Kar Payı Ödeme Politikalarının Belirleyicileri: Havayolu Sektöründen Kanıtlar

Abstract

Hisse senedi piyasalarının önemi son zamanlarda giderek artmıştır. Literatürde hisse senetlerinin değerinin nasıl belirlendiği konusunda birçok görüş ve teori söz konusudur. Son dönemlerde kar payı ödeme politikalarının hisse senedi fiyatlarını nasıl etkilediği konusu daha önemli hale gelmiştir. Dolayısıyla bu çalışmanın amacı havayolu endüstrisinde kar payı ödemelerini etkileyen finansal faktörlerin ortaya çıkarılmasıdır. Çalışma kapsamında 16 havayoluna ait 2009-2018 finansal verileri analiz edilmiştir. Çalışmada yöntem olarak panel veri analizi tercih edilmiştir. Çalışmanın bulguları, havayolu endüstrisinde kurumsal nakit mevcudu ile temettü ödemeleri arasında yakın bir ilişki olduğunu göstermektedir. Çalışmanın sonuçlarına göre, kurumsal nakit mevcudunda meydana gelen artış temettü ödemelerinde anlamlı bir artışa neden olmaktadır.

Keywords

• Temettü ödeme politikası
• Havayolu sektörü
• Panel veri analizi
• Finansal belirleyiciler

Determinants of Dividend Payout Policies: Evidence from Airline Industry

Abstract

The goal of this research is to uncover the financial factors that influence airline dividend payment policies. The panel data analysis method was used to analyze the financial data of 16 airlines from 2009 to 2018. In the study, the dividend payout of the airlines was used as the dependent variable. The independent variables of the study were determined as firm size, leverage ratio, tangible fixed assets, profitability level, market value, liquidity ratio, and corporate cash availability. The findings of the study reveal that in the airline industry, there is a strong link between corporate cash holdings and dividend payments. According to the findings, increased corporate cash availability results in a significant increase in dividend payments.

Keywords

• Dividend payout policy
• Airline industry
• Panel data analysis
• Financial determinants

References

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