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Belirli Süreyle Temettü Dağıtan Şirketlerin Performanslarının İkili Üstünlük Algoritmaları İle Analizi: Oreste Uygulaması

Yıl 2022, Cilt: 11 Sayı: 2, 270 - 289, 29.09.2022
https://doi.org/10.53306/klujfeas.1063843

Öz

Yatırımcıların pay sahibi olduğu şirketlerden elde edebilecekleri en önemli haklardan birisi kâr payı hakkıdır. Pay senedi sahiplerinin bu haklarından doğan alacakları kâr payı tutarı, şirketlerin oluşturdukları temettü politikaları çerçevesinde oluşmaktadır. Şirketlerin uygulayacağı temettü politikalarından şirketlerin değerleri ve performansları etkilenebilmektedir. Şirketin dönemsel faaliyetlerinin sonucunda oluşan mali tablolarda açıklanan kârın, hissedarlara dağıtılıp dağıtılmayacağı, temettü dağıtım oranı ve kâr payı ödeme şeklinin nasıl olacağı şirket tarafından verilmesi gereken önemli kararlardan sayılmaktadır. Bu kararların sonucunda şirketin temettü dağıtım politikaları belirlenmektedir. Şirketlerin temettü dağıtım politikalarını belirlerken hedeflerinden birisi de şirket değerini en yüksek seviyeye ulaştırmaktır. Literatürde temettü politikası ile şirket değeri ve performansı arasında birçok çalışma bulunmaktadır. Bu çalışmada literatürdeki çalışmalardan farklı olarak Borsa İstanbul (BİST)’da yer alan ve son beş yıl düzenli temettü dağıtan şirketlerin performanslarının değerlendirilmesi amaçlanmıştır. Bu amaçla 19 şirketin 2018-2020 yılları arasındaki verilerinden yararlanarak, ilgili yıllar için ikili üstünlük algoritmalarına sahip ORESTE yöntemi ile şirketlerin performans sıralaması gerçekleştirilmiştir. Çalışma sonucunda başarılı ve başarısız şirketlere ait sıralama sonuçları sunulmuştur.

