populations and in the process universe is the main representative of that populations.

In other ways sampling has been the process of the selection of sufficient number of populations for representing the characteristics of the whole population All these important efforts were made to ensure that information that has been gathered are under the investigation of some affairs. In addition to that sample of the questions have been kept into 13 questions itself. Even after that random sampling was used for the collected data and different types of shareholders were involved in this process. The important concept of applying this process is that it is totally unbiased and also the prime important process is that each data those have been collected were important for this research. In this Case study Research Process researcher planned to implement two samples. One sample was for the employees and shareholders, another sample was for managers. In the case of employees and shareholders researchers sent the close ended questionnaires sample to 300 employees and shareholders. Out of that only 10% have responded to that. In addition researcher took the Semi-Structure interviews of 3 managers of finance department of HSBC bank. These two make an ideal combination for the sample population The real essence of the methodology that was described in this research cant be over emphasized. did note that there are several traditional approaches of this research that needed educational experience and even the qualitative mode of the inquiry are based on the phenomenological research philosophy and also it was successfully characterized by the methodological eclecticism. This was completely based on hypothesis free orientation. It was also an implicit acceptance in natural scheme of

things. Next to that methodology does play an important role in allowing researcher to have an insiders view in the matter understudy. Most remarkable thing in the methodology was that it offered researcher one of the prime opportunities for capturing what people say and do as a product and also how they interpret the complexity of the world. It also helped for understanding the events from the viewpoint of the participants. Even two of the authors describe that emerging form of the research has been considerably relevant to what has been found over here. As for mentioning the matter of understudy social fact draws context based conclusions which helps to point out to new policies and also to educational decisions instead of toward the generalizations. Problems related to the validity and reliability were one of the major demerits of this study. Reason behind this process is that the data and origin seems to be difficult in applying conventional reliability and validity standard. did observe that qualitative methodology, context, situations and interactions would be hard to replicate in any extent and also there are not any single generalization those would be needed for making it in confidence to the wider study context areas. Limitations in time had been one of the major drawbacks of this research process. Even the researcher didnt spend a considerable amount of time in settings of the research as this could have helped him to examine holistic and aggregate research process. noted that participant-observant relationship would prove to be one of the vital one in the presence of the researchs research process. It would have a huge significant effect on the subject of the case study research. On the other hand these problems would illustrate deficiencies in drawing the importance of the research.

In this very chapter researcher successfully implemented different aspects of the research. Researcher was well equipped in reviewing all possible methods for influencing this research process. Even the researcher was successful in highlighting the influence of the research methodology that was followed. Even rational and justifications were given for choosing each and every single method. Researcher was prudent enough to describe the research philosophy, data collection, ethical consideration, research approach and strategy. Even the strengths, limitations of methodology were properly examined. On the other hand researcher is going to focus on the next chapter based on the gathered data analysis and findings.

The preceding chapter discussed about the several areas of the data collection those are completely linked to the research areas. Research overview and conceptual clarifications were made throughout extant review of literatures and research methodologies. So in this very chapter an analysis was needed to be done with

collected data. Before moving to the data analysis chapter there is data analytical methods that was needed to be employed in this research understudy. At last by considering the link up with the dictates of the organizational structure of the research study, this very chapter also proved its imperativeness for representing the means through which the researcher got success for collecting the data and even the samples were effectively used. There is one kind of data that has been collected in this research process. Researcher was very much prudent in selecting this kind of qualitative methods. Qualitative data was analyzed by the process of thematic analysis. For the consideration of this framework that was identified by. It has been one of the systematic and disciplined methods and also it is very much essential for detecting and defining, explaining and exploring all these issues those are basic tenets of the qualitative research. In addition the researcher needed to review all the data that were collected without any form of partial and selective analytical method. It has been deemed as one of the main appropriate methods in the consideration of capability and flexibility. This definitely facilitates in-depth illustration and explanation of different kind of materials those were invariably unstructured and cumbersome. It was deeply investigated by the researcher to have in-depth Semi-Structured interviews and also to analyse close ended questionnaires. The sources were discussed in detailed and there is some form of coherency in the structure of the firms. As there was no reason for the researcher to build any kind of hypothesis and theories. So thus this case became one of the imperative to describe every single aspect of the Semi-Structured interviews in

