SAHİPLİK YAPISININ KAR DAĞITIM KARARLARINA ETKİSİ: PANEL TOBİT YÖNTEMİYLE BİR ANALİZ

Year 2017, Volume: 9 Issue: 17, 129 - 147, 01.07.2017

Koray Özvar Ersan Ersoy

https://doi.org/10.14784/marufacd.346196

Cited By: 3

Abstract

Bu çalışmanın amacı sahiplik yapısındaki farklılıkların kar dağıtım kararları üzerine etkisini araştırmaktır.
Çalışmada Borsa İstanbul’a kote 142 imalat sanayi şirketinin 2009-2014 dönemine ait verilerinden
faydalanılmıştır. Analizlerde Rassal Etkili Panel Tobit yöntemi kullanılmıştır. Çalışmada, Rozeff (1982), Easterbrook
(1984) ve Jensen’in (1986) yaklaşımıyla uyumlu olarak sahiplik yoğunlaşması ile kar payı dağıtım
oranı arasında pozitif yönlü bir ilişki bulunmuştur. Ayrıca yabancı sahipliğin varlığı kar payı dağıtım oranını
pozitif yönde etkilerden, halka açıklık oranının negatif yönde etkilediği tespit edilmiştir. Aile sahipliğinin
ise kar payı dağıtım oranı üzerinde istatistiksel olarak anlamlı bir etkisinin olmadığı görülmüştür. Firmalarda
karlılık oranının artması, borçlanma düzeyinin ise düşmesi kar payı dağıtım oranını yükseltmektedir.
Bu sonuçlardan yola çıkarak, sahiplik yapısının kar dağıtım politikasını etkilediği söylenebilir.

Keywords

Sahiplik Yapısı, Mülkiyet Yapısı, Temettü Politikası, Kar Dağıtım Politikası, Sahiplik Yoğunlaşması, Yabancı Sahiplik, Aile Sahipliği

