KAR PAYI DAĞITIM KARARLARINA YÖNELİK TEORİLER VE TÜRKİYE’DE GEÇERLİLİĞİ ÜZERİNE BİR LİTERATÜR ARAŞTIRMASI

Yıl 2021, Cilt: 8 Sayı: 3, 126 - 144, 31.07.2021

Sara Faedfar Hüseyin Dagli Zekiye Aktaş

Öz

1970’lerden itibaren araştırmacılar, firmaların neden temettü ödemeleri gerektiği konusu üzerine yoğunlaşmış ve yaptıkları çalışmalarda firmaların temettü ödeme kararlarına dair farklı önerilerde bulunmuşlardır. Bu teorilerin bir kısmında, temettü kararları ve piyasanın buna karşın tepkisi, davranışsal finansa yani yatırımcılar veya yöneticilerin rasyonel davranışlarından sapma durumuna dayandırılırken; diğer kısmı ise firmalardaki davranışsal olmayan kurumsal yönetim üzerine yoğunlaşmıştır. Çalışmada, kar payı teorileri davranışsal ve davranışsal olmayan teoriler bazında ele alınmış ve devamında söz konusu teorilerin Türkiye’deki uygulanış biçimine yönelik literatür değerlendirilmesi yapılmıştır. Türkiye’de kar payı teorileri üzerine yapılan çalışmaların sonuçları yabancı literatürde de olduğu gibi ciddi farklılıklar göstermektedir. Genel olarak elde edilen bulgular, Türkiye’deki firmaların kar payı dağıtım kararlarının sinyalizasyon, ömür döngüsü ve müşteri etkisi teorileri etrafında şekillendiğini göstermektedir. Ancak, yapılan çalışmalarda kar payı dağıtım kararlarına ilişkin net bir kanıya varılamamakla birlikte kar payı bilmecesinin devam ettiği görülmektedir.

Anahtar Kelimeler

Kar Payı Teorileri, Davranışsal Kar Payı Teorileri, Kar Payı Politikası

Kaynakça

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