KADIN DİREKTÖRLERİN TEMETTÜ ÖDEMELERİ ÜZERİNDEKİ ETKİSİ: SAHİPLİK-KONTROL AYRIMI İNCELEMESİ

Year 2023, Volume: 6 Issue: 1, 1 - 14, 01.04.2023

Adıl Mustafsa , Wan Sallha Yusoff , Aree Mustafa

https://doi.org/10.32951/mufider.1128148

Abstract

Bu araştırma, kadın yöneticilerin temettü ödeme politikaları üzerindeki etkisini incelemektedir. Çalışmada 2016'dan 2020'ye kadar Borsa İstanbul'da (BİST) işlem gören 170 finansal olmayan işletme kullanılmıştır. Çalışmada Yönetim Kurulu Kadın Üyeliği (BFM) kullanılmıştır. Bu arada, kontrol takozu sahipliği moderatör değişken olarak kullanılmıştır. Öz sermaye getirisi (ROE) bir kontrol değişkeni olarak kullanılmıştır. Çalışmanın bağımlı değişkeni, şirketin temettü ödeme politikasını temsil eden hisse başına kâr payı ödemesidir. Regresyon analizi sonucunda kadın yönetim kurulu üyeliğinin temettü politikasıyla güçlü bir şekilde bağlantılı olduğu tespit edilmiştir. Ayrıca, temettü ödemeleri ile firma sahipliği arasındaki bağlantıya ilişkin mevcut araştırmaya, kontrol sahipliği kama şirketlerinde kadın yöneticilerin temettü ödemeleri üzerinde daha büyük bir etkiye sahip olduğunu göstermektedir

Keywords

Female Directors, Control-Ownership Wedge, dividend payout

THE IMPACT OF FEMALE DIRECTOR ON DIVIDEND PAYOUT: CONTINGENT ON CONTROL-OWNERSHIP WEDGE

Abstract

This research looks into the impact of female directors on dividend payment policies. From 2016 to 2020, the study used a sample of 170 non-financial enterprises listed on the Borsa Istanbul (BIST). The study used the Board Female Membership (BFM). Meanwhile, control wedge ownership was used as a moderating variable. A control variable, including return on equity, was also employed (ROE). The study's dependent variable was the dividend per share, which represented the company's dividend payout policy. The female board membership was strongly linked with the dividend policy in the regression analysis. Furthermore, we add to the current research on the link between dividend payments and firm ownership by demonstrating that for control-ownership wedge companies, female directors have a greater influence on dividend payouts.