References

• ABDİOĞLU, Nida (2016). On the Determinants of Corporate Dividend Policy: A Tobit Model Approach. Yönetim ve Ekonomi Araştırmaları Dergisi, 14(1): 332-345.
• AL-NAJJAR, Basil ve KILINCARSLAN, Erhan (2016). The Effect of Ownership Structure on Dividend Policy: Evidence from Turkey. Corporate Governance: The International Journal of Business in Society, 16(1): 135-161.
• AL-NAWAISEH M. (2013). Dividend Policy and Ownership Structure: An Applied Study on Industrial Companies in Amman Stock Exchange. Journal of Management Research, 5(2): 83-106.
• ATTIG, Najah, BOUBAKRI, Narjess, EL GHOUL, Sadok ve GUEDHAMI, Omrane (2016). The Global Financial Crisis, Family Control, and Dividend Policy. Financial Management, 45(2): 291-313.
• AYDIN, Alev Dilek (2015). Can Ownership Structure Explain Dividend Policies of Non- Financial Firms Registered to Borsa Istanbul (Bist)?. PARIPEX - Indian Journal of Research, 4(6): 529-533.
• BABA, Naohiko (2009). Increased Presence of Foreign Investors and Dividend Policy of Japanese Firms. Pacific- Basin Finance Journal, 17(2): 163–174.
• BALTAGI, Badi H. (2001). Econometric Analysis of Panel Data. Chichester: John Wiley and Sons Inc.
• BERLE, Adolf A. ve MEANS, Gardiner C. (1932). The Modern Corporation and Private Property. New York: Macmillan.
• BRADFORD, William, CHEN, Chao ve ZHU, Song (2013). Cash Dividend Policy, Corporate Pyramids, and Ownership Structure: Evidence from China. International Review of Economics and Finance, 27: 445-464.
• CHAI, Dominic H. (2010). Foreign Corporate Ownership and Dividends Centre for Business Research, University of Cambridge Working Paper No.40, 1June 2010.
• CHEN, Zhilan, CHEUNG, Yan-Leung, STOURAITIS, Aris ve WONG, Anita W.S. (2005). Ownership Concentration, Firm Performance, and Dividend Policy in Hong Kong. Pacific-Basin Finance Journal,13: 431-449.
• DJEBALI, Raoudha ve BELANÈS, Amel (2015). On The Impact of Family Versus Institutional Blockholders on Dividend Policy. The Journal of Applied Business Research, 31(4): 1329-1341.
• DEMSETZ, Harold ve LEHN, Kenneth (1985). The Structure of Corporate Ownership: Causes and Consequences. Journal of Political Economy, 93(6): 1155-1177.
• EASTERBROOK, Frank H. (1984). Two Agency Cost Explanations of Dividends. The American Economic Review, 74(4): 650-659.
• ERSOY Ersan ve ÇETENAK, E. Hüseyin (2015). Sahiplik Yoğunlaşmasının Temettü Dağıtım Kararlarına Etkisi: Borsa İstanbul’da Bir Uygulama. Ege Akademik Bakış Dergisi, 15(4): 509-521.
• FACCIO, Mara, LANG, Larry H.P. ve YOUNG, Leslie. (2001). Dividend and Expropriation. The American Economic Review, 91(1): 54-78.
• FAMA, Eugene F. ve FRENCH, Kenneth R. (2002). Testing Trade- Off and Pecking Order Predictions about Dividends and Debt. The Review of Financial Studies, 15(1): 1-33.
• GREENE William H. (2003). Econometric Analysis. New Jersey: Prentice Hall.
• GOERGEN, Marc, RENNEBOOG, Luc ve CORREIA, da Silva, Luis (2005). When do German firms change their dividends?. Journal of Corporate Finance, 11(1-2): 375-399.
• GUGLER, Klaus (2003). Corporate Governance, Dividend Payout Policy, and the Interrelation between Dividends, R&D, and Capital Investment. Journal of Banking & Finance, 27(7): 1297-1321.
• GUGLER, Klaus ve YURTOGLU, B. Burcin (2003). Corporate Governance and Dividend Pay-Out Policy in Germany. European Economic Review, 47(4): 731-758.
• GUL, Ferdinand A. (1999). Government Share Ownership, Investment Opportunity Set and Corporate Policy Choice in China. Pacific-Basin Finance Journal, 7(2): 157-172.
• HARADA, Kimie ve NGUYEN, Pascal (2006). Ownership Concentration, Agency Conflicts, and Dividend Policy in Japan. (SSRN No: 953433). Retrieved 2014, July 17, from http://ssrn.com/abstract=953433
• HARADA, Kimie ve NGUYEN, Pascal (2011). Ownership concentration and dividend policy in Japan. Managerial Finance, 37(4): 362-379.
• HSIAO, Cheng (2003). Analysis of Panel Data. Cambridge: Cambridge University Press.
• HU, Yan; WANG, Dechun ve ZHANG, Shaorong (2008). Founding Family Ownership, Management and Payout Policy. Financial Management Association International (FMA) Annual Meeting , October 8-11, Grapevine, Texas
• ISAKOV, Dušan ve WEISSKOPF, Jean-Philippe (2015). Pay-out Policies in Founding Family Firms. Journal of Corporate Finance, 33:.330–344.
• JENSEN, Michael C. (1986). Agency Cost of Free Cash Flow, Corporate Finance, and Takeovers. The American Economic Review, 76(2): 323-329.
• JEON, Jin Q., LEE, Cheolwoo ve MOFFETT, Clay M. (2011). Effects of Foreign Ownership on Payout Policy: Evidence from the Korean Market. Journal of Financial Markets, 14(2): 344–375.
• KHAN, Tehmina (2006). Company Dividends and Ownership Structure: Evidence from UK Panel Data. The Economic Journal, 116(510): 172-189.
• KUMAR Jayesh (2003). Ownership Structure and Dividend Payout Policy in India. India Gandhi Institute of Development Research 1-40.