details. There are important concern for the discussion of the key issues of themes those are completely based on the collected data. Adoption of the thematic form of analysis was off to more sense and researcher needed some form of capability for possible drawing upon main issues. These issues are originally informed by some of the important research questions and are also related to the research aims and objectives. Even the Semi-Structured interviews and Close ended questionnaires were used with some of the important topic guide. On the other hand it also helped in focusing on some of emergent issues in the interviews. On the other hand thematic analysis were described by the significant work of the. This kind of framework helped the researcher for considering and reworking collected data and ideas. The authors did say about the five of the important systematic stages for the analytical process and it includes the familiarization process for the identification of thematic framework. Few of the authors did adopt this method in past without any clear form of analysis and guidelines this kind of scenario do make the method uncritical for the researcher. So there is a possibility as lack of detail guidance will affect this form of analysis. For minimizing the effect of it the researcher linked it to the possible detailed stages within the research process. Even the researcher thought about the possibility of the potential pitfall in the application process. Out of all the analytical tools, thematic analysis was examined by the researcher only as he found it most applicable for the analysis of this perspective research. Detail investigation of the analytical method with the use of qualitative data is successfully

tackled by the thematic form of analysis. But on the other hand grounded theory and narrative analysis were not matched with the fact of this research process. Smith and did discuss the narrative form of analysis and it is completely attached to the phenomenological epistemology. It also gives some form of experience and subjectivity in primacy process. It is most of the eliciting one in great details of peoples understanding of the research questions. On the other hand it was found out that themes within the data those were adopted by the presence of the case study strategy are applicable to this particular research process of the researcher. In addition all the issues those were investigated properly and even the researcher didnt have considerable time period for this type of research process and interview Regarding the facts of the other methods researcher was prudent enough to discuss all the methods including the grounded theory. did note that about segmenting all data. On the other hand few occasion researchers felt problems in revealing all the important expressions, behavioral and gestures of the participants. But this kind of research process is mainly helpful in building and generating theory of which it has no intention for this type of research process. One of the sample size of the Employees and Shareholders were 300, but only 10% of the respondent sent their feedback. For the Semi-Structured interviews of Finance department managers, the sample size was 3. Shares are bought back because management believes shares of the company have been undervalued

Strongly Agree 1

Agree 2

No View 3

Disagree 4

Strongly disagree 5

12(40%)

6(20%)

3(10%)

3(10%)

6(20%)

40% 40% 35% 30% 25% 20% 15% 10% 5% 0% 10% 10% Comparison of Statements 20% 20%

In this above statement it was seen that there were around 40% of the respondent did give positive signal to the above statement. Around 20% of the respondents agreed with the above statement. Only 10% of the respondents had no view for the above statement. On the other hand 10% of the respondents disagreed with the fact. Another 20% strongly disagreed with the fact.

In these perspectives it can be seen that company shares sometime went on to become very low in the competitive market. Even the recent economic situations like recessions did help to decrease the value of the share in the stock market. If the shares are bought back again by the company then definitely the share price of the company would soar again. This would help to save the company. Shares are repurchased, because share prices recently have lagged on the market Strongly Agree 1 Agree 2 No View 3 Disagree 4 Strongly disagree 5

9(30%)

12(40%)

3(10%)

5(17%)

1(3%)

40% 40% 35% 30% 25% 20% 15% 10% 5% 0% 3% 10% Comparison of Statements 17% 30%

In this above perspective it was seen that 30% of the respondents strongly agreed with the fact. Even another 40% of the respondents agreed with the above statement. 10% of the respondent couldnt show their view on this above statement. In addition 17% of the respondents disagreed with the issue in the statement and another 3% of the respondents strongly disagreed with the fact. If we see the perspectives of the share market in the recent concluded recession then we would be able to see that recession has affected all developed economies of the world. So there is definite concern of the companys corporate board to take some strong decision to find a solution for the above situation. So, companys corporate board planned to buy back the shares in the competitive market. Shares of HSBC bank are repurchased because HSBC doesnt have sufficient investment opportunities for the use of their cash pile

Strongly Agree 1

Agree 2

No View 3

Disagree 4

Strongly disagree 5

15(50%)

6(20%)

3(10%)

3(10%)

3(10%)

50% 50% 40% 30% 20% 20% 10% 10% 0% 10% 10% Comparison of Statements

In this above Statement Companys 50% of the respondent and 20% of the respondent strongly agreed and agreed with the above statement consecutively. Around 10% of the respondents didnt have any kind of view in the above statement. 10% of the respondents disagreed with the statement and another 10% strongly disagreed with the statement.

