Research Article
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Relationship Between Dividend Policy and Ownership Structure in Emerging Markets: An Application in Borsa İstanbul

Year 2020, Volume: 23 Issue: 1, 141 - 153, 30.04.2020
https://doi.org/10.29249/selcuksbmyd.649255

Abstract

Dividend Policy is a frequently discussed finance issue in recent years. Dividend payout is very important in terms of corporate governance and financial management. Retained profits, which can be an important financial source for companies, are also affected by the ownership structure of the company. In order to determine the relationship between the ownership structure and the dividend policy, the ownership structures and financial data of the companies registered in the BIST 50 Index for the years 2015-2017 were studied. The results of the panel data analysis were reported in detail. The findings showed that among the companies registered BIST 50 Index in 2015-2016-2017 years which distributed profit, have a negative relationship between the density of the dividend payout.

References

  • Anderson, Ronald C. ve David, M. Reeb. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500, The journal of finance, (58) 3, 1301-1328.
  • Andres, Christian (2008). Large shareholders and firm performance:An empirical examination of founding-family ownership, Journal Of Corporate Finance, (14) 4, 431-445.
  • Ang, James ve David, K. Ding (2006). Government ownership and the performance of government-linked companies: The case of Singapore, Journal of Multinational Financial Management, (16) 1, 64-88.
  • Arshad, Zeeshan. Akram, Yasir. Amjad, Maryam ve Usman, Muhammad (2013). Ownership Structure And Dividend Policy, Interdıscıplınary Journal Of Contemporary Research In Busıness, 5 (3), 378-401.
  • Asquith, Paul, Parag A. Pathak ve Jay R. Ritter (2005). Short interest, institutional ownership, and stock returns, Journal of Financial Economics, (78) 2, 243-276.
  • Bayrakdaroğlu, Ali (2010). Mülkiyet Yapısı ve Finansal Performans: İMKB Örneği, Ekonomi Bilimleri Dergisi, 2 (2), 11-20.
  • Canbaş, Serpil ve Vural, Gamze (2012). Finansal Yönetim: Açıklamalı Örnekler ve Problemler, 2. Baskı, Adana: Karahan Kitabevi
  • Chaganti, Rajeswararao ve Fariborz Damanpour (1991). Institutional ownership, capital structure, and firm performance, Strategic management journal, (12) 7, 479-491.
  • Chhibber, Pradeep K., ve Sumit, K. Majumdar (1999). Foreign ownership and profitability: Property rights, control, and the performance of firms in Indian industry, The Journal of Law and Economics, (42) 1, 209-238.
  • Dahlquist, Magnus ve Göran, Robertsson (2001). Direct foreign ownership, institutional investors, and firm characteristics, Journal of financial economics, (59) 3, 413-440.
  • Davies, J. R., Hillier, David ve Mccolgan, Patrick (). Ownership Structure, Managerial Behavior And Corporate Value, SSRN Electronik Journal, 11 (4), 645-650.
  • Erdaş, Mehmet Levent (2017). Kâr Payı Dağıtım Politikasını Etkileyen İşletmelere Özgü Faktörlerin Belirlenmesi: Borsa İstanbul-30 Endeksi Üzerine Bir Uygulama, Journal Of Life Economics, 4 (2), 49-76.
  • Ersoy, Ersan ve Çetenak, Emin Hüseyin (2015). Sahiplik Yoğunlaşmasının Temettü Dağıtım Kararlarına Etkisi: Borsa İstanbulda Bir Uygulama, Ege Akademik Bakış Dergisi, 4 (15), 509-521
  • Ferreira, Miguel, Massa, Massimo ve Pedro Mtaos (2009). Dividend Clienteles Around The World: Evidence From Institutional Holdings, Marshall School Of Business Working Paper, (54)
  • Ghunmi, Diana Abu, Al-Zu’bi, Bashar, Badreddine, Sina ve Chaudhry, Shahid (2013). Foreign Direct Investments in Jordan, International Journal Of Business, 18 (3), 256-272.
  • Gugler, Klaus ve Yurtoglu, B. Burcin (2003). Corporate governance and dividend pay-out policy in Germany, European economic review, (47) 4, 731-758.
  • Güngör, Selim (2012). Sahiplik YapısıvVe Temettü İlişkisi: İMKB’de Bir Uygulama, Yüksek Lisans Tezi, Hitit Üniversitesi Sosyal Bilimler Enstitüsü, Çorum.
  • http://www.tdk.gov.tr/index.php?option=com_gts&kelime=sahiplik (Erişim Tarihi: 01.09.2019)
  • Kakilli Acaravcı, Songül, Kandır, S. Yılmaz ve Zelka, Ahmet (2015). Kurumsal Yönetimin BİST Şirketlerinin Performanslarına Etkisinin Araştırılması, Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8 (1), 171-183.
  • Kang, Shinae, Kim, Soojung ve Sul, Wonsik (2010). Impact Of Foreıgn Instıtutıonal Investors On Dıvıdend Polıcy In Korea: A Stock Market Perspectıve, Journal Of Financial Management And Analysis, 23 ( L), 10-26.
