Araştırma Makalesi
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Kar Payı Ödeme Politikalarının Belirleyicileri: Havayolu Sektöründen Kanıtlar

Yıl 2021, , 210 - 218, 20.12.2021
https://doi.org/10.30518/jav.1001443

Öz

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.

Kaynakça

  • [1] K. H. Singla and K. P. Samanta, “Determinants of dividend payout of construction companies: a panel data analysis,” J. Financ. Manag. Prop. Constr., vol. 24, no. 1, pp. 19–38, 2019, doi: 10.1108/JFMPC-06-2018-0030.
  • [2] M. H. Miller and F. Modigliani, “Dividend Policy, Growth, and the Valuation of Shares,” J. Bus., vol. 34, no. 4, pp. 411–433, 1961, Accessed: Sep. 11, 2021. [Online]. Available: https://www.jstor.org/stable/pdf/2351143.
  • [3] M. Tahir and M. Mushtaq, “Determinants of Dividend Payout: Evidence from listed Oil and Gas Companies of Pakistan,” J. Asian Financ. Econ. Bus., vol. 3, no. 4, pp. 25–37, 2016, doi: 10.13106/jafeb.2016.vol3.no4.25.
  • [4] F. Bostanci, E. Kadioglu, and G. Sayilgan, “Financial Studies Determinants of Dividend Payout Decisions: A Dynamic Panel Data Analysis of Turkish Stock Market,” Int. J. Financ. Stud., vol. 6, no. 93, pp. 1–16, 2018, doi: 10.3390/ijfs6040093.
  • [5] A. Gill, N. Biger, and R. Tibrewala, “Determinants of Dividend Payout Ratios: Evidence from United States,” Open Bus. J., vol. 3, pp. 8–14, 2010, Accessed: Sep. 10, 2021. [Online]. Available: http://www.mergentonline.com/compsearch.
  • [6] S. Bhattacharya, “Imperfect Information, Dividend Policy, and ‘The Bird in the Hand’ Fallacy,” Bell J. Econ., vol. 10, no. 1, p. 259, 1979, doi: 10.2307/3003330.
  • [7] J. Lintner, “Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes,” Am. Econ. Rev., vol. 46, no. 2, pp. 97–113, 1956, Accessed: Sep. 12, 2021. [Online]. Available: https://www.jstor.org/stable/pdf/1910664.pdf?casa_token=7JdtRDO_VOgAAAAA:YFH2wDrv6Lg3obMLDxiPs2NNN_K-iFqvuBdJAtqacTk8zKJqg0PHmMVRQN4vyJ696hWP8WlDcoZF3fFvlGht-V4ra__jYFYLZ2g9kuzP7Do2C-NemyOe.
  • [8] M. C. Jensen, “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers,” Am. Econ. Rev., vol. 76, no. 2, pp. 323–329, 1986, Accessed: Sep. 12, 2021. [Online]. Available: https://www.jstor.org/stable/pdf/1818789.pdf?casa_token=PpFiaNuaBFYAAAAA:7A1xnfWPj2WnHcdft2YhfapFgDZeYgOZLDfEZyqSMc5HLdySW9z4H6dcpER2CHBEFsEJGhtCrtVCAsMjtbjG97_Eo58IMMCrnIOakeW03N-4TXaf8LAc.
  • [9] F. H. Easterbrook, “Two Agency-Cost Explanations of Dividends,” Am. Econ. Rev., vol. 74, no. 4, pp. 650–659, 1984, Accessed: Sep. 12, 2021. [Online]. Available: https://www.jstor.org/stable/pdf/1805130.pdf?casa_token=Gmbzh62tvakAAAAA:EOP0r2IT5sNXKLUDZRqDsjF6pTYKvWJjhhB76oS0-ksAlw1OBXKAsMAxpb6kD2ay8_kO4xwuuZ3VE6Sz4TwS_57GS51rLlPZZDDL2I6Yu7StVttptyWz.