As from the corporate boards meetings did show that there have been lacking in the investment opportunities. So the board of the company did show their interest in buy back the shares. It would also help in increasing the valuation of the company; In addition shareholders of the company would also get benefit from this, as they could easily get back those extra cash from the management. Shares are bought back in order to reduce the number of shareholders Strongly Agree 1 Agree 2 No View 3 Disagree 4 Strongly disagree 5

0(0%)

0(0%)

3(10%)

12(40%)
50%

15(50%)

50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

40%

10% 0% 0%

Comparison of Statements

In the above statement it was seen that 40% and 50% of the respondents disagreed and completely disagreed with the statement respectively. Another 10% couldnt show their view on that statement. It does mean that all the employees and shareholders had shown their negative concern on the above statement. In this perspective the researchers evaluation was that there hadnt been any kind of discrepancy among the companys corporate board and shareholders. The relationship was strong as usual. So this would help to keep the integrity of the company. HSBC would be able prospect properly in the competitive market. In addition they always keep strong relations with their shareholders.

Shares are bought back in order to attain a capital optimal structure Strongly Agree 1 Agree 2 No View 3 Disagree 4 Strongly disagree 5

9(30%)

12(40%)

3(10%)

3(10%)

3(10%)

40% 40% 35% 30% 25% 20% 15% 10% 5% 0% 10% 10% 10% Comparison of Statements 30%

On the concern of the above statement it is seen that 30% of the respondents strongly agreed with the main themes of the above statement. Another 40% of the respondents agreed with the main concern of the statement. Only 10% of the respondents had no view. 10% of the respondents disagreed with the above statement and another 10% of the respondents completely disagreed with the statement.

It proved that Companys corporate board wanted to some of the strong decision to give strong optimal structure to the company. Even the shareholders and employees showed their affirmation on the above statement. This would definitely help the company in the nearest future. As for any businesses it would be good to increase its level of gearing in order for gaining an optimal capital structure. On moving to the share buyback program capital structure of any bank could easily be shifted towards the favor of debt.

Shares are bought back in order to improve the earnings per share of the company

Strongly Agree 1

Agree 2

No View 3

Disagree 4

Strongly disagree 5

9(30%)

9(30%)

3(10%)

3(10%)

6(20%)

30% 30% 25% 20% 15% 10% 5% 0%

30%

20%

10%

10% Comparison of Statements

In these perspectives of the above statement it was seen that the 30% of the respondents statement were for the strongly agreed direction and another 30% of the respondents agreed with the statement. 10% of the respondents couldnt show their views on the above statement. On the other hand 10% of the respondents disagreed with the main content of the statement. 20% of the respondents strongly disagreed with the main content of the statement. As definitely if the share prices of the company becomes higher then it would be effective for the shareholders. They would be able to earn more earnings per share from the company. In recent times due to the recession the share prices of the company got affected badly, so it would be one of the important concerns for the company management to buy back the shares. Share prices would be enhanced once the shares are bought back again in the competitive market.

Shares are repurchased because of the recent volatile condition of the economy affected the company Strongly Agree 1 Agree 2 No View 3 Disagree 4 Strongly disagree 5

15(50%)

6(20%)

0(0%)

3(10%)

6(20%)

50% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

20% 10% 0%

20%

Comparison of Statements

In this above precise statement 50% of the respondents strongly agreed with the main statement. Another 20% of the respondents agreed with the statement. 10% of respondents disagreed with the content of the statement. 20% of the respondents strongly disagreed with the content of the statement.

Researcher had to stay his focus on the volatile economic condition of the country and also of the world. Even the affirmative answer from the shareholders and employees of the company made the statement right. Volatile condition of the economy helped to decrease the share prices, Once the recession was over and the company came back in the path of profitability, then the management did implement the share buyback activity in order to give back extra cash to shareholders. Shares are repurchased in order to return excessive amount of cash to shareholders Strongly Agree 1 Agree 2 No View 3 Disagree 4 Strongly disagree 5

15(50%)

6(20%)

3(10%)

3(10%)

3(10%)

50% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

20% 10% 10% 10% Comparison of Statements

In the concern of the above statement it has been found out that 50% of the respondents strongly agreed with the statement. Another 20% of the respondents agreed with the statement. 10% of the respondents couldnt show their view on the above statement. Even 10% of the respondents disagreed with the above statement. In addition 10% of the respondents strongly disagreed with statement. Extra amount of cash is always effective for the companys development. If those cash can be used in the developmental perspectives of the shareholders then it will be good for the companys future. This will definitely give benefit to the shareholders and in addition the relationship with the shareholders will be strong. Even authors like stated the same. Shares are bought back in order to make a defensive strategy for avoiding the taking over process

Strongly Agree 1

Agree 2

No View 3

Disagree 4

Strongly disagree 5

15(50%)

6(20%)

3(10%)

3(10%)

3(10%)

50% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

20% 10% 10% 10% Comparison of Statements

On this above important statement it can be seen that 50% of respondents strongly agreed with the above statement. Even another 20% of the respondents agreed with the statement. 10% of the respondents couldnt show their view on that above statement. Another 10% of the respondents strongly disagreed with the main contents of the view of the researcher. In the above content it was seen that during the time of recent recession the share prices had been affected very much, so there had a chance that British Government

would take over the companies from the private enterprises. But this share buyback activity helped the bank to come back in shape. But, since the bank has been strong and the status is too big, so it would be difficult to think about the takeover. Maybe the British government came forward to help this bank during the time of recession only to take them out from the financial stress. Shares are repurchased with a view to signal managements confidence in future in leveling earnings per share Strongly Agree 1 Agree 2 No View 3 Disagree 4 Strongly disagree 5

6(20%)

6(20%)

3(10%)
30%

9(30%)

6(20%)

30% 25% 20% 15% 10% 5% 0% Comparison of Statements 10% 20% 20% 20%

In the above statement 20% of the respondents strongly agreed with the issue. Another 20% of the respondents agreed with the main content of this area. 10% of the candidate

couldnt show their view on the above issue. Around 30% of the respondents disagreed with the above statement. Another 20% of the respondents strongly disagreed with the above statements.

Share buyback activity is very much effective for the company. So it will form a strong step towards the development of the bank in near future. This activity is very much efficient for companys development in the financial field and it helps the company to think about its shareholders. Thus the company management needs to look in this area. Earnings per share factor will give company management a good option in the coming future.

Shares are repurchased as a replacement for cash dividend Strongly Agree 1 Agree 2 No View 3 Disagree 4 Strongly disagree 5

15(50%)

6(20%)

3(10%)

3(10%)

3(10%)

50% 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0%

20% 10% 10% 10% Comparison of Statements

For this statement respondents did gave affirmative answer. Around 50% of the respondents strongly agreed with the content of the statement. Another 20% of the respondents agreed with the issue of the statement. In precise manner 10% of respondents couldnt show their view. 10% of the respondents strongly disagreed with the above statement. Another 10% of the respondents disagreed with the statement. When company management plans for the cash dividends for the shareholders they do think it to satisfy the shareholders. So if the shares are bought back in the market then definitely the increasing share price will help the shareholders of the company.

Shares are repurchased in order to bring back the announcements of Share buy-back

Strongly Agree 1

Agree 2

No View 3

Disagree 4

Strongly disagree 5

3(10%)

6(20%)

3(10%)

6(20%)

12(40%)

40% 40% 35% 30% 25% 20% 15% 10% 5% 0% 10% 10% Comparison of Statements 20% 20%

In the above statement 10% of the respondents strongly agreed with the above statement. 20% of the respondents agreed with the above statement. Around 60% of the respondents totally disagreed with the content of the statement. Only 10% of the respondents couldnt show their view on this statement. As from the response of the shareholders and employees it was seen that only few had shown their affirmative answer on this above statement. Obviously share buyback activity has been one of the major concerns for the company. It does help to enhance

the value of the company. So definitely it is not only an announcement for the business sector. In addition it helps to give back extra cash to the shareholders. Might be the announcement of share repurchasing will help to increase the prices of share in the market. But only 30% respondents agreed with this. Shares are bought back in order to reduce the administrative costs of shareholders

Strongly Agree 1

Agree 2

No View 3

Disagree 4

Strongly disagree 5

9(30%)

6(20%)

3(10%)

6(20%)

6(20%)

30% 30% 25% 20% 15% 10% 5% 0% Comparison of Statements 10% 20% 20% 20%

In this case it can be seen that 30% of respondents strongly agreed and another 20% of the respondents agreed with the main content of the statement. 10% respondents had no view on the above statement. 20% of the respondents disagreed with the statement of the main content and another 20% of the respondents each disagreed and strongly disagreed with the statement respectively. Researchers analysis did show that administrative costs are one of the most expensive one to bear by the company, so the management rather prefer to invest on the shares of the company instead on the other areas. It will also help to revaluate companys share in the competitive market.

What are the primary reasons for share buyback activity?

Shares are bought back by our institution in order to give back the extra amount of cash to the shareholders. When the company have extra amount of cash pile, and they dont have any single opportunity for using that amount of cash then the management prefer to use that extra amount of cash in the areas share repurchasing activity. That also helps the company to renew their relationship with the shareholders. Even Shareholders get a good opportunity to earn money more than they can earn from the dividends.

