@article{article_543948, title={DETERMINATION OF MICRO AND MACRO FACTORS AFFECTING CASH DIVIDEND PAYOUT POLICIES BY PANEL DATA ANALYSIS: A RESEARCH ON BIST 100 INDEX}, journal={Journal of Economics Finance and Accounting}, volume={6}, pages={1–18}, year={2019}, DOI={10.17261/Pressacademia.2019.1024}, author={Topaloglu, Emre Esat and Korkmaz, Turhan}, keywords={Dividend,micro factor,macro factor,panel data analysis,BIST 100}, abstract={<p>Purpose - It was aimed to determine the micro and macro factors affecting the dividend policies of firms. Firms in Borsa Istanbul 100 Index, </p> <p>whose shares are traded on a regular basis and which are not active in the financial sector have been analyzed. </p> <p>Methodology - Relationship between the dividend policies of firms and micro and macro factors have been analyzed using the panel data </p> <p>method. And We used the White’s cross section coefficient covariance method in order to account for heteroscedasticity effects. </p> <p>Findings - A statistically significant and positive relationship was observed between payout ratio and return on assets, financial leverage and </p> <p>market value. Significant and negative relationship was observed between payout ratio and assets structure, growth opportunity, firm size and </p> <p>inflation rate. There was no significant relationship between payout ratio and liquidity ratio, gold price and interest rate. </p> <p>Conclusion - These findings support bird in the hand, tax effect, signal and agency theories. </p>}, number={1}, publisher={Suat TEKER}