  • [10] E. J. Elton and M. J. Gruber, “Marginal stockholder tax rates and the clientele effect,” Rev. Econ. Stat., vol. 52, no. 1, pp. 68–74, 1970, Accessed: Sep. 12, 2021. [Online]. Available: http://pages.stern.nyu.edu/~eelton/papers/70-feb.pdf.
  • [11] P. S. T. Bhanu and M. Kannadhasan, “Determinants of dividend payout of Indian manufacturing companies A quantile regression approach,” J. Indian Bus. Res., vol. 10, no. 4, pp. 364–376, 2018, doi: 10.1108/JIBR-02-2018-0079.
  • [12] P. L. Bernstein, “Dividends : The Puzzle,” J. Appl. Corp. Financ., vol. 9, no. 1, pp. 16–22, Mar. 1996, doi: 10.1111/J.1745-6622.1996.TB00097.X.
  • [13] F. Black and M. Scholes, “The effects of dividend yield and dividend policy on common stock prices and returns,” J. financ. econ., vol. 1, no. 1, pp. 1–22, May 1974, doi: 10.1016/0304-405X(74)90006-3.
  • [14] M. H. Miller, “Behavioral Rationality in Finance: The Case of Dividends,” J. Bus., vol. 59, no. 4, pp. 451–468, 1986, Accessed: Sep. 14, 2021. [Online]. Available: https://www.jstor.org/stable/2352774? casa_token=QYgSRM8tMjsAAAAA%3AmjGKGjRpn8qadsHFe11OxWKEyz6zsXKLI3aGQp3HuG4PrGTO_HjP_7cSNuF3qOzu1rw4ZjEnGmY_dksBKWL5ACM9BDaA5plpu2gm4TnWa3qCAHwPmctg&seq=1#metadata_info_tab_contents.
  • [15] M. H. Miller and M. S. Scholes, “Dividends and Taxes: Some Empirical Evidence,” https://doi.org/10.1086/261114, vol. 90, no. 6, pp. 1118–1141, Oct. 1982, doi: 10.1086/261114.
  • [16] K. Imran, “Determinants of Dividend Payout Policy: A Case of Pakistan Engineering Sector,” Rom. Econ. J., vol. XIV, no. 41, pp. 47–60, 2011.
  • [17] B. Yang, H.-I. Chou, and J. Zhao, “Innovation or dividend payout: Evidence from China,” Int. Rev. Econ. Financ., vol. 68, pp. 180–203, 2001, doi: 10.1016/j.iref.2020.03.008.
  • [18] M. Amidu and J. Abor, “Determinants of dividend payout ratios in Ghana,” J. risk Financ., vol. 7, no. 2, pp. 136–145, 2006, doi: 10.1108/15265940610648580.
  • [19] E. Elyasiani, J. Jia, and H. Movaghari, “Determinants of dividend payout and dividend propensity in an emerging market, Iran: an application of the LASSO,” Appl. Econ., vol. 51, no. 42, pp. 4576–4596, 2019, doi: 10.1080/00036846.2019.1593315. [20] M. Wu, Y. Ni, and P. Huang, “Dividend payouts and family-controlled firms-The effect of culture on business,” Q. Rev. Econ. Financ., vol. 75, pp. 221–228, 2019, doi: 10.1016/j.qref.2019.03.004.
  • [21] D. Miller, M. D. Amore, F. Quarato, and G. Corbetta, “Family Ownership Dispersion and Dividend Payout in Family Firms,” J. Fam. Bus. Strateg., vol. 12, no. 3, pp. 1–7, 2021, doi: 10.1016/j.jfbs.2021.100436.
  • [22] J. M. Kim, I. Yang, T. Yang, and P. Koveos, “The impact of R&D intensity, financial constraints, and dividend payout policy on firm value,” Financ. Res. Lett., vol. 40, p. 101802, May 2021, doi: 10.1016/J.FRL.2020.101802.
  • [23] C. Ding, C. Yeing Ho, and M. Chang, “CEO and CFO equity compensation and dividend payout over the firm lifecycle,” Glob. Financ. J., vol. 49, p. 100562, 2021, doi: 10.1016/j.gfj.2020.100562.