Share buyback activity has been the mainstay of the company since 1990s; it was adopted to give excessive amount of cash back to the shareholders that would help in the profit making for the shareholders. If the shares are bought back again then definitely it would be an impact on the companys prospect from the side of the shareholders in the market. Share Buyback activity proves to be a huge concern on the development of the company in long runs. For HSBC bank it has been one of the major concerns in the road of development in the market, thus it was well adopted by the company. Share Buyback activity is very efficient activity in the competitive market. Share buyback activity does have a huge concern on the development of our company. As part of HSBC I can tell that every single activity of the bank has been well planned focusing on the future of the bank. In last two years there has been problems in the market due to the recession, so it affected the progress of the company in that period, Prices of the shares went on to become very low in that period, UK government had

spent lots of money on this bank during the time of this crisis, The share buyback activity have become one of the important one during the post recession period and it helps to strengthen the bond in between the shareholders and the company.

Share Buyback activity has been influential activity for our company; the factors like when a competitor companys shareholders are gaining good dividends in the market, then it would be one of our major concerns to look for our shareholders profitability too. As being a public liability company it is always a concern for us to keep the issue of shareholders profit in front in order to make them satisfied. External factors like value creation and commitment towards the shareholders of the company made HSBCs management to go for share repurchasing activity. Even during the time of the recession when companys share price is affected and the chances for the dividends are slim, then for the shareholders priorities enable the company to go for share repurchasing activity once the company back in profits and they do have huge amount of extra free cash. Share Buyback activity has been one of the important concerns and for our company it has been one of the major concerning areas, as in recent times the share prices of the company were affected deeply due to the recession. That affected the shareholders of the company. So it was the planning of the board that once we came back in profitability we would enable the share buyback activity again to ensure that shareholders are satisfied.

Share Buyback activity of the HSBC bank has been one of the major important activities in recent times; it is definite activity for the prospect of the bank. There are several reasons behind the share buyback activities. One of the main reasons is to satisfy the shareholders of the banks. But definitely it is not the only reason for the share buyback activity. Share buyback activity has been one of the major concerning one for the companys prospect in the recent years. It has been one of the concerning areas in USA. As share buyback activity was not legalized by the UK government until the year of 1990s. From that concerning time period share buyback activity has been one of the major areas for enhancing the performance of the company in the global stages. In addition shareholders value has been protected strongly by our company. Shareholders are the major one for a public liability company; there are concerns for the development of these shareholders. Share buyback activity has been one of the major one for the improvement of the condition of the shareholders. So definitely share buyback activity does affect the shareholders of the company. It gives back the options to the company to distribute extra amount of cash to the shareholders.

What are the reasons behind achieving the optimal capital structure of the company? In Finance capital structure does refer to the assets in combination with the equity, debt and hybrid securities. HSBC bank does think about increasing the level of gearing for attaining an optimal capital structure. So, HSBC bank embarks on the share buyback

program. In addition due to the effect of tax shields it lowers the cost of the capital. So achieving the optimal structure of the company, it is one of the efficient activities. Recent examples of another company can also shed some light on this very issue. We can see that share buyback activity has been one of the significant factors in changing the capital structure in Siemens. In 2007s November the company planned to attain an optimal capital structure by using the share buyback activity. New capital structure would help the company in the market. In the same way our company also makes a plan to go for the share buyback. Optimal structure can be achieved by the company, if they could embark on the share repurchasing activity. This would help to shift the business structure in favor of debt. Due to the effect of tax shield activity this would help us to lower the cost of the capital in the market. Thus this share buyback activity has been effective for our company.

Is the global economy affecting the companys share buyback activity? Recent concern of the global economy has been the recession, it proved to be one of the significant one in the development of the companys activity. Recession pressurized our company to go for the share buyback activities. As during the time of the recession the share prices of the company were affected badly, so when the recession was over and the company came back on the path of profitability, they do think to select the share buyback activity in order to give back the extra cash to the shareholders.

In recent years share buyback activity has become one of the essential and effective one in the development of our companys shareholders. So, mostly the global recession has influenced the share buyback activities of the company. As during the recession the share prices are affected badly, thus the shareholders cant even think of the profit, when they are losing their money. As the recession is over, and the company starts performing well in the parameters of profitability, Company management of HSBC do think that they can use those excessive cash those are coming from profitability, in share repurchasing program. So, it would give them chance to give back extra cash to shareholders. Global economy has definitely influenced the share buyback activity of the bank. As during the time of the recession the company got affected badly with its share prices down in the market. As when the recession was over and the company was back on the road of profitability again, the management of the company planned to use those profitable cash in share repurchasing activity. Major themes Economic factors Perceived benefits In the case of Key issues the Investment, Share buyback activity Satisfying the

economic

factors

recession provides huge amount of challenge to the company and development company

thus the Shareholders of the during

affects

the time of the recession Social factors In the time of the taking Taking over over the companys Share Buyback activity of the bank

management do pretend to save the status of the company, thus the

corporate boss do think of the share buyback activity that can help in the growth of the bank.

