Reflection of Dividend Yield on Stock Price an Empirical Study

Öz

This study examines the factors affecting the stock prices of companies included in the BIST DIVIDEND index using the panel data analysis method. In this context, it is aimed to evaluate the effects of distributed dividends on stock prices. The study used annual data of 20 companies between the years 2009-2023. The study analyzed the effects of variables such as dividend yield, retained earnings ratio, return on equity, total assets and net profit after tax on stock prices. The results show that dividend yield (DY) and retained earnings ratio (ER) have a statistically significant and negative effect on stock prices. On the other hand, return on equity (ROE), total assets (lnTA) and net profit after tax (lnNIAT) have a statistically significant and positive effect. The effect of interest (INT) and inflation (INF) variables was not found to be statistically significant. These findings emphasize the sensitivity of investors to dividend policies and the significant effect of companies' financial performance on stock prices. The study contributes to more conscious investment decisions and a better understanding of the determinants of stock prices.

Anahtar Kelimeler

• Dividend
• Stock
• Financial Market
• Performance

Temettü Getirisinin Hisse Senedi Fiyatına Yansıması Ampirik Bir Araştırma

Öz

Bu çalışma, BIST TEMETTÜ endeksinde yer alan şirketlerin hisse senedi fiyatlarını etkileyen faktörleri panel veri analizi yöntemi ile incelemektedir. Bu kapsamda, dağıtılan temettülerin hisse senedi fiyatları üzerindeki etkilerinin değerlendirilmesi amaçlanmaktadır. Araştırmada 2009-2023 yılları arasında 20 şirketin yıllık verileri kullanılmıştır. Çalışmada, temettü getirisi, dağıtılmayan kârların oranı, özkaynak kârlılığı, toplam varlıklar ve vergi sonrası net kâr gibi değişkenlerin hisse senedi fiyatları üzerindeki etkileri analiz edilmiştir. Sonuçlar, temettü getirisi (DY) ve dağıtılmayan kârların oranının (ER) hisse senedi fiyatları üzerinde istatistiki olarak anlamlı ve negatif bir etkisi olduğunu göstermektedir. Buna karşın, özkaynak kârlılığı (ROE), toplam varlıklar (lnTA) ve vergi sonrası net kâr (lnNIAT) istatistiki olarak anlamlı ve pozitif bir etkiye sahiptir. Faiz (INT) ve enflasyon (INF) değişkenlerinin etkisi ise istatistiksel olarak anlamlı bulunmamıştır. Bu bulgular, yatırımcıların temettü politikalarına duyarlılığını ve şirketlerin finansal performanslarının hisse senedi fiyatları üzerindeki önemli etkisini vurgulamaktadır. Çalışma, yatırım kararlarının daha bilinçli alınmasına ve hisse senedi fiyatlarının belirleyicilerinin daha iyi anlaşılmasına katkı sağlamaktadır.

Anahtar Kelimeler

• Temettü
• Hisse Senedi
• Finansal Piyasa
• Performans

Kaynakça

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