Araştırma Makalesi
BibTex RIS Kaynak Göster

Kurumsal Yönetim Çerçevesinde Denetim Mekanizmaları ve Kar Payı Dağıtım Politikası İlişkisi: Türkiye Örneği

Yıl 2020, Sayı: 62, 255 - 284, 25.12.2020
https://doi.org/10.26650/JECS2019-0120

Öz

Firmalarda uygulanan kurumsal yönetim mekanizmaları kar payı dağıtım politikalarını etkiler mi? Firmaların uyguladıkları kar payı dağıtım politikalarında kurumsal yönetim mekanizmalarından biri olan denetim komitesinin rolü nedir? Bu sorulardan hareketle, bu çalışmanın amacı denetim mekanizmaları ile nakit kar payı dağıtım politikası arasındaki ilişkiyi incelemektir. Çalışmanın analizleri, 2002-2014 yılları arasında Borsa İstanbul endeksinde kayıtlı olan firmalara ait veriler ele alınarak gerçekleştirilmiştir. Analiz sürecinde, Sistem GMM tahmin yöntemi kullanılarak regresyon analizleri gerçekleştirilmiştir. Analizler sonucunda, denetim komitesinin bağımsızlık düzeyi arttıkça, firmada nakit kar payı dağıtım oranı artmaktadır. Çalışmada elde edilen bir diğer bulgu ise, yönetim kurulunun büyüklüğü ile nakit kar payı dağıtım oranı arasında istatistiksel açıdan anlamlı doğrusal olmayan bir ilişki elde edilmiştir. Elde edilen bulgular, firmalarda denetim komitesinin önemini ortaya koymaktadır. Dolayısıyla, bu çalışma kurumsal yönetim uygulamalarının Borsa İstanbul endeksinde kayıtlı firmaların kar payı dağıtım kararları üzerinde bir etkisi olduğu sonucunu ortaya koymuştur. Çalışmanın sonuçlarına dayanarak, kurumsal yönetim uygulamalarından olan denetim mekanizmalarının geliştirilmesi sonucunda, yatırımcılar açısından nakit kar payı dağıtımı konusunda etkinliğin sağlanabileceği anlaşılmaktadır.

Kaynakça

  • Abbas, M., Qureshi, S. U., Ahmed, M. M., & Rizwan, M. (2018). Corporate governance and dividend payout policy: Mediating role of leverage. Pakistan Journal of Social Sciences, 38(1), 62-86.
  • Abdelsalam, O, El-Masry, A., & Elsegini, S. (2008). Board composition, ownership structure and dividend policies in an emerging market: Further evidence from CASE 50. Managerial Finance, 34(12), 953-964.
  • Abor, J., & Fiador, V. (2013). Does corporate governance explain dividend policy in Sub-Saharan Africa? International Journal of Law and Management, 55(3), 201-225.
  • Adaoglu, C. (2000). Instability in the dividend policy of the Istanbul stock exchange (ISE) corporations: Evidence from an emerging market. Emerging Markets Review, 1(3), 252-270 https://doi.org/10.1016/S15660141(00)00011-X
  • Adjaoud, F., & Ben-Amar, W. (2010). Corporate governance and dividend ratio: Shareholders’ protection or expropriation? Journal of Business Finance & Accounting, 37, 648-667.
  • Adjaoud, F., & Hermassi, N. (2017). The Impact of corporate governance mechanisms on the dividend policy of Canadian firms: Empirical study, International Journal of Business, Accounting, and Finance, 11(1), 90-115.
  • Afsari, N. (2014). Relationship between corporate governance and dividend payment policy of companies listed in Tehran stock exchange. International Research Journal of Applied and Basic Sciences, 8(11), 1891-1899.
  • Afza, T., & Mirza, H. H. (2010). Ownership structure and cash flows as determinants of corporate dividend policy in Pakistan. International Business Research, 3(3), 210-221.
  • Afzal, M., & Sehrish, S. (2010). Ownership structure, board composition and dividend ratio in Pakistan. COMSATS Institute of Information Technology, Islamabad-Pakistan, 24.
  • Agrawal, A., & Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. The Journal of Financial and Quantitative Analysis, 31, 377-397. http://dx.doi. org/10.2307/2331397
  • Ahmad, G. N. (2015). Does corporate governance affect dividend policy: Evidence from ASEAN emerging market. Risk Governance & Control: Financial Markets & Institutions, 5(1), 88-94.
  • Ajanthan, A. (2013). Corporate governance and dividend ratio: A study of listed hotels and restaurant companies in Sri Lanka. International Journal of Management, IT and Engineering, 3, 98-114.
  • Aksoy, E. E. (2017). Finansal yönetim: Teorik yaklaşımlar, çözümlü örnekler ve öneri yaklaşımlar. Ankara: Gazi Kitapevi.
  • Alchian, A. A., & Demsetz, H. (1972). Production, information costs, and economic organization. American Economic Review, American Economic Association, 62(5), 777-795.
  • Al-Kahmisi, T. A., & Hassan, H. H. (2018). The effects of corporate governance on dividend payout policies in Malaysian banks. International Journal of Advanced Research and Publications, 2(2), 29-37.
  • Al-Najjar, B., & Hussainey, K. (2009). The association between dividend payout and outside directorships. Journal of Applied Accounting Research, 10(1), 4-19.
  • Al-Najjar, B., & Kilincarslan, E. (2017). Corporate dividend decisions and dividend smoothing: New evidence from an empirical study of Turkish firms. International Journal of Managerial Finance, 13(3), 304-331, https://doi. org/10.1108/IJMF-10-2016-0191
  • Al-Rahahleh, A. S. (2017). Corporate governance quality, board gender diversity and corporate dividend policy: Evidence from Jordan. Australasian Accounting Business & Finance Journal, 11(2), 86-104.
  • Al-Swidi, A. K., Fadzil, F. H., & Al-Matari, Y. A. (2012). The impact of board characteristics on firm performance: Evidence from nonfinancial listed companies in Kuwaiti stock exchange. International Journal of Accounting and Financial Reporting, 2(2), 310-332.
  • Amina, H. (2015). Dividend policy and corporate governance in Saudi stock market: Outcome model or substitute model? Corporate Ownership and Control, 12(2), 74-91.
  • Arellano, M. & Bond, S. (1991). Some tests of specification for panel: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297.
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68, 29-51.
  • Arshad, Z., Akram, Y., Scholar, M., Amjad, M., & Usman, M. (2013). Ownership structure and dividend ratio. Interdisciplinary Journal of Contemporary Research in Business, 5(3), 378-401.
  • Ataay, A. (2006). Aile işletmelerinde başkacılık ve koruma: Vekâlet maliyetleri, T.C. İstanbul Kültür Üniversitesi Aile 2. Aile İşletmeleri Kongresi Bildiri Kitabı, İstanbul, 64-71.