• LA PORTA, Rafael, LOPEZ-DE-SILANES, Florencio, SHLEIFER, Andrei ve VISHNY, Robert W. (2000). Agency Problems and Dividend Policies around the World. The Journal of Finance, 55(1): 1-33.
• LAM, Kevin C.K., SAMI, Heibatollah ve ZHOU, Haiyan (2011). The Role of Cross-Listing, Foreign Ownership and State Ownership in Dividend Policy in an Emerging Market. China Journal of Accounting Research. 5(3): 199-216.
• MANCINELLI, Luciana ve ÖZKAN, Aydın (2006). Ownership Structure and Dividend Policy: Evidence from Italian Firms. The European Journal of Finance, 12(3): 265-282.
• MAURY, C. Benjamin ve PAJUSTE, Anete (2002). Controlling Shareholders, Agency Problems, and Dividend Policy in Finland. Stockholm School of Economics No. LTA 1/02. Retrieved 2014, October 10, from http://lta.hse. fi/2002/1/lta_2002_01_a1.pdf
• REZALOIE, Abbas, ZARIEAN, Moein ve BJARKENARI, Mohammad Aghaie (2013). Relationship between Ownership Structure and Dividend Policy in Iran. International Research Journal of Applied and Basic Sciences, 4(7): 1984-1990.
• ROZEFF, Michael S. (1982). Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios. The Journal of Financial Research, 5(3): 249-259.
• SAKINC, Ilker ve GUNGOR, Selim (2015). The Relationship between Ownership Structure and Dividend: An Application in Istanbul Stock Exchange. Journal of Economics and Development Studies, 3(4): 19-30.
• SAYMAN, Yahya (2012). Sahiplik Yapısının Firma Performansı ve Sermaye Yapısı Üzerine Etkileri: İMKB’de İşlem Gören Üretim Firmalarında Bir Uygulama. Doktora Tezi, Sosyal Bilimler Enstitüsü, İşletme Anabilim Dalı, Ankara Üniversitesi.
• SCHOOLEY, Diane K. ve BARNEY, L. Dwayne (1994). Using Dividend Policy and Managerial Ownership to Reduce Agency Costs. The Journal of Financial Research, 17(3): 363-373.
• SHLEIFER, Andrei ve VISHNY, Robert W. (1997). A Survey of Corporate Governance. The Journal of Finance, 52(2): 737-783.
• SHORT, Helen, ZHANG, Hao ve KEASEY, Kevin (2002). The Link between Dividend Policy and Institutional Ownership. Journal of Corporate Finance, 8(2): 105-122
• SHUKLA, Hitesh (2014). Ownership Structure and Dividend Policy: Indian Evidence. International Conference on Law, Humanities, Entrepreneurship and Education (ICLEE’2014) April 15-16, 2014 Johannesburg, South Africa.
• SMIRNOVA, Elena, TABRIZTCHI, Sirousse ve LANGE, Cary (2015). Cash Holdings, Use of Debt and Dividend Structure of Family Firms. American Journal of Economics and Business Administration, 7(1): 1-10
• SMIT, Matthias ve EIJE Henk von (2009). Ownership and Dividend Policy: New Evidence from Germany. Retrieved April 2, 2014, from http://www.fma. org/Hamburg/Papers/OwnershipanddividendpolicynewevidencefromGermany.pdf
• STACESCU, Bogdan (2012). Can Ownership Structure Explain Dividend Policy in Norwegian Private and Public Firms?. BI Norwegian Business School Master Thesis.
• THANATAWEE, Yordying (2013). Ownership Structure and Dividend Policy: Evidence from Thailand. International Journal of Economics and Finance, 5(1): 121-132.
• THOMSEN, Steen (2005). Conflicts of Interest Aligned Incentives? Blockholder Ownership, Dividends and Firm Value in the US and EU. European Business Organization Law Review, 6(2): 201-225.
• ULLAH Hamid, FIDA, Asma ve KHAN Shafiullah (2012). The Impact of Ownership Structure on Dividend Policy Evidence from Emerging Markets KSE-100 Index Pakistan. International Journal of Business and Social Science, 3(9): 298-307.
• WEI, Gang and ZHANG, Weiguo ve XIAO, Jason Ze Zhong (2003) Dividends Policy and Ownership Structure in China, (July 2003). EFMA 2004 Basel Meetings Paper. Available at SSRN: http://ssrn.com/ abstract=463924
• WEI, Zhihua; WU, Shinong; LI, Changqing ve CHEN, Wei (2011). Family Control, Institutional Environment and Cash Dividend Policy: Evidence from China. China Journal of Accounting Research, 4(1- 2): 29–46.
• WEN, Yuan ve JIA, Jingyi (2010). Institutional Ownership, Managerial Ownership and Dividend Policy in Bank Holding Companies. International Review of Accounting, Banking and Finance, 2(1): 9-22.
• YILDIZ, Berk, GÖKBULUT, Rasim İlker, ve KORKMAZ, Turhan (2014). Determinants of Dividend Policy: A Panel Data Study on Industrial Firms Listed in ISE. The International Journal of Economic and Social Research, 10(1): 259-292.
• YILGÖR, Ayşegül ve YÜCEL, Emel (2012). Examination of the Firms’ Ownership Structure: Deductions for Ownership and Control Divergence. International Journal of Management Economics and Business, 8(16): 41-57.
• ZECKHAUSER, Richard J. ve POUND, John (1990). Are Large Shareholders Effective Monitors? An Investigation of Share Ownership and Corporate Performance, pp.149 - 180 (Asymmetric Information, Corporate Finance, and Investment, Editor: R. Glenn Hubbard, University of Chicago Press.)