Kaynakça

  • Anderson, W. (2009). Alternative event study methodology for detecting dividend signals in the context of joint dividend and earnings announcements. Accounting & Finance, 49(2), 247-265.
  • Aydın, A . (2017). Firma Performansı İle Temettü Politikası Arasındaki İlişkiye Dair Borsa İstanbul Temettü Endeksi Xtmtu Firmalarıyla Türkiye'den Ampirik Bir Çalışma. Ufuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi , 6 (11) , 51-65.
  • Barros, V, Matos, Verga, P. ve Sarmento, J.M. (2020). What firm's characteristics drive the dividend policy? A mixed-method study on the Euronext stock Exchange. Journal Of Business Research, 115.
  • Benartzi, S., Michaely, R. ve Thaler, R. (1997). Do Changes in Dividends Signal the Future or the Past. Journal of Finance, 3, 1007-1033.
  • Dasilas, A., Lyroudi, K., ve Ginoglou, D. (2008). Joint effects of interim dividend and earnings announcements in Greece. Studies in Economics and Finance, 25(4), 212-232.
  • DeAngelo, H., DeAngelo, L.E., ve Skinner, D.J (1992). Dividends and losses. Journal of Finance, 47, 1837-1863.
  • DeAngelo, H., DeAngelo, L.E, ve Skinner, D.J (2004). Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics, 72, (2004), 425-456.
  • Er, F. & Yıldız, E. (2018). Türkiye Girişimci ve Yenilikçi Üniversite Endeksi 2016 ve 2017 Sonuçlarının ORESTE ve Faktör Analizi ile İncelenmesi. The Journal of Operations Research, Statistics, Econometrics and Management Information Systems, 6(2), 293-310.
  • Easton P.D., ve Harris T.S. (1991). Earning as Explanatory Variable for Returns. Journal of Accounting Research. Spring: 19-36.
  • Easton, S. (1991). Earnings and dividends: Is there an interaction effect?. Journal of Business, Finance and Accounting, 18, 255-266.
  • Ebrahimi, M. ve Chadegani A.A (2011). The Relationship between Earning, Dividend, Stock Price and Stock Return: Evidence from Iranian Companies. International Conference on Humanities, Society and Culture IPEDR Vol.20. IACSIT Press, Singapore. 318-323.
  • Eddy, A., ve Seifert, B. (1992). Stock price reactions to dividend and earnings announcements: contemporaneous versus noncontemporaneous announcements. Journal of Financial Research, 15(3), 201-217.
  • Enekwe, C.I., Nweze, A.U. ve Agu, C. I.(2015). The Effect Of Dividend Payout On Performance Evaluation: Evidence Of Quoted Cement Companıes In Nigeria. European Journal of Accounting, Auditing and Finance Research.3(11), 40-59.
  • Farsio, F., Geary, A. ve Moser, J.(2004). The Relationship Between Dividends And Earnıngs. Journal For Economıc Educators, 4(4), Fall.1-5. Fama, E.F. ve French K.R. (2004). New lists: fundamentals and survival rates. Journal of Financial Economics, 73. 229-269.
  • Gordon, M.J. (1959), Dividends, Earnings and Stock Prices, Review of Economics and Statistics, 41(2), 99-105. Grullon, R., Michaely,R, Benartzi, S. ve Thaler, R.H. (2005). Dividend changes do not signal changes in future profitability. Journal of Business, University of Chicago Press, 78(5), 1659-1682.
  • Gunasekaragea, A. ve Power, D.M. (2002). The post-announcement performance of dividend-changing companies: The dividend-signalling hypothesis revisited. Accounting and Finance. 42, 131–151.
  • Ishizaka, A. ve Nemery, P. (2013). Multi-Criteria Decision Analysis: Methods and Software. John Wiley & Sons. https://doi.org/10.1002/9781118644898.
  • Jafari, H., Noshadi, E. ve Khosheghbal, B. (2013). Ranking Ports Based on Competitive Indicators by Using ORESTE Method. International Research Journal of Applied and Basic Sciences, 4(6), 492–1498.
  • Kane, A., Lee, Y., ve Marcus, A. (1984). Earnings and dividend announcements: is there a corroboration effect?. The Journal of Finance, 39(4), 1091-1099.
  • Kao, C. ve Wu, C. (1994). Test of Dividend Signaling Using The Marsh Merton Model: A Generalized Friction Approach. Journal of Business, 67, 45-68.
  • Kothari S.P ve Zimmerman J. (1995). Price and return models. Journal of Accounting and Economics, 20, 155−192.
  • Lonie, A., Abeyratna, G., Power, D., ve Sinclair, C. (1996). The stock market reaction to dividend announcements. Journal of Economic Studies, 23(1), 32-52.
  • Lintner, J. (1963), The Cost of Capital and Optimal Financing of Corporate Growth. Journal of Finance,18(2), 292-310.
  • McCluskey, T., Burton, B., Power, D., ve Sinclair, C. (2006). Evidence on the Irish stock market’s reaction to dividend announcements. Applied Financial Economics, 16(8), 617-628.
  • Miller, M.,H. ve Modigliani, F. (1961). Dividend Policy, Growth and The Valuation of Shares. Journal of Business. 4 ,411-433.
  • Mozes, H. ve Rapaccioli, D.C. (1998). The Link Between Dividend Changes and Future Earnings. Journal of Financial Statement Analysis ,3, 29-40.
  • Nissim, D. ve Ziv, A. (2001). Dividend Changes and Future Profitability. The Journal of Finance, VI(6), 2111-2133.
  • Ozo, F.,K. ve Arun, T.G. (2019). Stock market reaction to cash dividends: evidence from the Nigerian stock market. Managerial Finance, 45(2). 366-380. Doı: 10.1108/MF-09-2017-0351.
  • Sakarya, Ş., Çalış, N. ve Kayacan, M.A. (2018). Temettü Ödeme Duyurularının Hisse Senedi Fiyatlarına Etkisinin Ölçülmesi: Borsa İstanbul’da Bir Uygulama. Sakarya İktisat Dergisi, 7(2), 92-106.
  • Seyedimany, A. (2019). Stock Price Reactions on NASDAQ Stock Exchange for Special Dividend Announcements. Emerging Science Journal, 3(6), 382-388. Doı: 10.28991/esj-2019-01200.
  • Skinner, D. J. (2008). The evolving relation between earnings, dividends, and stock repurchases. Journal of Financial Economics, 87(3), 582-609.
  • Uwuigbe, U., Jafaru, J. ve Ajayi, A. (2012). Dividend Policy And Fırm Performance: A Study Of Listed Firms In Nigeria. Accounting and Management Information Systems. 11(3), 442-454.