  • Awwad, B. S. A. L., & Hamdan, A. M. A. (2018). Gulf cooperation council energy sectors governance and dividend policy. International Journal of Economics and Financial Issues, 8(4), 163-171.
  • Aydın, N., Başar, M., & Coşkun, M. (2015). Finansal yönetim (2. bs.). Ankara: Detay Yayıncılık.
  • Aydin, A. D., & Cavdar, S. C. (2015). Corporate governance and dividend policy: An empirical analysis from Borsa Istanbul Corporate Governance Index (XKURY). Accounting and Finance Research, 4(3), 66-76.
  • Aygün, M., & Sayın, C. (2016). Kurumsal yönetim ve denetim kalitesi: Borsa İstanbul şirketleri üzerine bir inceleme. Finans Politik & Ekonomik Yorumlar, 618(53), 51-58.
  • Baltagi, B. H. (2013). Econometric analysis of panel data (5th Ed.). Chichester: John Wiley and Sons.
  • Barclay, M., Holderness C., & Sheehan, D. (2009). Dividends and corporate shareholders. Review of Financial Studies, 22(6), 2423-2455, https://doi.org/10.1093/rfs/hhn060
  • Belden, S., Fister, T., & Knapp, B. (2005). Dividends and directors: Do outsiders reduce agency costs? Business and Society Review, 110(2), 171-180.
  • Bena, J., & Hanousek, J. (2008). Rent extraction by large shareholders: Evidence using dividend policy in the Czech republic. Czech Journal of Economics and Finance, 58(3-4), 106-130.
  • Berle, A., & Means, G. (1932). The modern corporation and private property. New York: Commerce Clearing House.
  • Bhattacharya, S. (1979). Imperfect information, dividend policy, and the bird in the hand fallacy. The Bell Journal of Economics, 10(1), 259-270.
  • Bista, N., Bartaula, N. R., Shrestha, O., Gnawali, P., Lamichhane P., & Parajuli, P. (2019). Impact of corporate governance on dividend policy of Nepalese enterprises. In R. Rajagopal, Behl (Eds.), Business governance and society. Cham: Palgrave Macmillan. https://doi.org/10.1007/978-3-319-94613-9_21
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-143.
  • Bokhari, H. W., & Khan, M. A. (2013). The impact of capital structure on firm’s performance (a case of nonfinancial sector of Pakistan). European Journal of Business and Management, 5(31), 2222-2839.
  • Bolodeoku, I. (2006). Corporate governance: The law’s response to agency costs in Nigeria. Brooklyn Journal of International Law, 32(2), 467-522.
  • Born, J. A., & Rimbey, J. N. (1993). A test of Easterbrook hypothesis regarding dividend payments and agency costs. The Journal of Financial Research, 16(3), 251-260.
  • Borokhovich, K., Brunarski, K., Harman, Y., & Kehr, J. (2005). Dividends, corporate monitors and agency costs. Financial Review, 40, 37-65.
  • Brealey, R., & Myers, S. (2005). Principles of corporate finance (8th Ed.). London: McGraw-Hill. Cansızlar, D. (2003). Kurumsal yönetim ilkeleri. SPK. https://ecgi.global/sites/default/files//codes/documents
  • Ceylan, A., & Korkmaz, T. (2017). İşletmelerde finansal yönetim. Bursa: Ekin Basım Yayın Dağıtım.
  • Chae, J., Kim, S., & Lee, E. (2009). How corporate governance affects payout policy under agency problems and external financing constraints. Journal of Banking and Finance, 33, 2093-2101.
  • Chaghadari, M. F., & Chaleshtori, G. N. (2011). Corporate governance and firm performance. International Conference on Sociality and Economics Development IPEDR, 10, 484-489.
  • Chen, L. T., Lim C., & Kim, Y. C. (2011). Financial characteristics, corporate governance and the propensity to pay cash dividends of Chinese listed companies. International Business and Management, 3(1), 176-188.
  • Chen, Z., Cheung, Y-L., Stouraitis, A., & Wong, A. W. S. (2005). Ownership concentration, firm performance and dividend policy in Hong Kong. Pacific-Basin Finance Journal, 13, 431-449.
  • Chung, K. H., Elder, J., & Kim, J. C. (2010). Corporate governance and liquidity. Journal of Financial and Quantitative Analysis, 45(2), 265-291.
  • Clarke, T. (2004). Theories of corporate governance: The philosophical foundations of corporate governance. London and New York: Routledge.
  • Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51, 371-406.
  • Cornett, M. M., McNutt, J. J. & Tehranian, H. (2009). Corporate governance and earnings management at large U.S. bank holding companies. Journal of Corporate Finance, 15, 412-430.
  • Crutchley, C. E., & Hansen, R. S. (1989). A test of the agency theory of managerial ownership, corporate leverage, and corporate dividends. Financial Management, 18, 36-46. http://dx.doi.org/10.2307/3665795
  • Cunningham, L. A. (2008). Rediscovering board expertise: Legal implications of the empirical literature. U. Cin. L. Rev, 465, https://doi.org/10.2139/ssrn.1024261
  • Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93, 1155-1177, http://dx.doi.org/10.1086/261354
  • Deshmukh, S. (2005). The effect of asymmetric information on dividend policy. Quarterly Journal of Business and Economics, 44(1), 107-127.
  • Dewasiri, N., Koralalage, Y. W., Azeez, A. A, Jayarathne, P., Kuruppuarachchi, D., & Weerasinghe, V. (2019). Determinants of dividend policy: Evidence from an emerging and developing market. Managerial Finance, 45(3), 413-429. https://doi.org/10.1108/MF-09-2017-0331
  • Dinçergök, B., & Pirgaip, B. (2018). Kâr payı dağıtımı ve nakit akışı belirsizliği ilişkisi: BİST imalat sektörü firmalarında bir uygulama. İşletme Araştırmaları Dergisi, 10(4), 422-442.
  • Doğan, M. (2018). Kurumsal yönetimin teorik temelleri. Uluslararası Yönetim Akademisi Dergisi, 1(1), 84-96.
  • Drobetz, W., Schillhofer, A., & Zimmermann H. (2004). Corporate governance and expected stock returns: Evidence from Germany. European Financial Management, 10(2), 267-293. https://doi. org/10.1111/j.1354-7798.2004.00250.x
  • Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.
  • Eckbo, B. E., & Verma, S. (1994). Managerial share ownership, voting power, and cash dividend policy. Journal of Corporate Finance, 1, 33-62.
  • Elmagrhi, M. H., Ntim, C. G., Crossley, R. M., Malagila, J., Fosu, S., & Vu, T. V. (2017). Corporate governance and dividend policy in UK listed SMEs: The effect of board characteristics. International Journal of Accounting and Information Management, 25(4), 459-483. http://dx.doi.org/10.1108/IJAIM-02-2017-0020
  • Fakhari, H., & Yousefalitabar, N. (2010). Evaluating the relationship between dividend policy and corporate governance in Tehran stock exchange firms. Journal of Accounting and Auditing Reviews, 62, 69-84.
