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Year 2020, Volume: 12 Issue: 1, 31 - 34, 31.12.2020
https://doi.org/10.17261/Pressacademia.2020.1343

Abstract

References

  • Bayazıtlı, E.; Kaderli, Y., Gürel, E. (2006). Kâr payı dağıtma duyurularının firmaların hisse senedi getirilerine etkisi: IMKB’ye kayıtlı taş ve toprağa dayalı sanayide faaliyet gösteren bazı firmalar üzerinde bir olay etüdü çalışması. Muhasebe ve Denetime Bakış Dergisi, 26: 1-16.
  • Borges, M. R. (2009). The Ex-dividend day stock price behavior: The Case of Portugal. Atlantic Economy Journal, 36: 15–30.
  • Dasilas, A., Leventis, S. (2011). Stock market reaction to dividend announcements: Evidence from the Greek stock market. International Review of Economics&Finance, 20(2): 302-311.
  • Eraslan, M., Koç, S. (2017). Kâr payi ödemelerinin hisse başına kâra etkisinin analizi: BIST çimento sektöründe bir uygulama. Injosos Al-Farabi International Journal On Social Sciences/ Al-Farabi Uluslararası Sosyal Bilimler Dergisi, 1(2): 158-180.
  • Legenzova, R., Jurakovaite, O., Galinskaite, A. (2017). The Analysis of dividend announcements impact on stock prices of Baltic companies. Central European Business Review, 6(1): 61-76.
  • Miller, M.H., Modigliani, F. (1961). Dividend policy, growth and the valuation of shares. Journal of Business, 34: 411-433.
  • Pandey, I. M. (1998). Financial management (8th ed.). Vikas Publishing House Pvt Ltd.
  • Pradhan, S. K. (2014). Impact of dividend announcement on share price: both sector and industry wise analysis, Samzodhana – Journal of Management, 3(1): 159-167.
  • Sakarya, Ş., Çalış, N., Kayacan, M.A. (2018). Temettü ödeme duyurularının hisse senedi fiyatlarına etkisinin ölçülmesi: Borsa İstanbul’da bir uygulama, Sakarya İktisat Dergisi, 7(2): 92-106.
  • Sulaiman, L. A., Migiro, S. O. (2015). Effect of dividend decision on stock price changes: further Nigerian evidence. Investment Management and Financial Innovations, 12(1).
  • Suwanna, T. (2012). Impacts of Dividend Announcement on Stock Returns, The 2012 International (Spring) Conference on Asia Pacific Business Innovation and Technology Management. Procedia-Social Behavioral Sciences, 40: 721-725.
  • Uddin, H.(2008). Effect of dividend announcement on shareholders’ value: evidence from Saudi arabian stock Exchange. The International Journal of Business and Finance Research, 2(1): 87-101

ANALYSIS OF THE RELATIONSHIP BETWEEN THE ANNOUNCEMENTS OF DIVIDEND PAYOUT DECISIONS OF FOOTBALL CLUBS AND THE RETURNS OF SHARES USING THE EVENT ANALYSIS METHOD

Year 2020, Volume: 12 Issue: 1, 31 - 34, 31.12.2020
https://doi.org/10.17261/Pressacademia.2020.1343

Abstract

Purpose- Dividend is the share allocated by companies from the profit of the period to payout to their shareholder. The issue of dividend payouts seeks an answer to the question of how much of the profit obtained by companies in the fiscal year will be payed to shareholders. Investors act with two basic expectations when investing in stocks. The first is to earn dividend from the company's profit for the period, the second is to benefit from the increase in stock price and to earn capital gain. Joint stock companies may decide to payout dividends or not. In this context, announcing the decisions to payout or not to payout dividends is important for investors. Referred to as the four major football clubs in Turkey, Besiktas, Fenerbahce, Galatasaray and Trabzonspor's shares are traded on Borsa Istanbul (BIST). Like other BIST companies, clubs have investors and these investors deal with dividend payout decisions. The research aims to bridge the gap in the field. In the study, the relationship between the announcement of the dividend payout decisions of four big clubs operating in BIST and stock returns was examined.
Methodology- In the study, five days before and five days after the clubs' Public Disclosure Platform (PDP) notifications were made, stock returns were analyzed using the event analysis method. 2009-2010 / 2019-2020 season data of the clubs were used in the research.
Findings- According to the results obtained from the research, announcing that dividends will be payout has a significant and positive effect on stock returns, while announcing that no dividends will be payout has a significant and negative effect on stock returns.
Conclusion- Research results are important in terms of revealing the effect of public disclosure announcements on performance. Accordingly, club managers can play a role in increasing financial performance by making the announcements fully, completely and on time within the framework of effective corporate management.