Keywords

Yeni Kadın Yöneticiler, Kontrol-Sahiplik Çatışması, Kar Payı Dağıtımı

References

• Abdullah, Shamsul N, Ku Nor Izah Ku Ismail, and Lilac Nachum. 2016. “Does Having Women on Boards Create Value? The Impact of Societal Perceptions and Corporate Governance in Emerging Markets.” Strategic Management Journal 37(3): 466–76.
• Adams, Renée, Daniel Ferreira, and Daniel Ferreira. 2008. “Women in the Boardroom and Their Impact on Governance and Performance.” (October).
• Adaoglu, Cahit. 1999. “Regulation Influence on the Dividend Policy of the Istanbul Stock Exchange (ISE) Corporations.” Istanbul Stock Exchange Review 3(11): 1–20.
• Adaoglu. 2000. “Instability in the Dividend Policy of the Istanbul Stock Exchange (ISE) Corporations: Evidence from an Emerging Market.” Emerging Markets Review 1(3): 252–70.
• Ain, Qurat Ul et al. 2021. “Board Gender Diversity and Dividend Policy in Chinese Listed Firms.” SAGE Open 11(1).
• Aivazian, Varouj, Laurence Booth, and Sean Cleary. 2003. “Dividend Policy and the Organization of Capital Markets.” Journal of Multinational Financial Management 13(2): 101–21.
• Al-Amarneh, Asmaa, and Hdeel Yaseen. 2014. “Corporate Governance and Dividend Policy in Jordan.” International Journal of Economics and Finance 6(4): 210–19.
• Al-Najjar, Basil, and Erhan Kilincarslan. 2016. “The Effect of Ownership Structure on Dividend Policy: Evidence from Turkey.” Corporate Governance (Bingley) 16(1): 135–61.
• AMEDİ, Ari Muhammad Rashid, and Aree MUSTAFA. 2020. “The Relationship Between Board Characteristics and Corporate Dividend Policy: Evidence From Jordan.” Muhasebe ve Finans İncelemeleri Dergisi 1: 1–9.
• Ararat, Melsa, Mine Aksu, and Ayse Tansel Cetin. 2015. “How Board Diversity Affects Firm Performance in Emerging Markets: Evidence on Channels in Controlled Firms.” Corporate Governance: An International Review 23(2): 83–103.
• Bae, Sung C, Kiyoung Chang, and Eun Kang. 2012. “Culture, Corporate Governance, and Dividend Policy: International Evidence.” Journal of Financial Research 35(2): 289–316.
• Ben-Nasr, Hamdi. 2015. “Government Ownership and Dividend Policy: Evidence from Newly Privatised Firms.” Journal of Business Finance and Accounting 42(5–6): 665–704.
• Bernardi, Richard A, and Donald F Arnold Sr. 1997. “An Examination of Moral Development within Public Accounting by Gender, Staff Level, and Firm.” Contemporary Accounting Research 14(4): 653–68.
• Bradford, William, Chao Chen, and Song Zhu. 2013. “Cash Dividend Policy, Corporate Pyramids, and Ownership Structure: Evidence from China.” International Review of Economics & Finance 27: 445–64.
• Brav, Alon, John R Graham, Campbell R Harvey, and Roni Michaely. 2005. “Payout Policy in the 21st Century.” Journal of financial economics 77(3): 483–527.
• Brennan, M. 1970. “Taxes, Market Valuation and Financial Policy.” National Tax Journal 23(4): 417–29.
• Byoun, Soku, Kiyoung Chang, and Young Sang Kim. 2016. “Does Corporate Board Diversity Affect Corporate Payout Policy?” Asia‐Pacific Journal of Financial Studies 45(1): 48–101.
• Chen, Jie, Woon Sau Leung, and Marc Goergen. 2017. “The Impact of Board Gender Composition on Dividend Payouts.” Journal of Corporate finance 43: 86–105.
• Croson, Rachel, and Uri Gneezy. 2009. “Gender Differences in Preferences.” Journal of Economic Literature 47(2): 448–74.
• Dargnies, Marie-Pierre. 2012. “Men Too Sometimes Shy Away from Competition: The Case of Team Competition.” Management Science 58(11): 1982–2000.
• Davies, Lord of Abersoch. 2011. “Women on Boards February 2011.” Www.Gov.Uk/Government/Upload (February): 1–40. www.gov.uk/government/uploads/system/uploads/attachment data/file/3170/11-745-women-on-boards.pdf.
• Easterbrook, Frank H. 1984. “Two Agency-Cost Explanations of Dividends.” The American Economic Review 74(4): 650–59.
• Elton, Edwin J., and Martin J. Gruber. 1970. “Marginal Stockholder Tax Rates and the Clientele Effect.” The Review of Economics and Statistics 52(1): 68.