  • Ghasemi, R. S., Madrakian, H., & Keivani, F. S. (2013). The relationship between the corporate governance and the stock institutional ownership with the dividend - a case study of Tehran. Journal of Business and Management, 15(2), 65-69.
  • Ghosh, C., & Sirmans, C. F. (2006). Do managerial motives impact dividend decisions in REITs? Journal of Real Estate Finance and Economics, 32(3), 327-355.
  • Gill, A. S., & Obradovich, J. D. (2012). Corporate governance, institutional ownership, and the decision to pay the amount of dividends: Evidence from USA. International Research Journal of Finance and Economics, 97, 60-71.
  • Gusni, T. (2017). The determinants of dividend policy: A study of financial industry in Indonesia. Jurnal Keuangan dan Perbankan, 21(4), 562-574.
  • Gürbüz, A, & Ergincan, O. Y. (2004). Kurumsal yönetim: Türkiye’deki durumu ve geliştirilmesine yönelik öneriler. İstanbul: Literatür Yayıncılık.
  • Hansen, R. S., Kumar, R., & Shome, D. K. (1994). Dividend policy and corporate monitoring: Evidence from the regulated electric utility industry. Financial Management Association International, 23(1), 16-22.
  • Hapsoro, D., & Suryanto, T. (2017). Consequences of going concern opinion for financial reports of business firms and capital markets with auditor reputation as a moderation variable: An experimental study. European Research Studies Journal, 20(2A), 197-223.
  • Harada, K., & Nguyen, P. (2011). Ownership concentration and dividend policy in Japan. Managerial Finance, 37(4), 362-379. https://doi.org/10.1108/03074351111115313
  • Hifzalman, P., & Mukhtar, A. (2014). Corporate governance and its impact on performance of banking sector in Pakistan. International Journal of Information, Business and Management, 6, 106-117.
  • Himmelberg, C., Hubbard R. G., & Palia, D. (1999). Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics, 53(3), 353-384.
  • Hoberg, G., & Prabhala, N. R. (2009). Disappearing dividends, catering, and risk. Review of Financial Studies, 22(1), 79-116. https://www.jstor.org/stable/40056906
  • Hu, A., & Kumar, P. (2004). Managerial entrenchment and payout policy. Journal of Financial and Quantitative Analysis, 39(4), 759-790.
  • Ibrahim, I., & Shuaibu, H. (2016). Ownership structure and dividend policy of listed deposit money banks in Nigeria: A tobit regression analysis. International Journal of Accounting and Financial Reporting, 6(1), 1-19. https://doi.org/10.5296/ijafr.v6i1.9277
  • Ikunda, C., Muiru, M., & Kamau, S. M. (2016). The impact of corporate governance on dividend payout of manufacturing firms listed at the Nairobi securities exchange. Journal of Finance and Accounting, 4(5), 254-261.
  • Iqbal, S. (2013). The impact of corporate governance on dividend decision of firms: Evidence from Pakistan. African Journal of Business Management, 7(11), 811-817.
  • Jahanzeb, A., Memon, P. A., Tunio, J. A., & Shah, S. S. A. (2016). Impact of corporate governance and firm-level control variables on dividend policy of service trade sector of Malaysia. Journal of Economic and Social Development, 3(2), 115-124.
  • Jensen, G. R., Solberg, D. P., & Zorn, T. S. (1992). Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative Analysis, 27, 247-263.
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
  • Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48, 831-880.
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
  • Jiraporn, P., Kim, Y., & Kim, J. (2011). Dividend policy and corporate governance quality: Evidence from ISS. The Financial Review, 46, 251-279.
  • Jiraporn, P., & Ning, Y. (2006). Dividend policy, shareholder rights, and corporate governance. Journal of Applied Finance, 16, 24-36.
  • John, K., & Senbet, L. W. (1998). Corporate governance and board effectiveness. Journal of Banking & Finance, 22(4), 371-403. https://doi.org/10.1016/S0378-4266(98)00005-3
  • John, K., & Williams, J. (1985). Dividends, dilution, and taxes: A signalling equilibrium. The Journal of Finance, 40(4), 1053-1070. http://dx.doi:10.1111/j.1540-6261.1985.tb02363.x
  • Kajola, S. (2008). Corporate governance and firm performance: The case of Nigerian listed firm. European Journal of Economics, 6(3), 1-13.
  • Kakanda, M. M., & Salim, B. (2017). Corporate governance, risk management disclosure, and firm performance: A theoretical and empirical review perspective. Asian Economic and Financial Review, 7(9), 836-845.
  • Kanapathippillai, K., & Anandasayanan, S. (2015). Corporate governance practices and its impact on dividend policy: A study on Sri Lankan listed manufacturing companies. Clear International Journal of Research in Commerce & Management, 6(3), 87-92.
  • Karamustafa, O., Varıcı, İ., & Er, B. (2009). Kurumsal yönetim ve firma performansı: İMKB kurumsal yönetim endeksi kapsamındaki firmalar üzerinde bir uygulama. Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 17(1), 100-119.
  • Kawshala, H., & Panditharathna, K. (2017). The effect of dividend policy on corporate profitability: An empirical study on beverage, food and tobacco industry in Sri Lanka. International Journal of Scientific and Research Publications, 7(8), 542-546.
  • Keenan, J. (2004). Corporate governance in UK/USA boardrooms. Corporate Governance: An International Review, 12(2), 172-176. https://doi.org/10.1111/j.1467-8683.2004.00356.x
  • Kiel, G. C., & Nicholson, G. J. (2003). Board composition and corporate performance: How the Australian experience informs contrasting theories of corporate governance. Corporate Governance: An International Review, 11, 189-205.
  • Kole, S. R. (1995). Measuring managerial equity ownership: A comparison of sources of ownership data. Journal of Corporate Finance: Contracting, Governance and Organization, 1, 413-35.
  • Kowalewski, O., Stetsyuk, I., & Talavera, O. (2008). Corporate governance and dividend policy in Poland. PostCommunist Economies, 20(2), 203-218, https://doi.org/10.1080/14631370802018973
  • Kulathunga, K. M. K. N. S., & Weerasinghe, W. D. J. D. (2017). Corporate governance and dividend policy: A study of listed manufacturing companies in Sri Lanka, International Journal of Scientific Research and Innovative Technology, 4(2), 64-81.
  • Kurawa, J. M., & Ishaku, A. (2014). The effect of corporate governance on dividend policy of listed banks in Nigeria: A panel data analysis. Researchjournali’s Journal of Finance, 2(8), 3-12.
  • Kyereboah-Coleman, A. (2007). Corporate governance and shareholder value maximization: An African perspective. African Development Review, 19(2), 350-367. https://doi.org/10.1111/j.1467-8268.2007.00165.x
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Agency problems and dividend policies around the world. Journal of Finance, 55, 1-33.