Analysis of The Performance of Companies Distributing Dividends For A Certain Period of Time With Binary Superiority Algorithms: Oreste Application

Yıl 2022, Cilt: 11 Sayı: 2, 270 - 289, 29.09.2022
https://doi.org/10.53306/klujfeas.1063843

Öz

The values and performance of the companies may be affected by the dividend policies that the companies will implement. The profit disclosed in the financial statements as a result of the company's periodic activities; whether it will be distributed to shareholders, the dividend distribution rate and how the dividend will be paid are considered to be important decisions that should be made by the company. As a result of these decisions, the company's dividend distribution policies are determined one of the objectives of the companies in determining the dividend distribution policies is to reach the highest level of the company's value. There are many studies in the literature on the relationship between dividend policy and company value and performance. In this study, it is aimed to evaluate the performance of companies participating in Borsa Istanbul (BIST) and distributing regular dividends for the last five years, unlike the studies in the literature. For this purpose, using the data of 19 companies between the years 2018-2020, the performance ranking of companies was carried out using the ORESTE method with dual superiority algorithms for the relevant years. As a result of the study, the ranking results of successful and unsuccessful companies are presented.

Kaynakça

  • Anderson, W. (2009). Alternative event study methodology for detecting dividend signals in the context of joint dividend and earnings announcements. Accounting & Finance, 49(2), 247-265.
  • Aydın, A . (2017). Firma Performansı İle Temettü Politikası Arasındaki İlişkiye Dair Borsa İstanbul Temettü Endeksi Xtmtu Firmalarıyla Türkiye'den Ampirik Bir Çalışma. Ufuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi , 6 (11) , 51-65.
  • Barros, V, Matos, Verga, P. ve Sarmento, J.M. (2020). What firm's characteristics drive the dividend policy? A mixed-method study on the Euronext stock Exchange. Journal Of Business Research, 115.
  • Benartzi, S., Michaely, R. ve Thaler, R. (1997). Do Changes in Dividends Signal the Future or the Past. Journal of Finance, 3, 1007-1033.
  • Dasilas, A., Lyroudi, K., ve Ginoglou, D. (2008). Joint effects of interim dividend and earnings announcements in Greece. Studies in Economics and Finance, 25(4), 212-232.
  • DeAngelo, H., DeAngelo, L.E., ve Skinner, D.J (1992). Dividends and losses. Journal of Finance, 47, 1837-1863.
  • DeAngelo, H., DeAngelo, L.E, ve Skinner, D.J (2004). Are dividends disappearing? Dividend concentration and the consolidation of earnings. Journal of Financial Economics, 72, (2004), 425-456.
  • Er, F. & Yıldız, E. (2018). Türkiye Girişimci ve Yenilikçi Üniversite Endeksi 2016 ve 2017 Sonuçlarının ORESTE ve Faktör Analizi ile İncelenmesi. The Journal of Operations Research, Statistics, Econometrics and Management Information Systems, 6(2), 293-310.
  • Easton P.D., ve Harris T.S. (1991). Earning as Explanatory Variable for Returns. Journal of Accounting Research. Spring: 19-36.
  • Easton, S. (1991). Earnings and dividends: Is there an interaction effect?. Journal of Business, Finance and Accounting, 18, 255-266.
  • Ebrahimi, M. ve Chadegani A.A (2011). The Relationship between Earning, Dividend, Stock Price and Stock Return: Evidence from Iranian Companies. International Conference on Humanities, Society and Culture IPEDR Vol.20. IACSIT Press, Singapore. 318-323.
  • Eddy, A., ve Seifert, B. (1992). Stock price reactions to dividend and earnings announcements: contemporaneous versus noncontemporaneous announcements. Journal of Financial Research, 15(3), 201-217.