  • [24] Y. Feng, J. Zhu, and T. K. Siu, “Optimal risk exposure and dividend payout policies under model uncertainty,” Insur. Math. Econ., vol. 100, pp. 1–29, Sep. 2021, doi: 10.1016/J.INSMATHECO.2021.03.029.
  • [25] T. K. Do, “Shareholder litigation rights and corporate payout policy: Evidence from universal demand laws,” Res. Int. Bus. Financ., vol. 58, p. 101440, Dec. 2021, doi: 10.1016/J.RIBAF.2021.101440.
  • [26] W. Huang, J. W. Goodell, and A. Goyal, “In times of crisis does ownership matter? Liquidity extraction through dividends during the 2007–2009 financial crisis,” J. Int. Financ. Mark. Institutions Money, vol. 73, p. 101380, Jul. 2021, doi: 10.1016/J.INTFIN.2021.101380.
  • [27] J. B. Wong and M. M. Hasan, “Oil shocks and corporate payouts,” Energy Econ., vol. 99, p. 105315, Jul. 2021, doi: 10.1016/J.ENECO.2021.105315.
  • [28] N. Attig, S. El Ghoul, O. Guedhami, and X. Zheng, “Dividends and economic policy uncertainty: International evidence,” J. Corp. Financ., vol. 66, p. 101785, Feb. 2021, doi: 10.1016/J.JCORPFIN.2020.101785.
  • [29] J. Moon, W. S. Lee, and J. Dattilo, “Determinants of the payout decision in the airline industry,” J. Air Transp. Manag., vol. 42, pp. 282–288, 2015, doi: 10.1016/j.jairtraman.2014.11.009.
  • [30] M. Bahreini and C. Adaoglu, “Dividend payouts of travel and leisure companies in Western Europe: An analysis of the determinants,” https://doi.org/10.1177/1354816618780867, vol. 24, no. 7, pp. 801–820, Jun. 2018, doi: 10.1177/1354816618780867. [31] X. Yu, Y. Wang, Y. Chen, and G. Wang, “Dividend payouts and catering to demands: Evidence from a dividend tax reform,” Int. Rev. Financ. Anal., vol. 77, pp. 1057–5219, 2021, doi: 10.1016/j.irfa.2021.101841.
  • [32] J. Byrne and T. O’connor, “How do creditors respond to disclosure quality? Evidence from corporate dividend payouts,” J. Int. Financ. Mark. Institutions Money, vol. 49, pp. 154–172, 2017, doi: 10.1016/j.intfin.2017.04.002.
  • [33] Y. M. Choi and K. Park, “Does foreign currency-denominated debt affect dividend payout policy? Evidence from Korea,” J. Multinatl. Financ. Manag., vol. 49, pp. 20–34, 2019, doi: 10.1016/j.mulfin.2019.02.001.
  • [34] E. Nuhu, A. Musah, and D. B. Senyo, “Determinants of Dividend Payout of Financial Firms and Non-Financial Firms in Ghana,” Int. J. Acad. Res. Account., vol. 4, no. 3, pp. 109–118, 2014, doi: 10.6007/IJARAFMS/v4-i3/1057.
  • [35] B. Al-Najjar and K. Hussainey, “The association between dividend payout and outside directorships,” J. Appl. Account. Res., vol. 10, no. 1, pp. 4–19, 2009, doi: 10.1108/09675420910963360.
  • [36] C.-C. Teng, S. Li, and J. J. Yang, “Family control, external governance mechanisms, and dividend payouts,” Q. Rev. Econ. Financ., vol. 79, pp. 198–209, 2021, doi: 10.1016/j.qref.2020.05.012.

