Kâr Payı Politikaları ile Pay Senedi Volatilitesi Arasındaki İlişki: BİST 50 Endeksinde Yer Alan Firmalar Üzerine Ekonometrik Bir Araştırma

Abstract

Çalışmada, BİST 50 endeksinde 2000-2019 döneminde işlem gören reel sektör firmalarının kâr payı politikaları ile pay senedi volatilitesi arasındaki ilişki panel veri analizi ile incelenmiştir. Çalışmada firmaların kâr payı politikalarının göstergesi olarak kâr payı getirisi ve kâr payı ödeme oranı bağımsız değişken olarak, pay senedi volatilitesi ise bağımlı değişken olarak analize dahil edilmiştir. Analiz sonucunda, kâr payı ödeme oranı ile pay senedi volatilitesi arasında pozitif yönlü bir ilişki, kâr payı getirisi ile pay senedi volatilitesi arasında negatif yönlü bir ilişki tespit edilmiştir. Analiz sonuçlarına göre kâr payı politikalarının pay senedi volatilitesini etkilediği, sinyal teorisi ve müşteri etkisi teorisinin geçerli olduğu söylenebilir.

Keywords

• Kar Payı Politikası
• Volatilite
• Pay piyasası

The Relationship Between Dividend Policy and Stock Price Volatility: An Econometric Application on Firms Listed in BIST 50 Index

Abstract

In this study, the relationship dividend policy and stock volatility between the years 2000-2019 of the reel sector firms of the BIST 50 index was analyzed by panel regression analysis. In the study, while dividend yield and dividend payout ratio are included in the analysis as independent variables as indicators of the dividend policies of companies, stock volatility is included in the analysis as a dependent variable. As a result of the analysis, while a positive relationship was determined between the dividend payout ratio and stock volatility, a negative correlation was determined between dividend yield and stock volatility. According to the findings of the study, it can be said that dividend policies affect stock volatility, signaling theory and customer effect theory are valid.

Keywords

• Dividend Policy
• Volatility
• Stock Market

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