In the case of the Semi-structure interview analysis it could be seen that share buyback activity has been prevalent one in the HSBC bank, Even the managers of the bank did agree with the issues that Share buyback activity helped the bank to give back extra cash to the shareholders. Authors like did agree with this issue. Share repurchasing activity has been one of the important one that helps to increase the value of the company. Even the authors like did examine about the income distribution of all the shareholders and they also stated that share buyback activity would help to improve the performance of the bank as a whole by satisfying the shareholders when the company is a public liability company. did emphasize on the associated costs of the share buyback activity. But still they stated that it is one of the best methods for the company

to attain an optimal capital structure. During the period of recession the share prices become lower, thus shareholders lose their money. But once the recession is over and company is back on the way of profitability, management of the company prefers to use the extra amount of cash generated from the profitability in the share buyback activity did say strongly about the capital structure of the company. Company management needs to think about attaining the optimal capital structure. So, Share buyback activity helps in other areas such as for attaining an optimal capital structure. So, altogether Share buyback activity doesnt only help to satisfy the shareholders of the company but also it helps company management to achieve a strong optimal capital structure.

HSBC Global (the 'Company') announced that on 26 September 2002 the Company purchased for cancellation 250,000 redeemable participating preference shares at 84.20 pence per share totaling GBP210, 500. In addition, the Company purchased 448,856 Global Depositary Receipts ('GDRs') representing 4,488,560 redeemable participating preference shares at US$13.20 per GDR totaling US$5,924,899.20. Such GDRs would be converted into redeemable participating preference shares and such shares would be cancelled. After such cancellations the Company could have 144,550,397 redeemable participating preference shares in issue.

These above share prices are before the announcement of share buyback activity on that particular period. The below defined share price does say the share prices of that particular days when the announcement was made by the company. We can see that GBP 0.17 p increase in the share prices of the HSBC after the announcement. After one month period the share prices of the company went on to increase by GBP 0.45 P per share.

This graph represents that the number of shares have been repurchased during the period of last 6 months. It can be seen that during the period in between of October 2010 and December 2010, maximum 25000 of shares were repurchased by the HSBC. (Insiders 2011) The company which is having outstanding businesses and have comfortable financial positions to find their shares selling far below the intrinsic value in the market place, no alternative action can benefit that companys shareholders as surely as repurchases There is positive side of the coin on the concepts of the buyback that was promoted

internationally by some of the developed countries such as UK. In the meantime, it is also true fact that the company itself cant act as its own shareholders, as the repurchased shares will be absorbed by the company, the number of the outstanding shares on the market will be reduced Thus the companies must comply with the CAMA requirements for the reduction and cancellation of the share capital as the jurisdiction of the shares must be kept as treasury shares instead of being cancelled. Thus when these things happen, then the relative ownership stake of each of the investor increases due to fewer number of shares and claims on the earnings of the company. Number of ways is there by which one company can return the wealth to its shareholders. There are some common ways for the company to make the use of the wealth that is by the means of wealth appreciation and also by distribution of the dividends. It is more benefit for the shareholders of the company to term the tax differentials; it appears that there is not that much of difference in the share buyback activity as it is one of the effective ways for the company to return the cash to its shareholders. The company uses the share buyback method when the management does feel that market has discounted the share price of the company. Share price could easily be pummeled in the market due to some reasons such as the expected earnings results. The buyback might have some reasons as management think that market might not have the knowledge about the companys cash flows in the future. So it is thus important for the company to send a strong signal to the market by involving in share repurchasing activity when shares of the company are undervalued. Company does prefer to move forward with the buyback as to reduce the dilution which is often caused by employee stock option plans or

compensation package. In the strong market condition companies do prefer to compete for retaining personnel and ESOP. Share options are completely different than the share buyback activity; it increases the total number of shares outstanding when the options are exercised. Thus overall it helps to dilute values of the shares and also weakens the financial appearances or the performance sheet of the company and thus share buyback works as an antidote for the dilution. Capital market does give some notices on the financial information, ratios and metrics. One of the main benefits of share buyback is that the company management attempts to increase the ratios instead of creating value for the shareholders. In the same way share buyback program increases the financial leverage by the process of the optimizing the capital structure of the company. Cash is considered as one of the important asset in the balance sheet, thus these cash is used in order to reduce the assets on the balance sheet. Return on Assets of the company thus increases due to the reason that asset is reduced on the balance sheet. By the process of reducing the liquidity and the number of shares those are available in the market can be valued by measuring the value of the outstanding shares and it also enhances the financial ratios. By this process management could easily minimize the exposure for hostile raid and take over.