  • Lang, L. H. P., & Litzenberger, R. H. (1989). Dividend announcements: Cash flow signalling vs. free cash flow hypothesis? Journal of Financial Economics, 24(1), 181-191. https://doi.org/10.1016/0304-405X(89)90077-9
  • Lin, K-L., & Shen, C-H. (2012). The impact of corporate governance on the relationship between investment opportunities and dividend policy: An endogenous switching model approach. Asia-Pacific Journal of Financial Studies, 41, 125-145.
  • Lin, S., Lai, H., & Hsu, A. (2018). How does asymmetric information affect catering behavior? Emerging Markets Finance & Trade, 54, 2433-2454.
  • Lin, T., Chen, Y., & Tsai, H. (2017). The relationship among information asymmetry, dividend policy and ownership structure. Finance Research Letters, 20, 1-12. https://doi.org/10.1016/j.frl.2016.06.008
  • Litai, C., Chuan, L., & Kim, Y. (2011). Financial characteristics, corporate governance and the propensity to pay cash dividends of Chinese listed companies. International Business and Management, 3(1), 176-188.
  • Mallin, C. A. (2010). Corporate governance (3rd Ed.). New York: Oxford University Press Inc.
  • Mancinelli, L., & Ozkan, A. (2006). Ownership structure and dividend policy: Evidence from Italian firms. The European Journal of Finance, 12(3), 265-282.
  • Maniagi, G. M., Denco, M. J., Ondiek, B. A., Okaka, D., & Musiega, D. (2013). Corporate governance, dividend policy and performance. Special reference to banks listed on Nairobi security exchange Kenya. International Journal of Innovative Research & Development, 5(2), 56-69.
  • Mansourinia, E., Emamgholipour, M., Rekabdarkolaei, E. A., & Hozoori, M. (2013). The effect of board size, board independence and CEO duality on dividend policy of companies: Evidence from Tehran stock exchange. International Journal of Economy, Management and Social Sciences, 2(6), 237-241.
  • Mardani, R. M., Sumiati, M., & Indrawati, N. K. (2018). Ownership structure, corporate governance and dividend policy: Evidence from Indonesia. In the 2018 International Conference of Organizational Innovation, KnE Social Sciences, 1249-1255. https://doi.org/10.18502/kss.v3i10.3466
  • Maury, C., & Pajuste, A. (2005). Multiple large shareholders and firm value. Journal of Banking & Finance, 29(7), 1813-1834. https://doi.org/10.1016/j.jbankfin.2004.07.002
  • Mehdi, M., Sahut, J., & Teulon, F. (2017). Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of Applied Accounting Research, 18(3), 274-297. https:// doi.org/10.1108/JAAR-07-2014-0079
  • Mileva, E. (2007). Using Arellano-Bond dynamic panel GMM estimators in stata. Bronx: Fordhan University Economic Department.
  • Miller, M. H., & Rock, K. (1985). Dividend policy under asymmetric information. Journal of Finance, 40, 10311051. https://doi.org/10.1111/j.1540-6261.1985.tb02362.x
  • Miller, M., & Modigliani, F. (1961). Dividend policy, growth and the valuation of shares. Journal of Business, 34, 411-433. http://dx.doi.org/10.1086/294442
  • Mitton, T. (2004). Corporate governance and dividend policy in emerging markets. Emerging Markets Review, 5(4), 409-426. https://doi.org/10.1016/j.ememar.2004.05.003
  • Mohan, A., & Chandramohan, S. (2018). Impact of corporate governance on firm performance: Empirical evidence from India. International Journal of Research in Humanities, Arts and Literature, 6(2), 209-218.
  • Mollah, S., Faroogue, O. A., Mobarek, A., & Molyneux, P. (2019). Bank corporate governance and future earnings predictability. Jour. of Fin. Services Research, 1-26. https://doi.org/10.1007/s10693-019-00307-7
  • Montalvan, S. M., Barilla, C. D., Ruiz, G. D., & Figueroa, D. L. (2017). Corporate governance and dividend policy in Peru: Is there any link? Revista Mexicana de Economiay Finanzas, 12(2), 103-116.
  • Musa, H., Rech, F., & Musova, Z. (2019). The role corporate governance in debt and dividend policies: Case of Slovakia. Invest. Manag. and Financial Innov., 16(2), 206-217. https://doi:10.21511/imfi.16(2).2019.18
  • Myers, S. C. & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Jou. of Fin. Econ., 13, 187-221. https://doi.org/10.1016/0304-405X(84)90023-0
  • Noe, T. H., & Rebello, M. J. (1996). Asymmetric information, managerial opportunism, financing, and payout policies. The Journal of Finance, 51(2), 637-660. https://doi.org/10.1111/j.1540-6261.1996.tb02697.x
  • Okka, O. (2009). Analitik finansal yönetim teori ve problemler (1. bs). Ankara: Nobel Yayın Dağıtım.
  • Oleksy, P., & Zygula, A. (2018). The effect of ownership structure on dividend policy and shareholder value: A financialisation perspective on construction companies in Poland. Central European Economic Journal, 3(50), 41-52. https://doi.org/10.1515/ceej-2017-0016
  • Opeyemi, M. F., Olusegun, D. J., Olukayode, A. E., & Olusola, O. S. (2018). Determinants of dividend policy of listed deposit money banks in Nigeria. World Journal of Finance and Investment Research, 3(1), 25-40.
  • Otekunrin, A. O., Nwanji, T. I., Hermans, R. E., Ajayi, S. A., Dayo, F., Falaye, A. J., & Eluyela, D. F. (2018). Dividend policy and corporate governance regulation and practice in Nigerian banks. Journal of Management and Corporate Governance, 10(2), 18-59.
  • Öztürk, M. B., & Demirgüneş, K. (2008). Kurumsal yönetim bakış açısıyla entellektüel sermaye. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 19, 375-411.
  • Pahi, D., & Yadav, I. S. (2018). Role of corporate governance in determining dividend policy: Panel evidence from India. International Journal of Trade, Economics and Finance, 9(3), 111-115.
  • Pandey, M. I. (2005). Financial management (9th Ed.). India: Vikas Publishing House.
  • Pieloch-Babiarz, A. (2019). Ownership structure, board characteristics and dividend policy: Evidence from the Warsaw stock exchange. Economics and Law, 18(3), 317-330. https://doi.org/10.12775/EiP.2019.022
  • Rajput, M., & Jhunjhunwala, S. (2019). Corporate governance and payout policy: Evidence from India. Corporate Governance, 19(5), 1117-1132. https://doi.org/10.1108/CG-07-2018-0258
  • Renneboog, L., & Szilagyi, P. G. (2008). Corporate restructuring and bondholder wealth. European Financial Management, 14(4), 792-819. https://doi.org/10.1111/j.1468-036X.2007.00414.x
  • Riaz, S., Liu, Y., & Ahmad, M. I. (2016). Dividend policy and corporate governance perspective. Accounting and Finance Research, 5(3), 77-86.