Determinants of Dividend Payout Policies: Evidence from Airline Industry

Yıl 2021, , 210 - 218, 20.12.2021
https://doi.org/10.30518/jav.1001443

Öz

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.

Kaynakça

  • [1] K. H. Singla and K. P. Samanta, “Determinants of dividend payout of construction companies: a panel data analysis,” J. Financ. Manag. Prop. Constr., vol. 24, no. 1, pp. 19–38, 2019, doi: 10.1108/JFMPC-06-2018-0030.
  • [2] M. H. Miller and F. Modigliani, “Dividend Policy, Growth, and the Valuation of Shares,” J. Bus., vol. 34, no. 4, pp. 411–433, 1961, Accessed: Sep. 11, 2021. [Online]. Available: https://www.jstor.org/stable/pdf/2351143.
  • [3] M. Tahir and M. Mushtaq, “Determinants of Dividend Payout: Evidence from listed Oil and Gas Companies of Pakistan,” J. Asian Financ. Econ. Bus., vol. 3, no. 4, pp. 25–37, 2016, doi: 10.13106/jafeb.2016.vol3.no4.25.
  • [4] F. Bostanci, E. Kadioglu, and G. Sayilgan, “Financial Studies Determinants of Dividend Payout Decisions: A Dynamic Panel Data Analysis of Turkish Stock Market,” Int. J. Financ. Stud., vol. 6, no. 93, pp. 1–16, 2018, doi: 10.3390/ijfs6040093.
  • [5] A. Gill, N. Biger, and R. Tibrewala, “Determinants of Dividend Payout Ratios: Evidence from United States,” Open Bus. J., vol. 3, pp. 8–14, 2010, Accessed: Sep. 10, 2021. [Online]. Available: http://www.mergentonline.com/compsearch.
  • [6] S. Bhattacharya, “Imperfect Information, Dividend Policy, and ‘The Bird in the Hand’ Fallacy,” Bell J. Econ., vol. 10, no. 1, p. 259, 1979, doi: 10.2307/3003330.
  • [7] J. Lintner, “Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes,” Am. Econ. Rev., vol. 46, no. 2, pp. 97–113, 1956, Accessed: Sep. 12, 2021. [Online]. Available: https://www.jstor.org/stable/pdf/1910664.pdf?casa_token=7JdtRDO_VOgAAAAA:YFH2wDrv6Lg3obMLDxiPs2NNN_K-iFqvuBdJAtqacTk8zKJqg0PHmMVRQN4vyJ696hWP8WlDcoZF3fFvlGht-V4ra__jYFYLZ2g9kuzP7Do2C-NemyOe.
  • [8] M. C. Jensen, “Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers,” Am. Econ. Rev., vol. 76, no. 2, pp. 323–329, 1986, Accessed: Sep. 12, 2021. [Online]. Available: https://www.jstor.org/stable/pdf/1818789.pdf?casa_token=PpFiaNuaBFYAAAAA:7A1xnfWPj2WnHcdft2YhfapFgDZeYgOZLDfEZyqSMc5HLdySW9z4H6dcpER2CHBEFsEJGhtCrtVCAsMjtbjG97_Eo58IMMCrnIOakeW03N-4TXaf8LAc.
  • [9] F. H. Easterbrook, “Two Agency-Cost Explanations of Dividends,” Am. Econ. Rev., vol. 74, no. 4, pp. 650–659, 1984, Accessed: Sep. 12, 2021. [Online]. Available: https://www.jstor.org/stable/pdf/1805130.pdf?casa_token=Gmbzh62tvakAAAAA:EOP0r2IT5sNXKLUDZRqDsjF6pTYKvWJjhhB76oS0-ksAlw1OBXKAsMAxpb6kD2ay8_kO4xwuuZ3VE6Sz4TwS_57GS51rLlPZZDDL2I6Yu7StVttptyWz.
  • [10] E. J. Elton and M. J. Gruber, “Marginal stockholder tax rates and the clientele effect,” Rev. Econ. Stat., vol. 52, no. 1, pp. 68–74, 1970, Accessed: Sep. 12, 2021. [Online]. Available: http://pages.stern.nyu.edu/~eelton/papers/70-feb.pdf.