In this fourth chapter every single data that was collected by the close ended questionnaires and Semi-structured Interview was analyzed by the process of thematic analysis. There are certain concerns for the share buyback activity of the HSBC bank as

it does affect the shareholders and as well as It helps the bank to attain an optimal capital structure. So the development in this field is necessary and researcher analyzed some important areas of the share buyback activities and all the reasons were justified by proper analysis.

In the preceding chapter the share buyback activities of HSBC bank have been described with concluding materials and even the recommendations have been given for these areas of share buyback activity. Even the aims and objectives were related to the precluding results. Thus this is one of the important chapters in the perspectives of this research. It does link all the areas of literatures with the research aims and objectives. Thus it established a strong connection in between the share buyback activity and its effect on the company. The relations were established to find the sundry reasons for the share buyback activity.

The issues of the share buyback activity that is related to the shareholders of the company were important for the perspectives of this research. Even the prospects of the companys capital structure development had been one of the major concerning one for this research process. In addition the employees and shareholders of the bank did agree with the fact that share buyback activity has been one of the major concerns from 1990s. May be in those periods share buyback activity was not that much prevalent, but in post 1990s this activity became one of the important aspects for the company. Share

repurchasing is the synonym of share buyback activity. But the term share repurchasing is used by the US bodies. Share buyback activity has been regular one in the United States from the year of 1960-1970s onwards. Companies do prefer to buy back the shares when the management feels that they can give extra cash back to shareholders. Even after the recession when company comes back in the path of profitability, they use those extra cash to satisfy the shareholders. Even from analysis of the close ended questionnaires it was seen that there has been major concerning areas regarding the shareholders wealth increasing value. The share buyback activity doesnt only influence the development of the shareholders in the market but also it helps the company management to attain optimal capital structure for their institution.

To review the views different authors on the topic of share buyback activities

In this perspective of this objective there has been study by different authors in the share buyback activities. did address recent activities of share buyback in the UK. The research study is based on two kinds of study, those are to determine when to buy back shares in the market and the next is to develop an understanding how the share buyback activity will affect the company. Both types of studies were important from the perspectives of this research. This two authors study were approved by the three other authors named. Share buyback activity has become popular in recent times in UK. On the other hand did indicate that majority of the share buyback activities those have been conducted on the market and out of this 90% of those activities has been conducted by

the process of important methods. did indicate that management activities in this relevant areas have been quiet impressive one. did identify the changes in the firms capital structure and also they indicated that lower amount of share prices of the company do influence the share buyback activities.

To examine the different views of the managers as to see the differences in the practices From the view of the managers of HSBC bank it can be told that share repurchasing activity has been one of the important activities of this bank. Managers did give different reasons for the share buyback activities. Some managers said that share buyback activity is important to obtain the optimal capital structure of the bank. On the contrary few of them did say that undervalued prices of the shares did influence the management to go for share buyback activities. In addition the sides of the shareholders prospects are important for the company. Even this practices of the share buyback activity have got influenced from the same activities of the US which fetches lots of money for the shareholders of the companies. But altogether all the views of the management were towards three of the important areas. Those are shareholders selfdevelopment, companys development by value creation and the areas of corrective measures from the recession and other adverse activities. Even the practical example does show that during the period of the recession the company got affected badly and UK government did bail out them from the problem. So, all those above discussed

effective measures are important for the company from the different views of the managers.

To analyze the views of shareholders and employees of the HSBC plc

In this objective there were almost fourteen statements of the shareholders and employees that were collected by the researcher. This helped the researcher to analyze all single view of the respondents and thus he was able to visualize all these in to the research process to work on his own related areas Shareholders were prudent enough to disclose about their views on above areas before giving some of the statements on the share buyback activities. The respondents did show positive results for the perspectives that shares are bought back when shares of the company are undervalued. Recent recession showed marked decrease of the share prices of the company. Thus this share repurchasing activity will help the companys management to distribute extra amount of cash to shareholders. On the other hand sometimes lack of sufficient investment opportunities let the management to go for the share repurchasing activity in the market. It is approved by almost majority of respondents in the data collection process. Attaining an optimal capital structure is one of the other areas of concern for the companys management. Even the respondents did show a positive signal for this activity. To investigate into the timing of the share buyback activities

Share repurchasing activities is one of the most significant from the perspectives of the HSBC bank. As respondents showed that there are several time periods for the share buyback activities . In most of the cases share buyback activities do take place when the management do evaluate that the share prices of the company has been undervalued for significant time period. The result of the share repurchasing activity thus is very significant for this research. All the shareholders are active during the period of the share repurchasing activity, as most of time it takes place in order to satisfy them . On the other hand shares are repurchased after the recession period when the company came back in the path of profit, Management of the company wants to invest their profitable money in the share buyback activity to give extra cash to the shareholders. The company management also goes for repurchasing activity of the shares to set up an optimal capital structure of the company. Thus the concerning areas of share buyback is important for the management and as well as for the shareholders and employees.