  • Ridwan, M. Z., & Pratiwi, H. (2018). Dividend policy in Indonesian companies: Does corporate governance matter? International Journal of Engineering & Technology, 7(3.25), 306-310.
  • Roodman, D. (2009). How to Do xtabond2: An introduction to “difference” and “system” GMM in stata. Stata Journal, 9(1), 86-136.
  • Ross, S. A., Westerfield, R. W., & Jaffe, J. (2002). Corporate finance (6th Ed.). Boston: McGraw-Hill Com.
  • Roy, A. (2015). Dividend policy, ownership structure and corporate governance: An empirical analysis of Indian firms. Indian Journal of Corporate Governance, 8(1), 1-33.
  • Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. The Journal of Financial Research, 5(3): 249-259.
  • Sakr, A., Gawad, H. A., & Soliman, M. M. (2016). The Effect of corporate governance on corporate payout policy on Egyptian firms. The Business and Management Review, 7(2), 102-112.
  • Sani, A. A., & Musa, A. M. (2017). Corporate board attributes and dividend payout policy of listed deposit money banks in Nigeria. International Journal of Research in IT, Management and Engineering, 7(1), 7-13.
  • Schen, Y. P., & Suffian, M. T. (2014). CEO duality and dividend policy: Empirical evidence on oil and gas companies in Malaysia. International Conference on Accounting Research & Education, 1-14.
  • Schooley, D., & Barney, L. (1994). Using dividend policy and managerial ownership to reduce agency costs. Journal of Financial Research, 12, 363-373.
  • Setia-Atmaja, L. Y. (2009). Governance mechanisms and firm value: The impact of ownership concentration and dividends. Corp. Gover. An Int. Rev., 17(6), 694-709, https://doi.org/10.1111/j.1467-8683.2009.00768.x
  • Setiawan, D., & Phua, L. K. (2013). Corporate governance and dividend policy in Indonesia. Business Strategy Series, 14(5/6), 135-143. https://doi.org/10.1108/BSS-01-2013-0003
  • Shafana, M., & Safeena, S. (2019). Board independence and dividend policy in listed non-financial companies in Sri Lanka. Iconic Research and Engineering Journals, 2(11), 134-143.
  • Shahid, M. S., Gul, F., Rizwan, M., & Bucha, M. H. (2016). Ownership structure, board size, board composition and dividend policy: New evidence from two emerging markets. Journal of Business Studies, 12(2), 25-36.
  • Shehu, M. (2015). Board characteristics and dividend payout: Evidence from Malaysian public listed companies. Research Journal of Finance and Accounting, 6(16), 35-40.
  • Shleifer, A., & Vishny, R. (1986). Large shareholders and corporate control. Journal of Political Economy, 94, 461488. https://doi.org/10.1086/261385
  • Silva, L. C., Goergen, M., & Renneboog, L. (2004). Dividend policy and corporate governance. New York: Oxford University Press.
  • Smith, C., & Watts, R. (1992). The investment opportunity set and corporate financing, dividend and compensation policies. Journal of Financial Economics, 32, 263-292. http://dx.doi.org/10.1016/0304-405X(92)90029-W
  • Smith, F. S., Puleo, V. A., & Casey, K. M. (2008). Dividend policy and corporate governance: A research note. Corporate Ownership and Control, 5(3), 220-224. http://doi.org/10.22495/cocv5i3c1p6
  • Stepanyan, G. G. (2011). Firm life cycle and the choice of the form of payout. SSRN Electronic Journal, http://doi. org/10.2139/ssrn.1632834
  • Sumail, L. O. (2018). Corporate governance and dividend payout ratio in non-financial firms listed in Indonesian stock exchange. Business and Economic Horizons, 14(4), 851-861. http://dx.doi.org/10.15208/beh.2018.58
  • Tabalujan, B. S. (2001). Corporate governance of Indonesian banks: The legal and business contexts. Australian Journal of Corporate Law, 13, http://dx.doi.org/10.2139/ssrn.268569
  • Tamimi, M., Takhtaei, N., & Malchi, F. (2014). Relationship between firm age and financial leverage with dividend policy. Asian Journal of Finance & Accounting, 6(2), 53-63.
  • Tatoğlu, F. Y. (2013). İleri panel veri analizi (2. bs.). İstanbul: Beta Yayınları.
  • Tümerdem, M. (2016). Finansal piyasalar ve kurumlar (yeni düzenlemeler perspektifinde finansal araçlar, faaliyetler ve kurumlar). Bursa: Ekin Basım Yayın Dağıtım.
  • Uwalomwa, U., Olamide, O., & Francis, I. (2015). The effects of corporate governance mechanisms on firms dividend payout policy in Nigeria. Journal of Accounting and Auditing: Research & Practise, 2015, 1-11. https://doi.org/10.5171/2015.313679
  • Uwuigbe, U., Jafaru, J., & Ajayı, A. (2012). Dividend policy and firm performance: A study of listed firms in Nigeria. Accounting and Management Information Systems, 11(3), 442-454.
  • Wang, M-H., Ke, M-C., Liu, D-Y., & Huang, Y-S. (2011). Dividend policy and the life cycle hypothesis: Evidence from Taiwan. The International Journal of Business and Finance Research, 5(1), 33-52.
  • Wei, Z., Wu, S., Li, C., & Chen, W. (2011). Family control, institutional environment and cash dividend policy: Evidence from China. China Jou. of Account. Res., 4(1-2), 29-46. https://doi.org/10.1016/j.cjar.2011.04.001
  • Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126, 25-51.
  • Wintoki, B., Linck, J., & Netter, J. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105, 581-606.
  • Yaseen, H. (2019). Dividend policy explained by country’s standards of living: An international evidence. In D. Procházka (Eds.), Global versus local perspectives on finance and accounting. Cham: ACFA2018 2018 Springer Proceedings in Business and Economics. Springer.
  • Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. (2008). Corporate governance in emerging economies: A review of the principal-principal perspective. Journal of Management Studies, 45(1), 196-220.
  • Zahra, S., & Pearce, J. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15, 291-334.
  • Zhang, H. (2008). Corporate governance and dividend policy: A comparison of Chinese firms listed in Hong Kong and in the Mainland. China Economic Review, Elsevier, 19(3), 437-459.