• Faccio, Mara, Maria Teresa Marchica, and Roberto Mura. 2016. “CEO Gender, Corporate Risk-Taking, and the Efficiency of Capital Allocation.” Journal of Corporate Finance 39: 193–209.
• Fama, Eugene F, and Michael C Jensen. “By And.” XXVI(June 1983).
• Gomes Almeida, Luís António, Elisabeth Teixeira Pereira, and Fernando Oliveira Tavares. 2015. “Determinants of Dividend Policy: Evidence from Portugal.” Review of Business Management 17(54): 701–19.
• Grossman, Sanford J, and Oliver D Hart. 1986. “The Costs and Benefits of Ownership : A Theory of Vertical and Lateral Integration A Theory of Vertical and Lateral Integration.”
• Gul, Ferdinand A, Bin Srinidhi, and Anthony C Ng. 2011. “Does Board Gender Diversity Improve the Informativeness of Stock Prices?” Journal of accounting and Economics 51(3): 314–38.
• Gyapong, Ernest, Reza M Monem, and Fang Hu. 2016. “Do Women and Ethnic Minority Directors Influence Firm Value? Evidence from Post‐apartheid South Africa.” Journal of Business Finance & Accounting 43(3–4): 370–413.
• Hillman, A M Y J, and Christine Shropshire. 2007. “ORGANIZATIONAL PREDICTORS OF WOMEN ON CORPORATE BOARDS.” 50(4): 941–52.
• Huang, Jiekun, and Darren J Kisgen. 2013. “Gender and Corporate Finance: Are Male Executives Overconfident Relative to Female Executives?” Journal of financial Economics 108(3): 822–39.
• Izmen, Umit. 2003. “Instituting Corporate Governance in Family-Owned Firms in Turkey.” In Search of Good Directors: A Guide to Building Corporate Governance in the 21 st Century 3: 323–32.
• Jensen, Michael C. 2009. “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers.” Corporate Bankruptcy: 11–16.
• Joecks, Jasmin, Kerstin Pull, and Karin Vetter. 2013. “Gender Diversity in the Boardroom and Firm Performance: What Exactly Constitutes a ‘Critical Mass?’” Journal of business ethics 118(1): 61–72.
• De Jonge, Alice. 2014. “The Glass Ceiling That Refuses to Break: Women Directors on the Boards of Listed Firms in China and India.” In Women’s Studies International Forum, Elsevier, 326–38.
• Kanter, Rosabeth Moss. 1977. “Some Effects of Proportions on Group Life.” In The Gender Gap in Psychotherapy, Springer, 53–78.
• Kaźmierska-Jóźwiak, Bogna. 2015. “Determinants of Dividend Policy: Evidence from Polish Listed Companies.”Procedia Economics and Finance23(October 2014):47377.
• Kramer, Vicki W, Alison M Konrad, Sumru Erkut, and Michele J Hooper. 2006. Critical Mass on Corporate Boards: Why Three or More Women Enhance Governance. Wellesley Centers for Women Wellesley, MA.
• Kristie, James. 2011. “The Power of Three.” Dir. Boards 35(5): 22–32.
• Lang, Larry H.P., RenéM M. Stulz, and Ralph A. Walkling. 1991. “A Test of the Free Cash Flow Hypothesis. The Case of Bidder Returns.” Journal of Financial Economics 29(2): 315–35.
• Levit, Doron, and Nadya Malenko. 2016. “ScholarlyCommons The Labor Market for Directors and Externalities in Corporate Governance The Labor Market for Directors and Externalities in Corporate Governance.” 71: 775–808.
• Lie, Irene, Mei Fong, and James Roumasset. 1980. “Fama (1980).”
• Litov, Lubomir P., Patrick Moreton, and Todd R. Zenger. 2012. “Corporate Strategy, Analyst Coverage, and the Uniqueness Paradox.” Management Science 58(10): 1797–1815.
• Litzenberger, Robert H., and Krishna Ramaswamy. 1979. “The Effect of Personal Taxes and Dividends on Capital Asset Prices. Theory and Empirical Evidence.” Journal of Financial Economics 7(2): 163–95.
• Liu, Chelsea. 2018. “Are Women Greener? Corporate Gender Diversity and Environmental Violations.” Journal of Corporate Finance 52: 118–42.
• Manneh, Marwan Butros Abu. 2014. “Determinants of Dividend Policy : Evidendce from Non-Financial Companies Listed on Abu Dhabi Securities Exchange ( ADX ).” Thesis: 1–160.
