DIVIDEND PAYMENT AFFECT ON STOCK PRICES: A PANEL REGRESSION ANALYSIS ON BIST30 EQUITES

Year 2016, ICAFR 16 Özel Sayısı, 358 - 368, 01.10.2016

Mehmet Pekkaya Ersin Açıkgöz

Abstract

Since the main purpose of a firm is maximizing its value in modern sense, dividend payment ratio and retained earnings should be optimized in terms of benefits of investors and the firms themselves which is really hard to do. This study investigates the relationship between the stock price with dividend payout and retained earnings for BIST30 index stocks in Turkey via a panel regression analysis. Because of the existence of heteroscedasticity and autocorrelation problems, panel EGLS method for regression is conducted in order to investigate the relation. According to the results, retained earnings of the firms have an effect on the stock price but dividend payout have not

Keywords

Panel Regression, Stock Price, Dividend Policy, BIST 30

TEMETTÜ ÖDEMESİNİN HİSSE SENEDİ FİYATI ÜZERİNE ETKİSİ: BIST 30 HİSSLERİNE BİR PANEL REGRESYON ANALİZİ

Abstract

Güncel anlamda bir firmanın ana amacı firma değerini maksimize etmek olduğundan, yatırımcıların yararları ve firmaların kendileri açısından gerçekten zor olan temettü oranı ve otofinansman miktarlarını optimize etmeleridir. Bu çalışma, Türkiye'de BIST30 endeks hisseleri için temettü ve dağıtılmayan karlar ile hisse senedi fiyatı arasındaki ilişkiyi panel regresyon analiziyle incelemektedir. Değişen varyans ve otokorelasyon problemlerinin varlığından dolayı, ilişkiyi araştırmak amacıyla regresyon için panel EGLS yöntemi kullanılmıştır. Elde edilen sonuçlara göre, firmaların dağıtılmayan karları hisse senedi üzerinde etkili olurken, dağıtılan temettülerin bir etkisi gözlenmemiştir

Keywords

Panel Regresyon, Hisse Senedi Fiyatı, Kar Dağıtım Politikası, BIST 30

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