The Impact of Ownership Concentration on Dividend Payout Policy: Evidence From Turkey

Öz

In this study, we investigated the effect of ownership concentration on dividend payout decision. To this end, by using Random Effect Tobit Model and System Generalized Method of Moments approach we utilized the data of 116 industrial companies that are listed on the Borsa Istanbul for the period 2004-2009. The results suggest that there is a positive relationship between ownership concentration and dividend yield. In addition to concentration, firms’ profitability, leverage degree, capital expenditures and market to book value ratio also have significant impact on the dividend decision. Only considering profit distributing firms, concentration level dummy variables, profitability, market value and investment variables seems to determine the dividend rate for the company. When we divide this sample into two subgroups according to asset growth rates of the firms, dividend decisions of slow growing firms are affected by return on asset, market to book ratio as well as ownership concentration. On the other hand, ownership concentration, profitability, capital expenditures and market value are important factors for the dividend payout decisions of fast growing companies

Anahtar Kelimeler

• Dividend Policy, Ownership Concentration

Sahiplik Yoğunlaşmasının Temettü Dağıtım Kararlarına Etkisi: Borsa İstanbul’da Bir Uygulama

Öz

Bu çalışmada sahiplik yoğunlaşmasının temettü dağıtım kararları üzerine etkisi araştırılmıştır. Rassal Etkili Tobit ve Sistem Genelleştirilmiş Momentler Metodunun kullanıldığı çalışmada, Borsa İstanbul’a kote 116 sanayi şirketinin 20042009 dönemi verilerinden faydalanılmıştır. Elde edilen bulgular, sahiplik yoğunlaşmasının temettü verimini pozitif yönde etkilediğini göstermektedir. Ayrıca firmaların karlılık oranı, borçlanma düzeyi, yatırım harcamaları ve Piyasa Değeri/Defter Değeri oranının temettü dağıtım kararları üzerinde önemli bir etkiye sahip olduğu tespit edilmiştir. Sadece kar dağıtan firmalar göz önünde bulundurulduğunda, yoğunlaşma düzeyini temsil eden tüm kukla değişkenler ile karlılık, piyasa değeri ve yatırım değişkenlerinin firmaların kar dağıtım oranlarını belirlediği görülmektedir. Kar dağıtan firmalardan oluşan örneklem, düşük ve yüksek hızda büyüyen firmalar şeklinde iki gruba ayrıldığında, düşük hızda büyüyen firmaların temettü dağıtım kararlarında sahiplik yoğunlaşmasının herhangi bir etkisinin olmadığı görülmüştür. Hızlı büyüyen firmalarda ise temettü dağıtım kararlarının sahiplik yoğunlaşması, karlılık, piyasa değeri ve yatırım harcamaları tarafından belirlendiği ortaya konulmuştur

Anahtar Kelimeler

• Temettü Politikası, Sahiplik Yoğunlaşması

Kaynakça

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