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Cash Dividend Payments: A Study of Financial Sector in Turkey

Yıl 2017, Sayı: 11, 92 - 117, 07.12.2017

Öz

This study analyses cash
dividend behaviour of a panel dataset of 80 companies traded in the Borsa
Istanbul (BIST) - Financials Index for the period 2009-2016, using Lintner’s
(1956) partial adjustment model. The results show that BIST financial firms
determine their current cash dividend payments based on current earnings and
lagged dividends, in line with Lintner’s proposition. In particular, they have
long-term target payout ratios and adjust their cash dividends by moving
gradually to their target at a moderate level of speed of adjustment.
Therefore, the study concludes that BIST-listed financial corporations follow
reasonably stable dividend policies starting with the fiscal year 2009, when
Turkish authorities abolished the mandatory dividend payout requirement.
Moreover, the results also indicate that various firm characteristics, such as
profitability, debt, growth and size, have different impacts on the target
payout ratio and speed of adjustment of companies in the Turkish financial
sector. 

Cash Dividend Payments: A Study of Financial Sector in Turkey

Yıl 2017, Sayı: 11, 92 - 117, 07.12.2017

Öz

This study analyses cash dividend behavior of a panel dataset of 80 companies traded in the Borsa Istanbul (BIST) - Financials Index for the period 2009‒2016, using Lintner’s (1956) partial adjustment model. The results show that BIST financial firms determine their current cash dividend payments based on current earnings and lagged dividends, in line with Lintner’s proposition. In particular, they have long-term target payout ratios and adjust their cash dividends by moving gradually to their target at a moderate level of speed of adjustment. Therefore, the study concludes that BIST-listed financial corporations follow reasonably stable dividend policies starting with the fiscal year 2009, when Turkish authorities abolished the mandatory dividend payout requirement. Moreover, the results also indicate that various firm characteristics such as profitability, debt, growth and size have different impacts on the target payout ratio and speed of adjustment of companies in the Turkish financial sector.

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Ayrıntılar

Konular İşletme
Bölüm Makaleler
Yazarlar

Erhan Kılınçarslan

Yayımlanma Tarihi 7 Aralık 2017
Yayımlandığı Sayı Yıl 2017 Sayı: 11

Kaynak Göster

APA Kılınçarslan, E. (2017). Cash Dividend Payments: A Study of Financial Sector in Turkey. Bankacılık Ve Sigortacılık Araştırmaları Dergisi, 2(11), 92-117.
AMA Kılınçarslan E. Cash Dividend Payments: A Study of Financial Sector in Turkey. BSAD. Aralık 2017;2(11):92-117.
Chicago Kılınçarslan, Erhan. “Cash Dividend Payments: A Study of Financial Sector in Turkey”. Bankacılık Ve Sigortacılık Araştırmaları Dergisi 2, sy. 11 (Aralık 2017): 92-117.
EndNote Kılınçarslan E (01 Aralık 2017) Cash Dividend Payments: A Study of Financial Sector in Turkey. Bankacılık ve Sigortacılık Araştırmaları Dergisi 2 11 92–117.
IEEE E. Kılınçarslan, “Cash Dividend Payments: A Study of Financial Sector in Turkey”, BSAD, c. 2, sy. 11, ss. 92–117, 2017.
ISNAD Kılınçarslan, Erhan. “Cash Dividend Payments: A Study of Financial Sector in Turkey”. Bankacılık ve Sigortacılık Araştırmaları Dergisi 2/11 (Aralık 2017), 92-117.
JAMA Kılınçarslan E. Cash Dividend Payments: A Study of Financial Sector in Turkey. BSAD. 2017;2:92–117.
MLA Kılınçarslan, Erhan. “Cash Dividend Payments: A Study of Financial Sector in Turkey”. Bankacılık Ve Sigortacılık Araştırmaları Dergisi, c. 2, sy. 11, 2017, ss. 92-117.
Vancouver Kılınçarslan E. Cash Dividend Payments: A Study of Financial Sector in Turkey. BSAD. 2017;2(11):92-117.