Hissedar refahını etkileyen değişkenlerin incelenmesi: Bist Temettü Endeksi üzerine bir uygulama

Öz

Firmaların elde ettikleri kar hem otofinansman kaynağı hem de temettü olarak firmaları ve hissedarları önemli ölçüde etkilemektedir. Firmalar otofinansman olarak karın dağıtılmadan şirket yatırımlarında kullanılmasını, ortaklar ise karın temettü olarak ortaklar arasında dağıtılması isterler. Bu bakımdan hissedarların refahında şirketin finansman kararları önemlidir. Bu çalışmada BIST Temettü endeksinde yer alan 23 hissenin 2010-2021 yıllarındaki yıllık verileri kullanılmıştır. Bağımlı değişken olarak hissedar refahı bağımsız değişken olarak ise 8 değişkenin verisi ile panel regresyon analizi yapılmıştır. Analiz sonucunda elde edilen bulgulara göre “PD/DD” değişkenin hissedar refahı üzerinde pozitif ve anlamlı bir etkisinin olduğu tespit edilmiştir.

Anahtar Kelimeler

• Hissedar Refahı
• Temettü Politikası
• Kar Dağıtımı
• Panel Veri Analizi
• BİST

The Determination of Variables Affecting The Shareholder Wealth: Empirical Evidence From The BIST Dividend Index

Öz

The effects of firms' profits, both as a source of auto-financing and dividends, have a significant impact on firms and shareholders. Firms want the profit to be used in company investments without distribution as auto-financing, while the shareholders want the profit to be distributed among the shareholders as dividends. In this regard, the company's financing decisions are important for the wealth of shareholders. In this study, the annual data of 23 stocks in the BIST Dividend Index for the years 2010-2021 were used. Panel regression analysis was performed with the data of 8 variables as the dependent variable and shareholder wealth as the independent variable. According to the findings obtained as a result of the analysis, it has been determined that the “MV/BV” variable has a positive and significant effect on shareholder wealth

Anahtar Kelimeler

• Shareholder Wealth
• Dividend Policy
• Dividend Distribution
• Panel Data Analysis
• BİST

Kaynakça

1. Agila, M. ve Jerinabi, U. (2018). Dividend policy and its impact on shareholder’s wealth and firm performance: A study of listed cement companies. IOSR Journal of Business and Management, 20(9), 28-31. doi: 10.9790/487X-2009072831
2. Ansar, I, Butt, A.A ve Shah, S.B.H. (2015). Impact of dividend policy on shareholder’s wealth. International Review of Management and Business Research, 4(1), 89-95. Erişim adresi: https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=6fa6de300c7cd7e5fcf076a84b9f63c686f35d25
3. Aydın, N., Başar, M. ve Coşkun, M. (2017). Finansal Yönetim. Detay Yayıncılık:Ankara
4. Azhagaiah, R. ve Priya, S.N. (2008). The impact of dividend policy on shareholders’ wealth. International Research Journal of Finance and Economics, 20(3), 1450-2887. Erişim adresi: https://www.academia.edu/24938059/The_Impact_of_Dividend_Policy_on_Shareholders_Wealth
5. Chenchehene, J. ve Mensah, K. (2015). Dividend policy and its effects on shareholders wealth: Evidence from UK retail industry. International Journal of Liberal Arts and Social Science, 3(2), 52-64. Erişim adresi: https://www.ijlass.org/data/frontImages/gallery/Vol._3_No._2/6._52-64.pdf
6. De Wet, J. ve Mpinda, M. (2013). The impact of dividend payments on shareholders' wealth: evidence from the Vector Error Correction Model. De Wet, JH vH. & Mpinda, M, 1451-1465. doi: 10.19030/iber.v12i11.8182
7. Eicker, F. (1967). Limit Theorems for Regressions with Unequal and Dependent Errros, in Proceeding of The Fifth Berkeley Symposium on Mathematical Statistics and Probability, Ed. Lecam L. and Neyman, J., 59-80, Berkeley, University of California Press. Erişim adresi: https://asset-pdf.scinapse.io/prod/1895111254/1895111254.pdf
8. Farrukh, K., Irshad, S., Shams Khakwani, M., Ishaque, S. ve Ansari, N.Y. (2017). Impact of dividend policy on shareholders wealth and firm performance in Pakistan. Cogent Business & Management, 4(1), 1408208. doi: 10.1080/23311975.2017.1408208