  • Khan, Jan Shair, Ahsan, Syed Muhammad ve Malik, Hilal Ahmed (2015). Impact Of Ownership Structure On Dividend Policy And Capital Structure: Evidence From Non-Financial Sector Of Pakistan, Journal Of Management Info, 2(4), 16-25.
  • Lundgren, Bjorn, Lantz, Christofer Eriksson ve Lions, Catherine (2016). Ownership Structure’s Effect On Dividend Policy Evidence From Publicly Listed Swedish Firms, Thesis, School Of Business And Economics, Sweden.
  • Mancinelli, Luciana ve Aydin, Ozkan (2006). Ownership structure and dividend policy: Evidence from Italian firms, European Journal of Finance, (12) 3, 265-282.
  • Manneh, Marwan (2014). Determinants Of Dividends Policy: Evidence From Non-Financial Companies Listed On Abu Dhabi Securities Exchange (ADX), Thesis, Cardiff School Of Management Cardiff Metropolitan University, Cardiff UK
  • Maury, Benjamin (2006). Family ownership and firm performance: Empirical evidence from Western European corporations, Journal of corporate finance, (12) 2, 321-341.
  • Müslümov, Alövsat (2002). Türkiye'de halka açılan KOBİ boyutunda işletmelerin büyük ölçekli işletmelerden farklılaşımı ve sermaye piyasalarının KOBİ'ler açısından önemi, Ege Akademik Bakış Dergisi, (8) 2, 519-540.
  • Okuyan, H. Aydın ve Taşcı, H. Mehmet (2010). Sermaye Yapısının Belirleyicileri: Türkiye'deki En Büyük 1000 Sanayi İşletmesinde Bir Uygulama, Journal of BRSA Banking & Financial Markets, (4) 1.
  • Önem, Hüseyin Başar (2014). Kâr Dağıtım Kararlarının Ve Mülkiyet Yapısının Firma Performansına Etkisi: Bıst İmalat Sektörü Üzerine Bir Uygulama, Doktora Tezi, Süleyman Demirel Üniveristesi Sosyal Bilimler Enstitüsü, Isparta.
  • Özvar, Koray (2015). Sahiplik Yapısının Kâr Dağıtım Politikası Üzerine Etkisi: Borsa İstanbul’da Bir Uygulama, Yüksek Lisans Tezi, Nevşehir Hacı Bektaş Veli Üniversitesi Sosyal Bilimler Enstitüsü, Nevşehir.
  • Qahtani, Tahani Hmood ve Ajına, Aymen (2017). The Impact Of Ownership Structure On Dividend Policy The Evidence From Saudi Arabia, Journal Of Emerging Issues in Economics, 6 (1), 2187-2202.
  • Ramli, N. Mazna (2010). Ownership Structure And Dividend Policy: Evidence From Malaysian Companies, International Review Of Business Research Papers, 6 (1), 170-180.
  • Reyna, Juan Manuel San Martin (2017). Ownership Structure And Its Effect On Dividend Policy in Mexican Context, Contaduria Y Administracion, (62), 1199-1213.
  • Sevimli Örgün, Gamze ve Aygün, Mehmet (2018). Sahiplik Yapısı ve Kâr Kalitesi: Borsa İstanbul Üzerine Bir İnceleme, Muhasebe Ve Vergi Uygulamaları Dergisi,11 (3), 333-348.
  • Short, Helen, Hao Zhang ve Kevin Keasey (2002). The link between dividend policy and institutional ownership, Journal of corporate Finance, (8) 2, 105-122.
  • Sun, Qian, Wilson, HS Tong ve Jing, Tong How does government ownership affect firm performance? Evidence from China’s privatization experience, Journal of Business Finance & Accounting, (29) 1, 1-27.
  • Ting, Irene Wei Kiong, Kwehb, Qian Long ve Somosundaram, Kausalyaa (2017). Ownership Concentration, Dividend Payout And Firm Performance: The Case Of Malaysia, Malaysian Journal Of Economic Studies, 54 (2), 269–280.
  • Toraman, Cengiz ve Okuyan, H. Aydın (2009). İşletmelerde ortaklık yapısında yoğunlaşmanın kaynak yapısı üzerindeki etkisi: İMKB şirketleri üzerine bir uygulama, Muhasebe ve Finansman Dergisi, (41), 72-81.
  • Truong, Thanh ve Richard, Heaney (2007). Largest shareholder and dividend policy around the World, The Quarterly Review of Economics and Finance, (47) 5, 667-687.
  • 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.
  • Uwuigbe, Uwalomwa (2012). An Examination Of The Effects Of Ownership Structure And Financial Leverage On The Dividend Policies Of Listed Firms in Nigeria, Journal Of Economics, Business, And Accountancy Ventura, 16 (2), 251-258.
  • Ünlü, Ulaş (2011). Yönetici Sahipliği ve Firma Değeri: İMKB İçin Ampirik Bir Uygulama, Ankara Üniversitesi SBF Dergisi, 66 (2), 201-214.
  • Warrad, Lina, Abed, Suzan-Khriasat, Ola ve Sheikh, Imad (2012). The Effect Of Ownership Structure On Dividend Payout Policy: Evdence From Jrdonian Context, International Journal Of Economics And Finance, 4 (2), 187-195.
  • Wei, Zhihua, Wu, Shinong, Li, Changqing ve Chen, Wei (2011). Family Control Instituonal Environment And Cash Dividend Policy: Evdence From China, China Journal Of Accounting Research, (4), 29-46.
  • Zhang, Feng, Yao, Tian ve Wirjanto, Tony S. (2009). Empirical tests of the float-adjusted return model, Finance Research Letters, (6) 4, 219-229.