The Relationship between Audit Mechanisms and Dividend Payout Policy within the Framework of Corporate Governance: The Case of Turkey

Yıl 2020, Sayı: 62, 255 - 284, 25.12.2020
https://doi.org/10.26650/JECS2019-0120

Öz

Do corporate governance mechanisms implemented in firms affect dividend payout policies? What is the role of the audit committee, one of the corporate governance mechanisms, in the dividend payout policies implemented by firms? From this point of view, this study aims to examine the relationship between the audit mechanisms and cash dividend payout policies. We have used data from firms listed in Borsa Istanbul, covering the period 2002-2014, and the paper employs a regression analyses performed by using the System GMM estimation method. As a result of the analysis, the higher the level of independence of the audit committee, the higher the cash dividend payout rate. Another finding obtained in the study was a statistically significant nonlinear relationship between the size of the board of directors and the cash dividend payout ratio. The findings reveal the importance of the audit committee in firms. Therefore, this study reveals that corporate governance practices have an impact on dividend payout decisions of firms listed at the Borsa Istanbul. Based on the results, as a result of the development of audit mechanisms, one of the corporate governance practices, it is understood that efficiency can be achieved in terms of cash dividend payout for investors.

Kaynakça

  • Abbas, M., Qureshi, S. U., Ahmed, M. M., & Rizwan, M. (2018). Corporate governance and dividend payout policy: Mediating role of leverage. Pakistan Journal of Social Sciences, 38(1), 62-86.
  • Abdelsalam, O, El-Masry, A., & Elsegini, S. (2008). Board composition, ownership structure and dividend policies in an emerging market: Further evidence from CASE 50. Managerial Finance, 34(12), 953-964.
  • Abor, J., & Fiador, V. (2013). Does corporate governance explain dividend policy in Sub-Saharan Africa? International Journal of Law and Management, 55(3), 201-225.
  • Adaoglu, C. (2000). Instability in the dividend policy of the Istanbul stock exchange (ISE) corporations: Evidence from an emerging market. Emerging Markets Review, 1(3), 252-270 https://doi.org/10.1016/S15660141(00)00011-X
  • Adjaoud, F., & Ben-Amar, W. (2010). Corporate governance and dividend ratio: Shareholders’ protection or expropriation? Journal of Business Finance & Accounting, 37, 648-667.
  • Adjaoud, F., & Hermassi, N. (2017). The Impact of corporate governance mechanisms on the dividend policy of Canadian firms: Empirical study, International Journal of Business, Accounting, and Finance, 11(1), 90-115.
  • Afsari, N. (2014). Relationship between corporate governance and dividend payment policy of companies listed in Tehran stock exchange. International Research Journal of Applied and Basic Sciences, 8(11), 1891-1899.
  • Afza, T., & Mirza, H. H. (2010). Ownership structure and cash flows as determinants of corporate dividend policy in Pakistan. International Business Research, 3(3), 210-221.
  • Afzal, M., & Sehrish, S. (2010). Ownership structure, board composition and dividend ratio in Pakistan. COMSATS Institute of Information Technology, Islamabad-Pakistan, 24.
  • Agrawal, A., & Knoeber, C. R. (1996). Firm performance and mechanisms to control agency problems between managers and shareholders. The Journal of Financial and Quantitative Analysis, 31, 377-397. http://dx.doi. org/10.2307/2331397
  • Ahmad, G. N. (2015). Does corporate governance affect dividend policy: Evidence from ASEAN emerging market. Risk Governance & Control: Financial Markets & Institutions, 5(1), 88-94.
  • Ajanthan, A. (2013). Corporate governance and dividend ratio: A study of listed hotels and restaurant companies in Sri Lanka. International Journal of Management, IT and Engineering, 3, 98-114.
  • Aksoy, E. E. (2017). Finansal yönetim: Teorik yaklaşımlar, çözümlü örnekler ve öneri yaklaşımlar. Ankara: Gazi Kitapevi.
  • Alchian, A. A., & Demsetz, H. (1972). Production, information costs, and economic organization. American Economic Review, American Economic Association, 62(5), 777-795.
  • Al-Kahmisi, T. A., & Hassan, H. H. (2018). The effects of corporate governance on dividend payout policies in Malaysian banks. International Journal of Advanced Research and Publications, 2(2), 29-37.
  • Al-Najjar, B., & Hussainey, K. (2009). The association between dividend payout and outside directorships. Journal of Applied Accounting Research, 10(1), 4-19.
  • Al-Najjar, B., & Kilincarslan, E. (2017). Corporate dividend decisions and dividend smoothing: New evidence from an empirical study of Turkish firms. International Journal of Managerial Finance, 13(3), 304-331, https://doi. org/10.1108/IJMF-10-2016-0191
  • Al-Rahahleh, A. S. (2017). Corporate governance quality, board gender diversity and corporate dividend policy: Evidence from Jordan. Australasian Accounting Business & Finance Journal, 11(2), 86-104.
  • Al-Swidi, A. K., Fadzil, F. H., & Al-Matari, Y. A. (2012). The impact of board characteristics on firm performance: Evidence from nonfinancial listed companies in Kuwaiti stock exchange. International Journal of Accounting and Financial Reporting, 2(2), 310-332.
  • Amina, H. (2015). Dividend policy and corporate governance in Saudi stock market: Outcome model or substitute model? Corporate Ownership and Control, 12(2), 74-91.
  • Arellano, M. & Bond, S. (1991). Some tests of specification for panel: Monte Carlo evidence and an application to employment equations. Review of Economic Studies, 58, 277-297.
  • Arellano, M., & Bover, O. (1995). Another look at the instrumental variable estimation of error-components models. Journal of Econometrics, 68, 29-51.
  • Arshad, Z., Akram, Y., Scholar, M., Amjad, M., & Usman, M. (2013). Ownership structure and dividend ratio. Interdisciplinary Journal of Contemporary Research in Business, 5(3), 378-401.
  • Ataay, A. (2006). Aile işletmelerinde başkacılık ve koruma: Vekâlet maliyetleri, T.C. İstanbul Kültür Üniversitesi Aile 2. Aile İşletmeleri Kongresi Bildiri Kitabı, İstanbul, 64-71.
  • Awwad, B. S. A. L., & Hamdan, A. M. A. (2018). Gulf cooperation council energy sectors governance and dividend policy. International Journal of Economics and Financial Issues, 8(4), 163-171.
  • Aydın, N., Başar, M., & Coşkun, M. (2015). Finansal yönetim (2. bs.). Ankara: Detay Yayıncılık.
  • Aydin, A. D., & Cavdar, S. C. (2015). Corporate governance and dividend policy: An empirical analysis from Borsa Istanbul Corporate Governance Index (XKURY). Accounting and Finance Research, 4(3), 66-76.
  • Aygün, M., & Sayın, C. (2016). Kurumsal yönetim ve denetim kalitesi: Borsa İstanbul şirketleri üzerine bir inceleme. Finans Politik & Ekonomik Yorumlar, 618(53), 51-58.
  • Baltagi, B. H. (2013). Econometric analysis of panel data (5th Ed.). Chichester: John Wiley and Sons.
  • Barclay, M., Holderness C., & Sheehan, D. (2009). Dividends and corporate shareholders. Review of Financial Studies, 22(6), 2423-2455, https://doi.org/10.1093/rfs/hhn060
  • Belden, S., Fister, T., & Knapp, B. (2005). Dividends and directors: Do outsiders reduce agency costs? Business and Society Review, 110(2), 171-180.
