标题：THE ABILITY OF LISTED COMPANIES TO OPTIMIZE THEIR CAPITAL STRUCTURE, SHAPE THEIR DISTRIBUTION POLICY AND FIGHT HOSTILE TAKEOVERS BY REPURCHASING THEIR OWN SHARES
摘要：The management of listed companies is faced with the decision to distribute the annual surplus to the shareholders in total or to reinvest it in order to achieve the company's goals in order to sustain the continued existence and growth of the company.In order to avoid a conflict of interest between the various parties of a stock corporation,compensation must be found so as not to jeopardize the company's goals and priorities.An optimization of the capital structure and a balanced dividend policy should contribute to the satisfaction of all stakeholders of a company.This article investigates the possiblity by using a share buy-back programm,a kind of capital reduction,as a strategic measures to reach both oft he goals.Sustainability in terms of financial stability should be at the forefront of management and ownership.
关键词：Buy-back programm (BBP);reconciliation of interests;capital reduction;optimal capital structur;distribution policy;hostile takeover