9. GejaLakshmi, S. ve Azhagaiah, R. (2015). The impact of dividend policy on shareholders’ wealth before and after financial melt down: evidence from FMCG sector in India. Financial Risk and Management Reviews, 1(1), 8-26. doi: 10.18488/journal.89/2015.1.1/89.1.8.26
10. Gul, S., Sajid, M., Razzaq, N., Iqbal, M.F. ve Khan, M.B. (2012). The relationship between dividend policy and shareholder’s wealth. Economics and Finance Review, 2(2), 55-59. Erişim adresi:http://www.businessjournalz.org/efr
11. Hafeez, M.M., Shahbaz, S., Iftikhar, I. ve Butt, H.A. (2018). Impact of dividend policy on firm performance. International Journal of Advanced Study and Research Work, 1(4), 1-5. doi:10.5281/zenodo.131218
12. Huber, P.J. (1967). The behavior of maximum likelihood estimates under non-standard conditions. in Proceeding of The Fifth Berkeley Symposium on Mathematical Statistics and Probability, Ed. Lecam L. and Neyman, J., 221-233, Berkeley, University of California Press. Erişim adresi: https://www.academia.edu/download/69787159/1200512988.pdf
13. Idris, B.M., IzzatiNazri, N.F., Ali, S., Rahim, H.A. ve Kasim, K. (2019). The impact of dividend policy on shareholders' wealth: a case study of syariah compliance companies. Journal of Islamic Banking & Finance, 36(4). Erişim adresi: https://web.p.ebscohost.com/ehost/pdfviewer/pdfviewer?vid=0&sid=08d9331f-e792-4f9f-9fa6-d40b948bf40c%40redis
14. Khan, A.B. ve Qureshi, N.Z. (2018). Does dividend policy affect shareholders’ wealth. International Journal of Current Engineering and Scientific Research, 5(2), 1-7. Erişim adresi https://portal.issn.org/resource/ISSN/2153-8956
15. Rahman, A. (2018). Effect of dividend policy on firm’s performance: a case study of cement sector of Pakistan. SEISENSE Journal of Management, 1(5), 6-15. doi: https://doi.org/10.5281/zenodo.1450462, 6-15
16. Moulton, B.R. ve Randolph, W.C. (1989). Alternative test of the error components model. Econometrica, 57, 685-693. doi:10.2307/1911059
17. Ofori‐Sasu, D., Abor, J.Y. ve Osei, A.K. (2017). Dividend policy and shareholders’ value: evidence from listed companies in Ghana. African Development Review, 29(2), 293-304. doi:10.1111/1467-8268.12257
18. Pesaran, M.H. (2004). General diagnostic tests for cross section dependence in panels, University of Cambridge, Faculty of Economics, Cambridge WP 0435 in Economics. doi:10.1007/s00181-020-01875-7
19. Sarıkovanlık, V., Koy, A., Akkaya, M., Yıldırım, H.H. ve Kantar, L. (2019). Finans Biliminde Ekonometri Uygulamaları. Seçkin Yayıncılık:Ankara
20. Sarwar, M.S. (2013). Effect of dividend policy on share holders wealth: a study of sugar industry in Pakistan. Global Journal of Management and Business Research, 13(7), 1-9. Erişim adresi: https://globaljournals.org/GJMBR_Volume13/8-Effect-of-Dividend-Policy-on.pdf
21. Tatoğlu, F.Y. (2012). Panel Veri Ekonometrisi - Stata Uygulamalı. Beta Yayıncılık: İstanbul
22. Ujuju, L.E. ve Edore, J.E. (2020). Effect of dividend policy on shareholders wealth in Nigeria (1986 to 2016), European Journal of Accounting, Auditing and Finance Research, 8(6), 15-27. doi:10.37745/ejaafr/vol8.no6.pp15-27.2020
23. White, H. (1980). A heteroskedasticity-consistent covariance matrix estimator and a direct test for heteroskedasticity. Econometrica, 48, 817-838. doi:10.2307/1912934
24. Yanxin, Y., Dagang, K. ve Xiao, Z. (2007). Shareholder wealth effect of dividend policy: Empirical evidence from the Chinese securities market. Frontiers of business research in China, 1(3), 437-455. doi: 10.1007/s11782-007-0026-8