  • Bena, J., & Hanousek, J. (2008). Rent extraction by large shareholders: Evidence using dividend policy in the Czech republic. Czech Journal of Economics and Finance, 58(3-4), 106-130.
  • Berle, A., & Means, G. (1932). The modern corporation and private property. New York: Commerce Clearing House.
  • Bhattacharya, S. (1979). Imperfect information, dividend policy, and the bird in the hand fallacy. The Bell Journal of Economics, 10(1), 259-270.
  • Bista, N., Bartaula, N. R., Shrestha, O., Gnawali, P., Lamichhane P., & Parajuli, P. (2019). Impact of corporate governance on dividend policy of Nepalese enterprises. In R. Rajagopal, Behl (Eds.), Business governance and society. Cham: Palgrave Macmillan. https://doi.org/10.1007/978-3-319-94613-9_21
  • Blundell, R., & Bond, S. (1998). Initial conditions and moment restrictions in dynamic panel data models. Journal of Econometrics, 87, 115-143.
  • Bokhari, H. W., & Khan, M. A. (2013). The impact of capital structure on firm’s performance (a case of nonfinancial sector of Pakistan). European Journal of Business and Management, 5(31), 2222-2839.
  • Bolodeoku, I. (2006). Corporate governance: The law’s response to agency costs in Nigeria. Brooklyn Journal of International Law, 32(2), 467-522.
  • Born, J. A., & Rimbey, J. N. (1993). A test of Easterbrook hypothesis regarding dividend payments and agency costs. The Journal of Financial Research, 16(3), 251-260.
  • Borokhovich, K., Brunarski, K., Harman, Y., & Kehr, J. (2005). Dividends, corporate monitors and agency costs. Financial Review, 40, 37-65.
  • Brealey, R., & Myers, S. (2005). Principles of corporate finance (8th Ed.). London: McGraw-Hill. Cansızlar, D. (2003). Kurumsal yönetim ilkeleri. SPK. https://ecgi.global/sites/default/files//codes/documents
  • Ceylan, A., & Korkmaz, T. (2017). İşletmelerde finansal yönetim. Bursa: Ekin Basım Yayın Dağıtım.
  • Chae, J., Kim, S., & Lee, E. (2009). How corporate governance affects payout policy under agency problems and external financing constraints. Journal of Banking and Finance, 33, 2093-2101.
  • Chaghadari, M. F., & Chaleshtori, G. N. (2011). Corporate governance and firm performance. International Conference on Sociality and Economics Development IPEDR, 10, 484-489.
  • Chen, L. T., Lim C., & Kim, Y. C. (2011). Financial characteristics, corporate governance and the propensity to pay cash dividends of Chinese listed companies. International Business and Management, 3(1), 176-188.
  • Chen, Z., Cheung, Y-L., Stouraitis, A., & Wong, A. W. S. (2005). Ownership concentration, firm performance and dividend policy in Hong Kong. Pacific-Basin Finance Journal, 13, 431-449.
  • Chung, K. H., Elder, J., & Kim, J. C. (2010). Corporate governance and liquidity. Journal of Financial and Quantitative Analysis, 45(2), 265-291.
  • Clarke, T. (2004). Theories of corporate governance: The philosophical foundations of corporate governance. London and New York: Routledge.
  • Core, J. E., Holthausen, R. W., & Larcker, D. F. (1999). Corporate governance, chief executive officer compensation, and firm performance. Journal of Financial Economics, 51, 371-406.
  • Cornett, M. M., McNutt, J. J. & Tehranian, H. (2009). Corporate governance and earnings management at large U.S. bank holding companies. Journal of Corporate Finance, 15, 412-430.
  • Crutchley, C. E., & Hansen, R. S. (1989). A test of the agency theory of managerial ownership, corporate leverage, and corporate dividends. Financial Management, 18, 36-46. http://dx.doi.org/10.2307/3665795
  • Cunningham, L. A. (2008). Rediscovering board expertise: Legal implications of the empirical literature. U. Cin. L. Rev, 465, https://doi.org/10.2139/ssrn.1024261
  • Demsetz, H., & Lehn, K. (1985). The structure of corporate ownership: Causes and consequences. Journal of Political Economy, 93, 1155-1177, http://dx.doi.org/10.1086/261354
  • Deshmukh, S. (2005). The effect of asymmetric information on dividend policy. Quarterly Journal of Business and Economics, 44(1), 107-127.
  • Dewasiri, N., Koralalage, Y. W., Azeez, A. A, Jayarathne, P., Kuruppuarachchi, D., & Weerasinghe, V. (2019). Determinants of dividend policy: Evidence from an emerging and developing market. Managerial Finance, 45(3), 413-429. https://doi.org/10.1108/MF-09-2017-0331
  • Dinçergök, B., & Pirgaip, B. (2018). Kâr payı dağıtımı ve nakit akışı belirsizliği ilişkisi: BİST imalat sektörü firmalarında bir uygulama. İşletme Araştırmaları Dergisi, 10(4), 422-442.
  • Doğan, M. (2018). Kurumsal yönetimin teorik temelleri. Uluslararası Yönetim Akademisi Dergisi, 1(1), 84-96.
  • Drobetz, W., Schillhofer, A., & Zimmermann H. (2004). Corporate governance and expected stock returns: Evidence from Germany. European Financial Management, 10(2), 267-293. https://doi. org/10.1111/j.1354-7798.2004.00250.x
  • Easterbrook, F. H. (1984). Two agency-cost explanations of dividends. The American Economic Review, 74(4), 650-659.
  • Eckbo, B. E., & Verma, S. (1994). Managerial share ownership, voting power, and cash dividend policy. Journal of Corporate Finance, 1, 33-62.
  • Elmagrhi, M. H., Ntim, C. G., Crossley, R. M., Malagila, J., Fosu, S., & Vu, T. V. (2017). Corporate governance and dividend policy in UK listed SMEs: The effect of board characteristics. International Journal of Accounting and Information Management, 25(4), 459-483. http://dx.doi.org/10.1108/IJAIM-02-2017-0020
  • Fakhari, H., & Yousefalitabar, N. (2010). Evaluating the relationship between dividend policy and corporate governance in Tehran stock exchange firms. Journal of Accounting and Auditing Reviews, 62, 69-84.
  • Ghasemi, R. S., Madrakian, H., & Keivani, F. S. (2013). The relationship between the corporate governance and the stock institutional ownership with the dividend - a case study of Tehran. Journal of Business and Management, 15(2), 65-69.
  • Ghosh, C., & Sirmans, C. F. (2006). Do managerial motives impact dividend decisions in REITs? Journal of Real Estate Finance and Economics, 32(3), 327-355.