References

  • Bayazıtlı, E.; Kaderli, Y., Gürel, E. (2006). Kâr payı dağıtma duyurularının firmaların hisse senedi getirilerine etkisi: IMKB’ye kayıtlı taş ve toprağa dayalı sanayide faaliyet gösteren bazı firmalar üzerinde bir olay etüdü çalışması. Muhasebe ve Denetime Bakış Dergisi, 26: 1-16.
  • Borges, M. R. (2009). The Ex-dividend day stock price behavior: The Case of Portugal. Atlantic Economy Journal, 36: 15–30.
  • Dasilas, A., Leventis, S. (2011). Stock market reaction to dividend announcements: Evidence from the Greek stock market. International Review of Economics&Finance, 20(2): 302-311.
  • Eraslan, M., Koç, S. (2017). Kâr payi ödemelerinin hisse başına kâra etkisinin analizi: BIST çimento sektöründe bir uygulama. Injosos Al-Farabi International Journal On Social Sciences/ Al-Farabi Uluslararası Sosyal Bilimler Dergisi, 1(2): 158-180.
  • Legenzova, R., Jurakovaite, O., Galinskaite, A. (2017). The Analysis of dividend announcements impact on stock prices of Baltic companies. Central European Business Review, 6(1): 61-76.
  • Miller, M.H., Modigliani, F. (1961). Dividend policy, growth and the valuation of shares. Journal of Business, 34: 411-433.
  • Pandey, I. M. (1998). Financial management (8th ed.). Vikas Publishing House Pvt Ltd.
  • Pradhan, S. K. (2014). Impact of dividend announcement on share price: both sector and industry wise analysis, Samzodhana – Journal of Management, 3(1): 159-167.
  • Sakarya, Ş., Çalış, N., Kayacan, M.A. (2018). Temettü ödeme duyurularının hisse senedi fiyatlarına etkisinin ölçülmesi: Borsa İstanbul’da bir uygulama, Sakarya İktisat Dergisi, 7(2): 92-106.
  • Sulaiman, L. A., Migiro, S. O. (2015). Effect of dividend decision on stock price changes: further Nigerian evidence. Investment Management and Financial Innovations, 12(1).
  • Suwanna, T. (2012). Impacts of Dividend Announcement on Stock Returns, The 2012 International (Spring) Conference on Asia Pacific Business Innovation and Technology Management. Procedia-Social Behavioral Sciences, 40: 721-725.
  • Uddin, H.(2008). Effect of dividend announcement on shareholders’ value: evidence from Saudi arabian stock Exchange. The International Journal of Business and Finance Research, 2(1): 87-101
There are 12 citations in total.

Details

Primary Language English
Subjects Finance, Business Administration
Journal Section Articles
Authors

Mustafa Kevser This is me 0000-0003-0586-1662

Mesut Dogan This is me 0000-0001-6879-1361

Publication Date December 31, 2020
Published in Issue Year 2020 Volume: 12 Issue: 1

Cite

APA Kevser, M., & Dogan, M. (2020). ANALYSIS OF THE RELATIONSHIP BETWEEN THE ANNOUNCEMENTS OF DIVIDEND PAYOUT DECISIONS OF FOOTBALL CLUBS AND THE RETURNS OF SHARES USING THE EVENT ANALYSIS METHOD. PressAcademia Procedia, 12(1), 31-34. https://doi.org/10.17261/Pressacademia.2020.1343
AMA Kevser M, Dogan M. ANALYSIS OF THE RELATIONSHIP BETWEEN THE ANNOUNCEMENTS OF DIVIDEND PAYOUT DECISIONS OF FOOTBALL CLUBS AND THE RETURNS OF SHARES USING THE EVENT ANALYSIS METHOD. PAP. December 2020;12(1):31-34. doi:10.17261/Pressacademia.2020.1343
Chicago Kevser, Mustafa, and Mesut Dogan. “ANALYSIS OF THE RELATIONSHIP BETWEEN THE ANNOUNCEMENTS OF DIVIDEND PAYOUT DECISIONS OF FOOTBALL CLUBS AND THE RETURNS OF SHARES USING THE EVENT ANALYSIS METHOD”. PressAcademia Procedia 12, no. 1 (December 2020): 31-34. https://doi.org/10.17261/Pressacademia.2020.1343.
EndNote Kevser M, Dogan M (December 1, 2020) ANALYSIS OF THE RELATIONSHIP BETWEEN THE ANNOUNCEMENTS OF DIVIDEND PAYOUT DECISIONS OF FOOTBALL CLUBS AND THE RETURNS OF SHARES USING THE EVENT ANALYSIS METHOD. PressAcademia Procedia 12 1 31–34.
IEEE M. Kevser and M. Dogan, “ANALYSIS OF THE RELATIONSHIP BETWEEN THE ANNOUNCEMENTS OF DIVIDEND PAYOUT DECISIONS OF FOOTBALL CLUBS AND THE RETURNS OF SHARES USING THE EVENT ANALYSIS METHOD”, PAP, vol. 12, no. 1, pp. 31–34, 2020, doi: 10.17261/Pressacademia.2020.1343.
ISNAD Kevser, Mustafa - Dogan, Mesut. “ANALYSIS OF THE RELATIONSHIP BETWEEN THE ANNOUNCEMENTS OF DIVIDEND PAYOUT DECISIONS OF FOOTBALL CLUBS AND THE RETURNS OF SHARES USING THE EVENT ANALYSIS METHOD”. PressAcademia Procedia 12/1 (December 2020), 31-34. https://doi.org/10.17261/Pressacademia.2020.1343.
JAMA Kevser M, Dogan M. ANALYSIS OF THE RELATIONSHIP BETWEEN THE ANNOUNCEMENTS OF DIVIDEND PAYOUT DECISIONS OF FOOTBALL CLUBS AND THE RETURNS OF SHARES USING THE EVENT ANALYSIS METHOD. PAP. 2020;12:31–34.
MLA Kevser, Mustafa and Mesut Dogan. “ANALYSIS OF THE RELATIONSHIP BETWEEN THE ANNOUNCEMENTS OF DIVIDEND PAYOUT DECISIONS OF FOOTBALL CLUBS AND THE RETURNS OF SHARES USING THE EVENT ANALYSIS METHOD”. PressAcademia Procedia, vol. 12, no. 1, 2020, pp. 31-34, doi:10.17261/Pressacademia.2020.1343.
Vancouver Kevser M, Dogan M. ANALYSIS OF THE RELATIONSHIP BETWEEN THE ANNOUNCEMENTS OF DIVIDEND PAYOUT DECISIONS OF FOOTBALL CLUBS AND THE RETURNS OF SHARES USING THE EVENT ANALYSIS METHOD. PAP. 2020;12(1):31-4.

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