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Dergiler / Bogazici Journal: Review of Social, Economic and Administrative Studies / 2018 / Cilt: 32 - Sayı: 1

The Factors Determining the Dividend Policy of Financial Firms Listed on the Borsa Istanbul

Borsa İstanbul’da İşlem Gören Finansal Firmaların Temettü Politikalarını Belirleyen Faktörler

Erhan KILINÇARSLAN
Sayfa
75–109
DOI
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⚡ TL;DR(1 Cümlede Hızlı Çıkarım)

Overall, the study results suggest that the major factors determining dividend policy decisions of financial firms in Turkey are similar to those of the industrial (non-financial) firms documented in the literature.

📌 3 Maddede Bu Makale

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Amaç & Hipotez:This study examines the factors determining the dividend policy of financial firms in Turkey.
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Temel Bulgular & Veri:Analysing a panel dataset of 80 financial firms listed on the Borsa Istanbul over the period 2009‒2016, the results reveal that profitability, debt, growth, firm size, liquidity and asset tangibility are the financial characteristics that have significant ef- fects on dividend decisions.
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Sonuç & Katkı:Overall, the study results suggest that the major factors determining dividend policy decisions of financial firms in Turkey are similar to those of the industrial (non-financial) firms documented in the literature.
🔬Tür:Araştırma Makalesi
📍Kapsam:2009 Verileri
⚙️Değişkenler:Alan Parametreleri

Özet

This study examines the factors determining the dividend policy of financial firms in Turkey. Analysing a panel dataset of 80 financial firms listed on the Borsa Istanbul over the period 2009‒2016, the results reveal that profitability, debt, growth, firm size, liquidity and asset tangibility are the financial characteristics that have significant ef- fects on dividend decisions. The findings also show that foreign shareholders are the only owners influencing financial firms in setting dividend payments, whereas board size, family members on the board and independent directors have significant impacts on dividend policies of financial corporations. Overall, the study results suggest that the major factors determining dividend policy decisions of financial firms in Turkey are similar to those of the industrial (non-financial) firms documented in the literature.

Abstract

Bu çalışma, Türkiye’deki finansal firmaların temettü politikalarını belirleyen faktörleri incelemektedir. Borsa İstanbul’da işlem gören 80 finansal firmanın, 2009‒2016 döne- mine ait, panel verilerinin analizi sonucunda, kârlılık, borç, büyüme, firma büyüklüğü, likidite ve maddi duran varlıkların oranı, temettü kararlarında önemli etkiye sahip fi- nansal özellikler olarak ortaya çıkmaktadır. Bulgular ayrıca sadece yabancı hissedarların finansal firmaların temettü ödemelerini etkileyen sahiplik çeşidi olduğunu göstermekle birlikte, yönetim kurulu büyüklüğünün, yönetim kurulundaki aile üyelerinin ve bağımsız yöneticilerin finans şirketlerinin temettü politikaları üzerine önemli etkilerini tespit etmiştir. Genel olarak, çalışma sonuçları Türkiye’deki finansal firmaların temettü politikalarını belirleyen başlıca faktörlerin, literatürde belirtilen ve sanayi (finansal olmayan) firmalarını etkileyen faktörlere benzer olduğunu göstermektedir.

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Bu Makaleye Atıf Yap

KILINÇARSLAN, E. (2018). The Factors Determining the Dividend Policy of Financial Firms Listed on the Borsa Istanbul. Bogazici Journal: Review of Social, Economic and Administrative Studies, Cilt: 32 - Sayı: 1, 75–109. https://ajindex.com/articles/352206

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Kaynakça (12)

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