Firmalarda Sahiplik Yapısı İle Kâr Dağıtım Politikası Arasındaki İlişkinin İncelenmesi: Borsa İstanbul’da Bir Uygulama

Year 2020, Volume: 23 Issue: 1, 141 - 153, 30.04.2020
https://doi.org/10.29249/selcuksbmyd.649255

Abstract

Kâr dağıtım politikası son yıllarda sık araştırılan bir finans konusudur. Kâr dağıtımı kurumsal yönetim ve finansal yönetim açısından oldukça önemlidir. Şirketler için de önemli bir finans kaynağı olabilen dağıtılmamış kârlar, şirketin sahiplik yapısından etkilenmektedir. Sahiplik yapısı ile kâr dağıtım politikası arasındaki ilişkiyi tespit etmek amacıyla BİST 50 Endeksinde kayıtlı şirketlerin 2015-2016-2017 yılları sahiplik yapıları ve finansal verileri incelenmiştir. Gerçekleştirilen panel veri analizi sonuçları ayrıntılı şekilde raporlanmıştır. Elde edilen bulgular BİST 50 endeksinde kayıtlı 2015-2016-2017 yıllarında kâr dağıtımı yapmış şirketlerde sahip yoğunluğu ile kâr dağıtımı arasında negatif yönlü ilişki tespit edilmiştir.