  • [11] P. S. T. Bhanu and M. Kannadhasan, “Determinants of dividend payout of Indian manufacturing companies A quantile regression approach,” J. Indian Bus. Res., vol. 10, no. 4, pp. 364–376, 2018, doi: 10.1108/JIBR-02-2018-0079.
  • [12] P. L. Bernstein, “Dividends : The Puzzle,” J. Appl. Corp. Financ., vol. 9, no. 1, pp. 16–22, Mar. 1996, doi: 10.1111/J.1745-6622.1996.TB00097.X.
  • [13] F. Black and M. Scholes, “The effects of dividend yield and dividend policy on common stock prices and returns,” J. financ. econ., vol. 1, no. 1, pp. 1–22, May 1974, doi: 10.1016/0304-405X(74)90006-3.
  • [14] M. H. Miller, “Behavioral Rationality in Finance: The Case of Dividends,” J. Bus., vol. 59, no. 4, pp. 451–468, 1986, Accessed: Sep. 14, 2021. [Online]. Available: https://www.jstor.org/stable/2352774? casa_token=QYgSRM8tMjsAAAAA%3AmjGKGjRpn8qadsHFe11OxWKEyz6zsXKLI3aGQp3HuG4PrGTO_HjP_7cSNuF3qOzu1rw4ZjEnGmY_dksBKWL5ACM9BDaA5plpu2gm4TnWa3qCAHwPmctg&seq=1#metadata_info_tab_contents.
  • [15] M. H. Miller and M. S. Scholes, “Dividends and Taxes: Some Empirical Evidence,” https://doi.org/10.1086/261114, vol. 90, no. 6, pp. 1118–1141, Oct. 1982, doi: 10.1086/261114.
  • [16] K. Imran, “Determinants of Dividend Payout Policy: A Case of Pakistan Engineering Sector,” Rom. Econ. J., vol. XIV, no. 41, pp. 47–60, 2011.
  • [17] B. Yang, H.-I. Chou, and J. Zhao, “Innovation or dividend payout: Evidence from China,” Int. Rev. Econ. Financ., vol. 68, pp. 180–203, 2001, doi: 10.1016/j.iref.2020.03.008.
  • [18] M. Amidu and J. Abor, “Determinants of dividend payout ratios in Ghana,” J. risk Financ., vol. 7, no. 2, pp. 136–145, 2006, doi: 10.1108/15265940610648580.
  • [19] E. Elyasiani, J. Jia, and H. Movaghari, “Determinants of dividend payout and dividend propensity in an emerging market, Iran: an application of the LASSO,” Appl. Econ., vol. 51, no. 42, pp. 4576–4596, 2019, doi: 10.1080/00036846.2019.1593315. [20] M. Wu, Y. Ni, and P. Huang, “Dividend payouts and family-controlled firms-The effect of culture on business,” Q. Rev. Econ. Financ., vol. 75, pp. 221–228, 2019, doi: 10.1016/j.qref.2019.03.004.
  • [21] D. Miller, M. D. Amore, F. Quarato, and G. Corbetta, “Family Ownership Dispersion and Dividend Payout in Family Firms,” J. Fam. Bus. Strateg., vol. 12, no. 3, pp. 1–7, 2021, doi: 10.1016/j.jfbs.2021.100436.
  • [22] J. M. Kim, I. Yang, T. Yang, and P. Koveos, “The impact of R&D intensity, financial constraints, and dividend payout policy on firm value,” Financ. Res. Lett., vol. 40, p. 101802, May 2021, doi: 10.1016/J.FRL.2020.101802.
  • [23] C. Ding, C. Yeing Ho, and M. Chang, “CEO and CFO equity compensation and dividend payout over the firm lifecycle,” Glob. Financ. J., vol. 49, p. 100562, 2021, doi: 10.1016/j.gfj.2020.100562.
  • [24] Y. Feng, J. Zhu, and T. K. Siu, “Optimal risk exposure and dividend payout policies under model uncertainty,” Insur. Math. Econ., vol. 100, pp. 1–29, Sep. 2021, doi: 10.1016/J.INSMATHECO.2021.03.029.
  • [25] T. K. Do, “Shareholder litigation rights and corporate payout policy: Evidence from universal demand laws,” Res. Int. Bus. Financ., vol. 58, p. 101440, Dec. 2021, doi: 10.1016/J.RIBAF.2021.101440.