In the concern of this research study, the researcher described several limitations of this research process that was faced during the research. Those are Lacking in the availability of collected data- In most of cases it was found out that it is hard to obtain exact data for the research process. As for this concerned research process data were collected by the process of Semi-structured Interviews and Close Ended Questionnaires. The data collection sources were the mangers, employees, shareholders. So it was completely based on the

findings of data that were gathered from these above sources. Thus it was hard to check for the researcher whether data those were gathered are genuine or fake, As sometime it is found out that some people do exaggerate a simple issue, and thus it becomes complex. Maintaining of Time- Maintaining of the time was one of the important concern for this kind of research. Researcher was bound to finish this research process as to complete his degree, thus it was interesting to see whether this researcher have been able to get success in this or not. At proceeding on the last chapter it was proved to be one of the successful completions of research by this researcher. He had been prudent enough to utilize effective process for this research study. Even he was successful in giving justifications for using all methods of research. Thus in a short span of time Researcher was able to complete the research successfully. Reluctance- In this research process it was found out that out of the 300 sample sizes for the close ended questionnaires process, only 10% of the respondents did send back the questionnaires pack. It proves that sometimes employees and shareholders do find it difficult to express their feelings as they are pressurized by the management. Analysis and Applications- Analysis of certain issues during this research study were also important for the company. Even there were certain areas where there needs to have effective applications for this research process. In this research study thematic analysis process has been employed to analyze the data.

After this important Research understudy on the share buyback activity researcher successfully proved the main aims and objectives of this research. In addition researcher in conjunction to the light shed by authors reported that HSBC management needs to think about the issues of announcement of the share buyback activity. Even the management board group of director needs to think about that if the pessimistic noise causes undervaluation of the share prices in the market, then HSBC management needs to take this market undervaluation seriously in order to buy back the shares at bargained price and they must hold those shares until the market condition improves. Thus they will be able to earn more profits. On the other hand side pessimistic noise in the market is effective for the development of the company. It is the important factor to determine as when the firms buy its own shares in the market and the time when the demand of the shares in the market rises, share prices is going to get higher in the market. In this process company will be able to mitigate the mispricing in the market. On the other hand the authors like and pointed out that it is imperative for the company management not to go for announcement for the share buyback program. One of the main reasons for the share buyback activity is completely relative to cash dividends Even some of the authors discussed that reported share prices do decrease prior to the buyback announcement. Even HSBC management will need to think about the market crash that happened in the year of 1987 in US. Authors did say that most of the firms announced open market buyback in the initial few months after the buyback. In the meantime company management needs to think about the smart money as it is very vital in this case. also stressed that smart money seems to be more costly in the real world. All smart traders do finance with outside money. On the contrary suggested that

share buyback activity mainly financed by the inside money. So, there are two options for the management of HSBC for the share buyback program. The company management needs to keep in mind that when market is completely efficient, all outstanding shares of the company will be undervalued after the share buyback program. So, the benefit of the management is that they can also use this market misperception. The company can look for market gains after buying the outstanding shares at a bargained price before selling them at higher price while holding for some period. So these effective points would be helpful for the management board of HSBC. In this Research perspective, the researcher researched on the topic of So in this research study it showed that share buyback activity is important for the HSBC. Even from the side of the shareholders, employees and managers it has been a vital one. In the case of future study researchers can go for more than one company in analysis to have more probability and perfection in the research. As it is time consuming so the present researcher couldnt able to show his courage to go for more than one company. In the future research process researchers can prefer to implement the influence of the motivational theories those are related to the share buyback activities. There are some areas where the researcher couldnt shed light as the time limit was very few. In the future, researchers can go for the research of open-market share buyback announcement and its effect on the company. They can also try the areas of Motivation for the share buyback program. Even the behaviors of the share prices in the market can be studied too.

This chapter marks the finish for this extensive research process of the researcher In this last chapter Researcher evaluated the findings with the data collected from the previous chapter. Next to that Researcher was successful enough to link up the Research aims and objectives to the literatures and also with collected data. In addition researcher went on to describe limitation of this research process and furnished some recommendations for the management before moving into the areas of further research.