Hissedar refahını etkileyen değişkenlerin incelenmesi: Bist Temettü Endeksi üzerine bir uygulama

Year 2023, Volume: 16 Issue: 2, 545 - 562, 31.12.2023

Nevzat Çalış , Şakir Sakarya , Hasan Hüseyin Yıldırım

https://doi.org/10.17218/hititsbd.1333924

Abstract

Firmaların elde ettikleri kar hem otofinansman kaynağı hem de temettü olarak firmaları ve hissedarları önemli ölçüde etkilemektedir. Firmalar otofinansman olarak karın dağıtılmadan şirket yatırımlarında kullanılmasını, ortaklar ise karın temettü olarak ortaklar arasında dağıtılması isterler. Bu bakımdan hissedarların refahında şirketin finansman kararları önemlidir. Bu çalışmada BIST Temettü endeksinde yer alan 23 hissenin 2010-2021 yıllarındaki yıllık verileri kullanılmıştır. Bağımlı değişken olarak hissedar refahı bağımsız değişken olarak ise 8 değişkenin verisi ile panel regresyon analizi yapılmıştır. Analiz sonucunda elde edilen bulgulara göre “PD/DD” değişkenin hissedar refahı üzerinde pozitif ve anlamlı bir etkisinin olduğu tespit edilmiştir.

Keywords

Hissedar Refahı, Temettü Politikası, Kar Dağıtımı, Panel Veri Analizi, BİST

The Determination of Variables Affecting The Shareholder Wealth: Empirical Evidence From The BIST Dividend Index

Abstract

The effects of firms' profits, both as a source of auto-financing and dividends, have a significant impact on firms and shareholders. Firms want the profit to be used in company investments without distribution as auto-financing, while the shareholders want the profit to be distributed among the shareholders as dividends. In this regard, the company's financing decisions are important for the wealth of shareholders. In this study, the annual data of 23 stocks in the BIST Dividend Index for the years 2010-2021 were used. Panel regression analysis was performed with the data of 8 variables as the dependent variable and shareholder wealth as the independent variable. According to the findings obtained as a result of the analysis, it has been determined that the “MV/BV” variable has a positive and significant effect on shareholder wealth

Keywords

Shareholder Wealth, Dividend Policy, Dividend Distribution, Panel Data Analysis, BİST

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