Determinants of Firms’ Share Repurchases: An International Investigation

Yıl 2023, Sayı: 75, 334 - 354, 27.01.2023

Muhammed Yılmaz , Sadiye Oktay

https://doi.org/10.51290/dpusbe.1198169

Öz

In recent years, it has been observed that the dividend payout made by the share repurchases method has increased significantly in practice. This study aims to research the determinants of share repurchases of firms. Therefore, the sample of the study consists of a total of 161,592 observations and the data of 22,445 firms operating in 62 countries around the world between 2009-2019. The created model has been analyzed by logistic regression and the ordinary least squares test method. The independent variables used in the study consist of firm-level and country-level variables such as profitability, leverage, asset tangibility, size, growth opportunities, research and development expenditure rates, gross domestic product, foreign direct investment, and domestic savings rate. Also, countries are classified as countries that have adopted common law and civil law. According to the obtained results, the effect of foreign direct investment rate has no statistically significant on share repurchases according to both methods. Besides, it has been determined that other variables both at the firm- level and at the country level, have statistically significant and considerable effects on the dividend distribution of the firms by the share repurchases method. In addition, in researching the determinants of share repurchases, it has been concluded that the obtained findings by the logistic regression method reveal more consistent results with the theoretical expectations and previous evidence in the literature. The developed model within the scope of share repurchases decisions shows the strong and original side of the study. Consequently, the results of this study are thought to be a guide that gives a new perspective and contributes to the literature, practitioners, and investors.

Anahtar Kelimeler

Dividend Payout, Share Repurchases, Logistic Regression, Least Squares Method, Legal System

Firmaların Pay Senedi Geri Satın Alımlarının Belirleyicileri: Uluslararası Bir İnceleme

Öz

Son yıllarda pay senedi geri satın alım yöntemi ile yapılan kâr payı dağıtımının uygulamada ciddi şekilde arttığı görülmektedir. Bu çalışmanın amacı firmaların pay senedi geri satın alımının belirleyicilerini araştırmaktır. Bu doğrultuda çalışmanın örneklemi 2009-2019 yılları arasında dünya genelinde 62 ülkede faaliyet gösteren 22,445 firma verisinden ve toplam 161,592 gözlem sayısından meydana gelmektedir. Oluşturulan model, lojistik regresyon ve en küçük kareler test yöntemiyle analiz edilmiştir. Çalışmada kullanılan bağımsız değişkenler kârlılık, kaldıraç, maddi duran varlıklar, büyüklük, büyüme fırsatları, araştırma geliştirme harcama oranı ile gayri safi yurt içi hâsıla, doğrudan yabancı yatırım, yurt içi tasarruf oranı olmak üzere firma ve ülke düzeyindeki değişkenlerden oluşmaktadır. Ayrıca ülkeler benimsedikleri hukuk sistemi açısından Anglosakson ve Kıta Avrupası Hukuk sistemi olarak sınıflandırılmıştır. Elde edilen sonuçlar itibariyle doğrudan yabancı yatırım oranı her iki yönteme göre pay geri alımları üzerine etkisi istatistiki olarak anlamlı çıkmamıştır. Bunun yanında hem firma düzeyinde hem de ülke düzeyindeki diğer değişkenlerin firmaların pay senedi geri satın alım yöntemiyle yaptıkları kâr payı dağıtımına önemli ve istatistiksel olarak anlamlı etkilerin olduğu tespit edilmiştir. Ayrıca pay senedi geri satın alımlarının belirleyicilerinin incelenmesinde, lojistik regresyon yöntemi ile elde edilen bulguların teorik beklentilerle ve literatürde yer alan önceki bulgularla daha uyumlu sonuçlar ortaya koymasından dolayı, bu yöntemin daha tutarlı bir yöntem olduğu sonucuna ulaşılmıştır. Pay senedi geri satın alım kararları kapsamında geliştirilen model çalışmanın güçlü ve özgün yanını göstermektedir. Dolayısıyla bu çalışmanın sonuçlarının literatüre, uygulamacılara, yatırımcılara katkı sağlayan ve yeni bir perspektif kazandıran bir kılavuz olduğu düşünülmektedir.

Anahtar Kelimeler

Kar Payı Dağıtımı, Pay Senedi Geri Satın Alımı, Lojistik Regresyon, En Küçük Kareler Yöntemi, Yasal Yapı

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