eng Science and Education Publishing International Journal of Econometrics and Financial Management 2374-2038 2020-07-20 8 2 61 65 10.12691/ijefm-8-2-3 IJEFM2020823 article Foued Hamouda 1 Rabeb Riahi 1 Tarek Sadraoui foued.hamouda@isg.rnu.tn 2 University of Gabes, Higher Institute of Management, Gabes, Tunisia Quantitative Methods, Faculty of Economics and Management, Mahdia, Tunisia Financial crisis shows significant uncertainties in corporate financing conditions. This study draws on economic conditions toask if buyback programs are related to the business cycle and the stock market volatility. The results show both unidirectional and bidirectional causality between buyback, business cycle and stock market volatility. It also shows that financial crisis plays an important role, suggesting that firms increase their buyback depending on their economic condition. http://pubs.sciepub.com/ijefm/8/2/3/ijefm-8-2-3.pdf stock repurchases business cycle stock market volatility nonlinear causality granger causality