References

  • Anderson, Ronald C. ve David, M. Reeb. (2003). Founding‐family ownership and firm performance: evidence from the S&P 500, The journal of finance, (58) 3, 1301-1328.
  • Andres, Christian (2008). Large shareholders and firm performance:An empirical examination of founding-family ownership, Journal Of Corporate Finance, (14) 4, 431-445.
  • Ang, James ve David, K. Ding (2006). Government ownership and the performance of government-linked companies: The case of Singapore, Journal of Multinational Financial Management, (16) 1, 64-88.
  • Arshad, Zeeshan. Akram, Yasir. Amjad, Maryam ve Usman, Muhammad (2013). Ownership Structure And Dividend Policy, Interdıscıplınary Journal Of Contemporary Research In Busıness, 5 (3), 378-401.
  • Asquith, Paul, Parag A. Pathak ve Jay R. Ritter (2005). Short interest, institutional ownership, and stock returns, Journal of Financial Economics, (78) 2, 243-276.
  • Bayrakdaroğlu, Ali (2010). Mülkiyet Yapısı ve Finansal Performans: İMKB Örneği, Ekonomi Bilimleri Dergisi, 2 (2), 11-20.
  • Canbaş, Serpil ve Vural, Gamze (2012). Finansal Yönetim: Açıklamalı Örnekler ve Problemler, 2. Baskı, Adana: Karahan Kitabevi
  • Chaganti, Rajeswararao ve Fariborz Damanpour (1991). Institutional ownership, capital structure, and firm performance, Strategic management journal, (12) 7, 479-491.
  • Chhibber, Pradeep K., ve Sumit, K. Majumdar (1999). Foreign ownership and profitability: Property rights, control, and the performance of firms in Indian industry, The Journal of Law and Economics, (42) 1, 209-238.
  • Dahlquist, Magnus ve Göran, Robertsson (2001). Direct foreign ownership, institutional investors, and firm characteristics, Journal of financial economics, (59) 3, 413-440.
  • Davies, J. R., Hillier, David ve Mccolgan, Patrick (). Ownership Structure, Managerial Behavior And Corporate Value, SSRN Electronik Journal, 11 (4), 645-650.
  • Erdaş, Mehmet Levent (2017). Kâr Payı Dağıtım Politikasını Etkileyen İşletmelere Özgü Faktörlerin Belirlenmesi: Borsa İstanbul-30 Endeksi Üzerine Bir Uygulama, Journal Of Life Economics, 4 (2), 49-76.
  • Ersoy, Ersan ve Çetenak, Emin Hüseyin (2015). Sahiplik Yoğunlaşmasının Temettü Dağıtım Kararlarına Etkisi: Borsa İstanbulda Bir Uygulama, Ege Akademik Bakış Dergisi, 4 (15), 509-521
  • Ferreira, Miguel, Massa, Massimo ve Pedro Mtaos (2009). Dividend Clienteles Around The World: Evidence From Institutional Holdings, Marshall School Of Business Working Paper, (54)
  • Ghunmi, Diana Abu, Al-Zu’bi, Bashar, Badreddine, Sina ve Chaudhry, Shahid (2013). Foreign Direct Investments in Jordan, International Journal Of Business, 18 (3), 256-272.
  • Gugler, Klaus ve Yurtoglu, B. Burcin (2003). Corporate governance and dividend pay-out policy in Germany, European economic review, (47) 4, 731-758.
  • Güngör, Selim (2012). Sahiplik YapısıvVe Temettü İlişkisi: İMKB’de Bir Uygulama, Yüksek Lisans Tezi, Hitit Üniversitesi Sosyal Bilimler Enstitüsü, Çorum.
  • http://www.tdk.gov.tr/index.php?option=com_gts&kelime=sahiplik (Erişim Tarihi: 01.09.2019)
  • Kakilli Acaravcı, Songül, Kandır, S. Yılmaz ve Zelka, Ahmet (2015). Kurumsal Yönetimin BİST Şirketlerinin Performanslarına Etkisinin Araştırılması, Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 8 (1), 171-183.
  • Kang, Shinae, Kim, Soojung ve Sul, Wonsik (2010). Impact Of Foreıgn Instıtutıonal Investors On Dıvıdend Polıcy In Korea: A Stock Market Perspectıve, Journal Of Financial Management And Analysis, 23 ( L), 10-26.
  • Khan, Jan Shair, Ahsan, Syed Muhammad ve Malik, Hilal Ahmed (2015). Impact Of Ownership Structure On Dividend Policy And Capital Structure: Evidence From Non-Financial Sector Of Pakistan, Journal Of Management Info, 2(4), 16-25.
  • Lundgren, Bjorn, Lantz, Christofer Eriksson ve Lions, Catherine (2016). Ownership Structure’s Effect On Dividend Policy Evidence From Publicly Listed Swedish Firms, Thesis, School Of Business And Economics, Sweden.
  • Mancinelli, Luciana ve Aydin, Ozkan (2006). Ownership structure and dividend policy: Evidence from Italian firms, European Journal of Finance, (12) 3, 265-282.
  • Manneh, Marwan (2014). Determinants Of Dividends Policy: Evidence From Non-Financial Companies Listed On Abu Dhabi Securities Exchange (ADX), Thesis, Cardiff School Of Management Cardiff Metropolitan University, Cardiff UK