• McGuinness, Paul B, Kevin C K Lam, and João Paulo Vieito. 2015. “Gender and Other Major Board Characteristics in China: Explaining Corporate Dividend Policy and Governance.” Asia Pacific Journal of Management 32(4): 989–1038.
• Menozzi, A, M Urtiaga, D Vannoni, and Political Connections Board Composition. 2021. “Performance in State-Owned Enterprises, Industrial and Corporate Change, 21, 3.”
• Mustafa, Adeel, Abubakr Saeed, Muhammad Awais, and Shahab Aziz. 2020. “Board-Gender Diversity , Family Ownership , and Dividend Announcement : Evidence from Asian Emerging Economies.”
• Mustafa, Aree S, Ayoib Che Ahmad, and Sitraselvi Chandren. 2017. “Board Diversity and Audit Quality: Evidence from Turkey.” Journal of Advanced Research in Business and Management Studies 6(1): 50–60.
• MUSTAFA, Aree Saeed, Sitraselvi A/P CHANDREN, and Ayoib B Che-AHMAD. 2018. “Does Having Women on Boards Improve Monitoring Role: The Impact of Control - Ownership Wedge in Turkey.” Journal of Public Administration, Finance & Law (13): 65–77. http://search.ebscohost.com/login.aspx?direct=true&db=aph&AN=132352466&site=ehost-live.
• Mustafa, Aree Saeed, Ayoib Che-Ahmad, and Sitraselvi Chandren. 2018. “Board Diversity, Audit Committee Characteristics and Audit Quality: The Moderating Role of Control-Ownership Wedge.” Business and Economic Horizons 14(3): 587–614.
• Naser, Kamal, Rana Nuesibeh, and Wojoud Rashed. 2013. “Managers ’ Perception of Dividend Policy : Evidence from Companies Listed on Abu Dhabi Securities Exchange.” Issues in Business Management and Economics 1(1): 1–12.
• Niederle, Muriel, and Lise Vesterlund. 2007. “Do Women Shy Away from Competition? Do Men Compete Too Much?” The quarterly journal of economics 122(3): 1067–1101.
• Van Pelt, Thomas. 2013. “The Effect of Board Characteristics on Dividend Policy.” Unpublished working paper: 1–62.
• La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert W Vishny. 1996. Trust in Large Organizations. National Bureau of Economic Research Cambridge, Mass., USA.
• Pucheta-Martínez, María Consuelo, and Inmaculada Bel-Oms. 2016. “The Board of Directors and Dividend Policy: The Effect of Gender Diversity.” Industrial and Corporate Change 25(3): 523–47.
• Ranti, Uwuigbe Olubukunola. 2013. “Determinants of Dividend Policy: A Study of Selected Listed Firms in Nigeria.” Manager (17): 107–19.
• Rozeff, Michael S. 1982. “Growth, Beta and Agency Costs as Determinants of Dividend Payout Ratios.” Journal of financial Research 5(3): 249–59.
• Saeed, Abubakr, Yacine Belghitar, and Amna Yousaf. 2016. “Firm-Level Determinants of Gender Diversity in the Boardrooms: Evidence from Some Emerging Markets.” International Business Review 25(5): 1076–88.
• Sarhan, Ahmed A., Collins G. Ntim, and Basil Al-Najjar. 2019. “Board Diversity, Corporate Governance, Corporate Performance, and Executive Pay.” International Journal of Finance and Economics 24(2): 761–86.
• Shleifer, Andrei, and Robert W Vishny. 1997. “A Survey of Corporate Governance.” The journal of finance 52(2): 737–83.
• Sindhu, Muzammal Ilyas. 2014. “Relationship between Free Cash Flow and Dividend: Moderating Role of Firm Size.” Research Journal of Finance and Accounting 5(5): 16–23.
• Spangler, Eve, Marsha A Gordon, and Ronald M Pipkin. 1978. “Token Women: An Empirical Test of Kanter’s Hypothesis.”American Journal of Sociology 84(1):160–70.
• Tal, T U R K I S H Capi. 2018. “T u r k i Sh Capi Tal m Ar k et s Assoc i at i On.” www.tspb.org.tr.
• Trinh, Vu Quang. 2021. “Boardroom Gender Diversity and Dividend Payout Strategies : Effects of Mergers Deals.” (June 2020): 6014–35.
• Van Uytbergen, Steve, and Frederiek Schoubben. 2015. “The Effect of Gender Diversity on Corporate Cash Policy.” In Annual Conference EUROPEAN FINANCIAL MANAGEMENT, Date: 2015/06/24-2015/06/27, Location: Amsterdam, The Netherlands,.
• Yurtoglu, Burcin. 2003. Corporate Governance and Implications for Minority Shareholders in Turkey. Discussion paper.