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Dergiler / BDDK Bankacılık ve Finansal Piyasalar Dergisi / 2008 / Cilt: 2 Sayı: 2

İMKB Sanayi Şirketlerinin Temettü Politikası 1986-2007

Dividend Policy of the ISE Industrial Corporations: The Evidence Revisited (1986-2007)

Cahit Adaoğlu
Sayfa
113–136
Yayın Tarihi
2008-12-01
DOI
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⚡ TL;DR(1 Cümlede Hızlı Çıkarım)

The reinstatement of the mandatory dividend policy regulation in 2003 has not been successful in changing the payout policy of industrials.

📌 3 Maddede Bu Makale

🎯
Amaç & Hipotez:The study aims to find out whether the disappearing dividends, the decline in the number of dividend payers, the size effect and the increasing dividend/earnings concentration found in several developed and emerging markets exist among the industrials traded in the ISE.
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Temel Bulgular & Veri:The study also analyzes the effects of the reinstatement of mandatory dividend policy in 2003.
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Sonuç & Katkı:The reinstatement of the mandatory dividend policy regulation in 2003 has not been successful in changing the payout policy of industrials.
🔬Tür:Araştırma Makalesi
📍Kapsam:2003 Verileri
⚙️Değişkenler:Temettü · Temettü Politikası · Temettü Yok Oluşu

Abstract

The study aims to find out whether the disappearing dividends, the decline in the number of dividend payers, the size effect and the increasing dividend/earnings concentration found in several developed and emerging markets exist among the industrials traded in the ISE. The study also analyzes the effects of the reinstatement of mandatory dividend policy in 2003. Using univariate statistical tests, we detect a size effect as well as a high level but stable dividend/earnings concentration. We find a significant decrease in the number of dividend payers, but we also detect an increasing level of real/nominal dividends driven by the high dividend/earnings concentration and the increasing level of earnings. The reinstatement of the mandatory dividend policy regulation in 2003 has not been successful in changing the payout policy of industrials.

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Bu Makaleye Atıf Yap

Adaoğlu, C. (2008). İMKB Sanayi Şirketlerinin Temettü Politikası 1986-2007. BDDK Bankacılık ve Finansal Piyasalar Dergisi, Cilt: 2 Sayı: 2, 113–136. https://ajindex.com/articles/925212

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Kaynakça (22)

  1. Ferris, S. P., Sen, N. and Yui, H. P. (2006a). God Save the Queen and Her Divi- dends: Corporate Payouts in the United Kingdom. Journal of Business, 79(3): 1149-1173.
  2. Ferris, S. P., Sen, N. and Yui, H. P. (2006b). Are Fewer Firms Paying More Divi- dends? The International Evidence. Journal of Multinational Financial Manage- ment, 16(4): 333-362.
  3. Ferris, S. P., Jayaraman, N. and Sabherwal, S. (2008). International Differences in Dividend Policy: Catering, Legal, and Cultural Effects. http://www.fma2.org/Prague/Papers/Intenationaldividendpolicyfmaeurope.pdf.
  4. Julio, B. and Ikenberry, D. L. (2004). Reappearing Dividends. Journal of Appli- ed Corporate Finance, 16(4): 89-100.
  5. Lintner, J. (1956). Distribution of Incomes of Corporations among Dividends, Retained Earnings and Taxes. American Economic Review, 46: 97-133.
  6. Reddy, Y. S. and Rath, S. (2005). Disappearing Dividends in Emerging Mar- kets? Evidence from India. Emerging Markets Finance and Trade, 41(6): 58-82.
  7. Ronapat, M. (June 2004). Disappearing Dividends: The Case of Tha- i Listed Firms. Unpublished DBA Thesis, Southern Cross University, Australia, http://thesis.scu.edu.au/adt-NSCU/public/adt-NSCU20070221.102827/.
  8. Topaç, E. (2004). Temettü Dağıtımları Yeniden Düzenlenmeli. http://www.ge- dik.com/Analiz/temettu_180804.pdf.
  9. Von Eije, J. H. and Megginson, W. L. (2008). Dividend and share repurchases in the European Union. Journal of Financial Economics, 89(2): 347-374.
  10. Yilmaz, M. K. (2003). An Analysis on the Dividend Policy of the Istanbul Stock Exchange (ISE) Corporations: Cash Dividend-Industry Behavior Relation. The Is- tanbul Stock Exchange (ISE) Review – Quarterly Economics and Finance Review, 7(25-26): 17-39.
  11. Yilmaz, M. K. and Guzhan, G. (2006). Dividend Policies and Price-Volume Reactions to Cash Dividends on the Stock Market: Evidence from the Istanbul Stock Exchange. Emerging Markets Finance and Trade, 42(4): 19-49.
  12. Ferris, S. P., Sen, N. and Yui, H. P. (2006a). God Save the Queen and Her Divi- dends: Corporate Payouts in the United Kingdom. Journal of Business, 79(3): 1149-1173.
  13. Ferris, S. P., Sen, N. and Yui, H. P. (2006b). Are Fewer Firms Paying More Divi- dends? The International Evidence. Journal of Multinational Financial Manage- ment, 16(4): 333-362.
  14. Ferris, S. P., Jayaraman, N. and Sabherwal, S. (2008). International Differences in Dividend Policy: Catering, Legal, and Cultural Effects. http://www.fma2.org/Prague/Papers/Intenationaldividendpolicyfmaeurope.pdf.
  15. Julio, B. and Ikenberry, D. L. (2004). Reappearing Dividends. Journal of Appli- ed Corporate Finance, 16(4): 89-100.
  16. Lintner, J. (1956). Distribution of Incomes of Corporations among Dividends, Retained Earnings and Taxes. American Economic Review, 46: 97-133.
  17. Reddy, Y. S. and Rath, S. (2005). Disappearing Dividends in Emerging Mar- kets? Evidence from India. Emerging Markets Finance and Trade, 41(6): 58-82.
  18. Ronapat, M. (June 2004). Disappearing Dividends: The Case of Tha- i Listed Firms. Unpublished DBA Thesis, Southern Cross University, Australia, http://thesis.scu.edu.au/adt-NSCU/public/adt-NSCU20070221.102827/.
  19. Topaç, E. (2004). Temettü Dağıtımları Yeniden Düzenlenmeli. http://www.ge- dik.com/Analiz/temettu_180804.pdf.
  20. Von Eije, J. H. and Megginson, W. L. (2008). Dividend and share repurchases in the European Union. Journal of Financial Economics, 89(2): 347-374.
  21. Yilmaz, M. K. (2003). An Analysis on the Dividend Policy of the Istanbul Stock Exchange (ISE) Corporations: Cash Dividend-Industry Behavior Relation. The Is- tanbul Stock Exchange (ISE) Review – Quarterly Economics and Finance Review, 7(25-26): 17-39.
  22. Yilmaz, M. K. and Guzhan, G. (2006). Dividend Policies and Price-Volume Reactions to Cash Dividends on the Stock Market: Evidence from the Istanbul Stock Exchange. Emerging Markets Finance and Trade, 42(4): 19-49.