  • Maury, Benjamin (2006). Family ownership and firm performance: Empirical evidence from Western European corporations, Journal of corporate finance, (12) 2, 321-341.
  • Müslümov, Alövsat (2002). Türkiye'de halka açılan KOBİ boyutunda işletmelerin büyük ölçekli işletmelerden farklılaşımı ve sermaye piyasalarının KOBİ'ler açısından önemi, Ege Akademik Bakış Dergisi, (8) 2, 519-540.
  • Okuyan, H. Aydın ve Taşcı, H. Mehmet (2010). Sermaye Yapısının Belirleyicileri: Türkiye'deki En Büyük 1000 Sanayi İşletmesinde Bir Uygulama, Journal of BRSA Banking & Financial Markets, (4) 1.
  • Önem, Hüseyin Başar (2014). Kâr Dağıtım Kararlarının Ve Mülkiyet Yapısının Firma Performansına Etkisi: Bıst İmalat Sektörü Üzerine Bir Uygulama, Doktora Tezi, Süleyman Demirel Üniveristesi Sosyal Bilimler Enstitüsü, Isparta.
  • Özvar, Koray (2015). Sahiplik Yapısının Kâr Dağıtım Politikası Üzerine Etkisi: Borsa İstanbul’da Bir Uygulama, Yüksek Lisans Tezi, Nevşehir Hacı Bektaş Veli Üniversitesi Sosyal Bilimler Enstitüsü, Nevşehir.
  • Qahtani, Tahani Hmood ve Ajına, Aymen (2017). The Impact Of Ownership Structure On Dividend Policy The Evidence From Saudi Arabia, Journal Of Emerging Issues in Economics, 6 (1), 2187-2202.
  • Ramli, N. Mazna (2010). Ownership Structure And Dividend Policy: Evidence From Malaysian Companies, International Review Of Business Research Papers, 6 (1), 170-180.
  • Reyna, Juan Manuel San Martin (2017). Ownership Structure And Its Effect On Dividend Policy in Mexican Context, Contaduria Y Administracion, (62), 1199-1213.
  • Sevimli Örgün, Gamze ve Aygün, Mehmet (2018). Sahiplik Yapısı ve Kâr Kalitesi: Borsa İstanbul Üzerine Bir İnceleme, Muhasebe Ve Vergi Uygulamaları Dergisi,11 (3), 333-348.
  • Short, Helen, Hao Zhang ve Kevin Keasey (2002). The link between dividend policy and institutional ownership, Journal of corporate Finance, (8) 2, 105-122.
  • Sun, Qian, Wilson, HS Tong ve Jing, Tong How does government ownership affect firm performance? Evidence from China’s privatization experience, Journal of Business Finance & Accounting, (29) 1, 1-27.
  • Ting, Irene Wei Kiong, Kwehb, Qian Long ve Somosundaram, Kausalyaa (2017). Ownership Concentration, Dividend Payout And Firm Performance: The Case Of Malaysia, Malaysian Journal Of Economic Studies, 54 (2), 269–280.
  • Toraman, Cengiz ve Okuyan, H. Aydın (2009). İşletmelerde ortaklık yapısında yoğunlaşmanın kaynak yapısı üzerindeki etkisi: İMKB şirketleri üzerine bir uygulama, Muhasebe ve Finansman Dergisi, (41), 72-81.
  • Truong, Thanh ve Richard, Heaney (2007). Largest shareholder and dividend policy around the World, The Quarterly Review of Economics and Finance, (47) 5, 667-687.
  • 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.
  • Uwuigbe, Uwalomwa (2012). An Examination Of The Effects Of Ownership Structure And Financial Leverage On The Dividend Policies Of Listed Firms in Nigeria, Journal Of Economics, Business, And Accountancy Ventura, 16 (2), 251-258.
  • Ünlü, Ulaş (2011). Yönetici Sahipliği ve Firma Değeri: İMKB İçin Ampirik Bir Uygulama, Ankara Üniversitesi SBF Dergisi, 66 (2), 201-214.
  • Warrad, Lina, Abed, Suzan-Khriasat, Ola ve Sheikh, Imad (2012). The Effect Of Ownership Structure On Dividend Payout Policy: Evdence From Jrdonian Context, International Journal Of Economics And Finance, 4 (2), 187-195.
  • Wei, Zhihua, Wu, Shinong, Li, Changqing ve Chen, Wei (2011). Family Control Instituonal Environment And Cash Dividend Policy: Evdence From China, China Journal Of Accounting Research, (4), 29-46.
  • Zhang, Feng, Yao, Tian ve Wirjanto, Tony S. (2009). Empirical tests of the float-adjusted return model, Finance Research Letters, (6) 4, 219-229.
There are 44 citations in total.

Details

Primary Language Turkish
Journal Section Original Research Articles
Authors

Ahmet Akusta This is me 0000-0002-5160-3210

Mehmet Salur 0000-0003-1089-1372

Publication Date April 30, 2020
Submission Date November 20, 2019
Published in Issue Year 2020 Volume: 23 Issue: 1

Cite

APA Akusta, A., & Salur, M. (2020). Firmalarda Sahiplik Yapısı İle Kâr Dağıtım Politikası Arasındaki İlişkinin İncelenmesi: Borsa İstanbul’da Bir Uygulama. Selçuk Üniversitesi Sosyal Bilimler Meslek Yüksekokulu Dergisi, 23(1), 141-153. https://doi.org/10.29249/selcuksbmyd.649255

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