Kurumsal Yönetimin Firma Temettü Politikası Üzerindeki Etkisi: Gana Örneği

Year 2022, Issue: 94, 223 - 238, 24.04.2022

Ibrahim Nandom Yakubu , Ayhan Kapusuzoğlu , Nildağ Başak Ceylan

https://doi.org/10.25095/mufad.1064148

Cited By: 2

Abstract

Bu çalışmanın amacı, yönetim kurulu bağımsızlığının Gana Menkul Kıymetler Borsası'nda işlem gören
firmaların temettü politikası üzerindeki etkisinin ortaya konulmasıdır. 2008-2018 dönemini kapsayan çalışmada,
panel veri analizi yapılarak genelleştirilmiş momentler yöntemi uygulanmıştır. Çalışmanın bulguları
incelendiğinde, hisse başına temettü ödemesi üzerinde yönetim kurulu bağımsızlığının istatistiksel olarak anlamlı
ve pozitif bir etkiye sahip olduğu ayrıca, denetim komiteleri büyüdükçe şirketlerin verdikleri temettü miktarının
da daha fazla olmasının olası olduğu ortaya konulmuştur. Ek olarak, yönetim kurulu ve ücret komitelerinin
toplantı sıklığının da, temettü ödemelerini azalttığı ayrıca, firma yaşının temettü ödenmesi üzerinde pozitif ve
istatistiksel olarak anlamlı bir etkisi olduğu bulunmuştur. Çalışmanın bulguları, harici üst düzey yöneticilerin
oranının artırılmasının, daha yüksek temettü ödemelerine izin verilmesine ve böylelikle hissedarların
çıkarlarının korunmasına yardımcı olacağını göstermektedir. 

Keywords

Yönetim Kurulu Bağımsızlığı, Temettü Politikası, GMY, Gana

The Effect of Corporate Governance on Firm Dividend Policy: Evidence from Ghana

Abstract

The purpose of this research is to reveal at the influence of board independence on dividend policy of
firms listed on the Ghana Stock Exchange. We employ a panel dataset covering the period 2008-2018 and apply
the generalized method of moments technique. The results reveal that dividend per share is positively and
significantly driven by board independence. We also find that larger audit committees are more likely to result in
higher dividend payouts. On the other hand, frequent board meetings and remuneration committees reduce
dividend payments. We further document that firm age has a significant positive impact on dividend payment.
The findings suggest that increasing the proportion of non-executive directors will help preserve shareholders'
interest by allowing for higher dividend payments. 

Keywords

Board Independence, Dividend Policy, GMM, Ghana

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