Sermaye Yapısı ve Finansal Performans Arasındaki İlişkide Temettü Politikasının Önemi: BİST50 Şirketleri Üzerine Ampirik Bir Uygulama

Abstract

Bu çalışmada, sermaye yapısı ile finansal performans arasındaki ilişki temettü politikası çerçevesinde ele alınmaktadır. Bu amaç doğrultusunda hazırlanan veri seti 2010-2024 dönem aralığını baz almakta ve BIST50 şirketlerini kapsamaktadır. Çalışmanın bağımlı değişkenleri Return on Assets (ROA) ve Return on Equity (ROE); bağımsız değişkenleri Debt-to-Equity Ratio (DE) ve Finansal Kaldıraç Oranı (FL); kontrol değişkeni ise firma büyüklüğü (FS)’dür. Çalışmada ilk olarak temettü ödeyen ve temettü ödemeyen şirketler olmak üzere iki farklı veri seti oluşturulmuş ve ardından yapısal kırılmaları dikkate alan panel veri analiz süreci yürütülmüştür. Temettü ödeyen şirketler özelinde elde edilen bulgulara göre, borç-özkaynak oranının finansal performansı üzerinde bir etkisi tespit edilemezken, finansal kaldıraç oranı ve firma büyüklüğünün pozitif yönlü bir etkisi tespit edilmiştir. Temettü ödemeyen şirketlerde ise borç-özkaynak oranının finansal performansı üzerinde bir etkisinin olmadığı ancak finansal kaldıraç oranının negatif, firma büyüklüğünün ise pozitif bir etkisinin olduğu bulgulanmıştır. Sonuçlar, kaldıraç-performans ilişkisinde temettü politikasının belirleyici olduğunu göstermektedir.

Keywords

• Sermaye Yapısı
• Finansal Performans
• Temettü Politikası
• Panel Veri Analizi

The Importance of Dividend Policy in the Relationship between Capital Structure and Financial Performance: An Empirical Analysis of BIST50 Firms

Abstract

This study examines the relationship between capital structure and financial performance in the context of dividend policy. The dataset prepared for this purpose covers the period from 2010 to 2024 and includes BIST50 firms. Dependent variables of the study are the Return on Assets (ROA) and the Return on Equity (ROE); independent variables are the Debt-to-Equity Ratio (DE) and the Financial Leverage Ratio (FL), while control variable is the firm size (FS). First, two different data sets are created in the study, one for dividend-paying firms and one for non-dividend-paying firms, and then a panel data analysis process that takes structural breaks into account is performed. According to the findings obtained specifically for dividend-paying firms, while the debt-to-equity ratio has no effect on financial performance, but the financial leverage ratio and firm size have a positive effect. In the case of non-dividend-paying firms, it is found that the debt-to-equity ratio has no effect on financial performance, but that the financial leverage ratio has a negative effect and firm size has a positive effect. The results show that dividend policy is a determining factor in the leverage-performance relationship.

Keywords

• Capital Structure
• Financial Performance
• Dividend Policy
• Panel Data Analysis

Supporting Institution

There is no institution supporting this study.

Ethical Statement

I declare that this study does not require ethical committee approval.

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