  • [26] W. Huang, J. W. Goodell, and A. Goyal, “In times of crisis does ownership matter? Liquidity extraction through dividends during the 2007–2009 financial crisis,” J. Int. Financ. Mark. Institutions Money, vol. 73, p. 101380, Jul. 2021, doi: 10.1016/J.INTFIN.2021.101380.
  • [27] J. B. Wong and M. M. Hasan, “Oil shocks and corporate payouts,” Energy Econ., vol. 99, p. 105315, Jul. 2021, doi: 10.1016/J.ENECO.2021.105315.
  • [28] N. Attig, S. El Ghoul, O. Guedhami, and X. Zheng, “Dividends and economic policy uncertainty: International evidence,” J. Corp. Financ., vol. 66, p. 101785, Feb. 2021, doi: 10.1016/J.JCORPFIN.2020.101785.
  • [29] J. Moon, W. S. Lee, and J. Dattilo, “Determinants of the payout decision in the airline industry,” J. Air Transp. Manag., vol. 42, pp. 282–288, 2015, doi: 10.1016/j.jairtraman.2014.11.009.
  • [30] M. Bahreini and C. Adaoglu, “Dividend payouts of travel and leisure companies in Western Europe: An analysis of the determinants,” https://doi.org/10.1177/1354816618780867, vol. 24, no. 7, pp. 801–820, Jun. 2018, doi: 10.1177/1354816618780867. [31] X. Yu, Y. Wang, Y. Chen, and G. Wang, “Dividend payouts and catering to demands: Evidence from a dividend tax reform,” Int. Rev. Financ. Anal., vol. 77, pp. 1057–5219, 2021, doi: 10.1016/j.irfa.2021.101841.
  • [32] J. Byrne and T. O’connor, “How do creditors respond to disclosure quality? Evidence from corporate dividend payouts,” J. Int. Financ. Mark. Institutions Money, vol. 49, pp. 154–172, 2017, doi: 10.1016/j.intfin.2017.04.002.
  • [33] Y. M. Choi and K. Park, “Does foreign currency-denominated debt affect dividend payout policy? Evidence from Korea,” J. Multinatl. Financ. Manag., vol. 49, pp. 20–34, 2019, doi: 10.1016/j.mulfin.2019.02.001.
  • [34] E. Nuhu, A. Musah, and D. B. Senyo, “Determinants of Dividend Payout of Financial Firms and Non-Financial Firms in Ghana,” Int. J. Acad. Res. Account., vol. 4, no. 3, pp. 109–118, 2014, doi: 10.6007/IJARAFMS/v4-i3/1057.
  • [35] B. Al-Najjar and K. Hussainey, “The association between dividend payout and outside directorships,” J. Appl. Account. Res., vol. 10, no. 1, pp. 4–19, 2009, doi: 10.1108/09675420910963360.
  • [36] C.-C. Teng, S. Li, and J. J. Yang, “Family control, external governance mechanisms, and dividend payouts,” Q. Rev. Econ. Financ., vol. 79, pp. 198–209, 2021, doi: 10.1016/j.qref.2020.05.012.
Toplam 34 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Bölüm Araştırma Makaleleri
Yazarlar

Kasım Kiracı 0000-0002-2061-171X

Yayımlanma Tarihi 20 Aralık 2021
Gönderilme Tarihi 27 Eylül 2021
Kabul Tarihi 22 Kasım 2021
Yayımlandığı Sayı Yıl 2021

Kaynak Göster

APA Kiracı, K. (2021). Determinants of Dividend Payout Policies: Evidence from Airline Industry. Journal of Aviation, 5(2), 210-218. https://doi.org/10.30518/jav.1001443

Journal of Aviation - JAV 


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