  • Enekwe, C.I., Nweze, A.U. ve Agu, C. I.(2015). The Effect Of Dividend Payout On Performance Evaluation: Evidence Of Quoted Cement Companıes In Nigeria. European Journal of Accounting, Auditing and Finance Research.3(11), 40-59.
  • Farsio, F., Geary, A. ve Moser, J.(2004). The Relationship Between Dividends And Earnıngs. Journal For Economıc Educators, 4(4), Fall.1-5. Fama, E.F. ve French K.R. (2004). New lists: fundamentals and survival rates. Journal of Financial Economics, 73. 229-269.
  • Gordon, M.J. (1959), Dividends, Earnings and Stock Prices, Review of Economics and Statistics, 41(2), 99-105. Grullon, R., Michaely,R, Benartzi, S. ve Thaler, R.H. (2005). Dividend changes do not signal changes in future profitability. Journal of Business, University of Chicago Press, 78(5), 1659-1682.
  • Gunasekaragea, A. ve Power, D.M. (2002). The post-announcement performance of dividend-changing companies: The dividend-signalling hypothesis revisited. Accounting and Finance. 42, 131–151.
  • Ishizaka, A. ve Nemery, P. (2013). Multi-Criteria Decision Analysis: Methods and Software. John Wiley & Sons. https://doi.org/10.1002/9781118644898.
  • Jafari, H., Noshadi, E. ve Khosheghbal, B. (2013). Ranking Ports Based on Competitive Indicators by Using ORESTE Method. International Research Journal of Applied and Basic Sciences, 4(6), 492–1498.
  • Kane, A., Lee, Y., ve Marcus, A. (1984). Earnings and dividend announcements: is there a corroboration effect?. The Journal of Finance, 39(4), 1091-1099.
  • Kao, C. ve Wu, C. (1994). Test of Dividend Signaling Using The Marsh Merton Model: A Generalized Friction Approach. Journal of Business, 67, 45-68.
  • Kothari S.P ve Zimmerman J. (1995). Price and return models. Journal of Accounting and Economics, 20, 155−192.
  • Lonie, A., Abeyratna, G., Power, D., ve Sinclair, C. (1996). The stock market reaction to dividend announcements. Journal of Economic Studies, 23(1), 32-52.
  • Lintner, J. (1963), The Cost of Capital and Optimal Financing of Corporate Growth. Journal of Finance,18(2), 292-310.
  • McCluskey, T., Burton, B., Power, D., ve Sinclair, C. (2006). Evidence on the Irish stock market’s reaction to dividend announcements. Applied Financial Economics, 16(8), 617-628.
  • Miller, M.,H. ve Modigliani, F. (1961). Dividend Policy, Growth and The Valuation of Shares. Journal of Business. 4 ,411-433.
  • Mozes, H. ve Rapaccioli, D.C. (1998). The Link Between Dividend Changes and Future Earnings. Journal of Financial Statement Analysis ,3, 29-40.
  • Nissim, D. ve Ziv, A. (2001). Dividend Changes and Future Profitability. The Journal of Finance, VI(6), 2111-2133.
  • Ozo, F.,K. ve Arun, T.G. (2019). Stock market reaction to cash dividends: evidence from the Nigerian stock market. Managerial Finance, 45(2). 366-380. Doı: 10.1108/MF-09-2017-0351.
  • Sakarya, Ş., Çalış, N. ve Kayacan, M.A. (2018). Temettü Ödeme Duyurularının Hisse Senedi Fiyatlarına Etkisinin Ölçülmesi: Borsa İstanbul’da Bir Uygulama. Sakarya İktisat Dergisi, 7(2), 92-106.
  • Seyedimany, A. (2019). Stock Price Reactions on NASDAQ Stock Exchange for Special Dividend Announcements. Emerging Science Journal, 3(6), 382-388. Doı: 10.28991/esj-2019-01200.
  • Skinner, D. J. (2008). The evolving relation between earnings, dividends, and stock repurchases. Journal of Financial Economics, 87(3), 582-609.
  • Uwuigbe, U., Jafaru, J. ve Ajayi, A. (2012). Dividend Policy And Fırm Performance: A Study Of Listed Firms In Nigeria. Accounting and Management Information Systems. 11(3), 442-454.
Toplam 32 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Burhan Günay 0000-0001-5390-006X

Yayımlanma Tarihi 29 Eylül 2022
Yayımlandığı Sayı Yıl 2022 Cilt: 11 Sayı: 2

Kaynak Göster

APA Günay, B. (2022). Belirli Süreyle Temettü Dağıtan Şirketlerin Performanslarının İkili Üstünlük Algoritmaları İle Analizi: Oreste Uygulaması. Kırklareli Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 11(2), 270-289. https://doi.org/10.53306/klujfeas.1063843