  • Gill, A. S., & Obradovich, J. D. (2012). Corporate governance, institutional ownership, and the decision to pay the amount of dividends: Evidence from USA. International Research Journal of Finance and Economics, 97, 60-71.
  • Gusni, T. (2017). The determinants of dividend policy: A study of financial industry in Indonesia. Jurnal Keuangan dan Perbankan, 21(4), 562-574.
  • Gürbüz, A, & Ergincan, O. Y. (2004). Kurumsal yönetim: Türkiye’deki durumu ve geliştirilmesine yönelik öneriler. İstanbul: Literatür Yayıncılık.
  • Hansen, R. S., Kumar, R., & Shome, D. K. (1994). Dividend policy and corporate monitoring: Evidence from the regulated electric utility industry. Financial Management Association International, 23(1), 16-22.
  • Hapsoro, D., & Suryanto, T. (2017). Consequences of going concern opinion for financial reports of business firms and capital markets with auditor reputation as a moderation variable: An experimental study. European Research Studies Journal, 20(2A), 197-223.
  • Harada, K., & Nguyen, P. (2011). Ownership concentration and dividend policy in Japan. Managerial Finance, 37(4), 362-379. https://doi.org/10.1108/03074351111115313
  • Hifzalman, P., & Mukhtar, A. (2014). Corporate governance and its impact on performance of banking sector in Pakistan. International Journal of Information, Business and Management, 6, 106-117.
  • Himmelberg, C., Hubbard R. G., & Palia, D. (1999). Understanding the determinants of managerial ownership and the link between ownership and performance. Journal of Financial Economics, 53(3), 353-384.
  • Hoberg, G., & Prabhala, N. R. (2009). Disappearing dividends, catering, and risk. Review of Financial Studies, 22(1), 79-116. https://www.jstor.org/stable/40056906
  • Hu, A., & Kumar, P. (2004). Managerial entrenchment and payout policy. Journal of Financial and Quantitative Analysis, 39(4), 759-790.
  • Ibrahim, I., & Shuaibu, H. (2016). Ownership structure and dividend policy of listed deposit money banks in Nigeria: A tobit regression analysis. International Journal of Accounting and Financial Reporting, 6(1), 1-19. https://doi.org/10.5296/ijafr.v6i1.9277
  • Ikunda, C., Muiru, M., & Kamau, S. M. (2016). The impact of corporate governance on dividend payout of manufacturing firms listed at the Nairobi securities exchange. Journal of Finance and Accounting, 4(5), 254-261.
  • Iqbal, S. (2013). The impact of corporate governance on dividend decision of firms: Evidence from Pakistan. African Journal of Business Management, 7(11), 811-817.
  • Jahanzeb, A., Memon, P. A., Tunio, J. A., & Shah, S. S. A. (2016). Impact of corporate governance and firm-level control variables on dividend policy of service trade sector of Malaysia. Journal of Economic and Social Development, 3(2), 115-124.
  • Jensen, G. R., Solberg, D. P., & Zorn, T. S. (1992). Simultaneous determination of insider ownership, debt, and dividend policies. Journal of Financial and Quantitative Analysis, 27, 247-263.
  • Jensen, M. C. (1986). Agency costs of free cash flow, corporate finance, and takeovers. The American Economic Review, 76(2), 323-329.
  • Jensen, M. C. (1993). The modern industrial revolution, exit, and the failure of internal control systems. Journal of Finance, 48, 831-880.
  • Jensen, M. C., & Meckling, W. H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure. Journal of Financial Economics, 3(4), 305-360. https://doi.org/10.1016/0304-405X(76)90026-X
  • Jiraporn, P., Kim, Y., & Kim, J. (2011). Dividend policy and corporate governance quality: Evidence from ISS. The Financial Review, 46, 251-279.
  • Jiraporn, P., & Ning, Y. (2006). Dividend policy, shareholder rights, and corporate governance. Journal of Applied Finance, 16, 24-36.
  • John, K., & Senbet, L. W. (1998). Corporate governance and board effectiveness. Journal of Banking & Finance, 22(4), 371-403. https://doi.org/10.1016/S0378-4266(98)00005-3
  • John, K., & Williams, J. (1985). Dividends, dilution, and taxes: A signalling equilibrium. The Journal of Finance, 40(4), 1053-1070. http://dx.doi:10.1111/j.1540-6261.1985.tb02363.x
  • Kajola, S. (2008). Corporate governance and firm performance: The case of Nigerian listed firm. European Journal of Economics, 6(3), 1-13.
  • Kakanda, M. M., & Salim, B. (2017). Corporate governance, risk management disclosure, and firm performance: A theoretical and empirical review perspective. Asian Economic and Financial Review, 7(9), 836-845.
  • Kanapathippillai, K., & Anandasayanan, S. (2015). Corporate governance practices and its impact on dividend policy: A study on Sri Lankan listed manufacturing companies. Clear International Journal of Research in Commerce & Management, 6(3), 87-92.
  • Karamustafa, O., Varıcı, İ., & Er, B. (2009). Kurumsal yönetim ve firma performansı: İMKB kurumsal yönetim endeksi kapsamındaki firmalar üzerinde bir uygulama. Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 17(1), 100-119.
  • Kawshala, H., & Panditharathna, K. (2017). The effect of dividend policy on corporate profitability: An empirical study on beverage, food and tobacco industry in Sri Lanka. International Journal of Scientific and Research Publications, 7(8), 542-546.
  • Keenan, J. (2004). Corporate governance in UK/USA boardrooms. Corporate Governance: An International Review, 12(2), 172-176. https://doi.org/10.1111/j.1467-8683.2004.00356.x
  • Kiel, G. C., & Nicholson, G. J. (2003). Board composition and corporate performance: How the Australian experience informs contrasting theories of corporate governance. Corporate Governance: An International Review, 11, 189-205.
  • Kole, S. R. (1995). Measuring managerial equity ownership: A comparison of sources of ownership data. Journal of Corporate Finance: Contracting, Governance and Organization, 1, 413-35.
  • Kowalewski, O., Stetsyuk, I., & Talavera, O. (2008). Corporate governance and dividend policy in Poland. PostCommunist Economies, 20(2), 203-218, https://doi.org/10.1080/14631370802018973
  • Kulathunga, K. M. K. N. S., & Weerasinghe, W. D. J. D. (2017). Corporate governance and dividend policy: A study of listed manufacturing companies in Sri Lanka, International Journal of Scientific Research and Innovative Technology, 4(2), 64-81.
  • Kurawa, J. M., & Ishaku, A. (2014). The effect of corporate governance on dividend policy of listed banks in Nigeria: A panel data analysis. Researchjournali’s Journal of Finance, 2(8), 3-12.
  • Kyereboah-Coleman, A. (2007). Corporate governance and shareholder value maximization: An African perspective. African Development Review, 19(2), 350-367. https://doi.org/10.1111/j.1467-8268.2007.00165.x
  • La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000). Agency problems and dividend policies around the world. Journal of Finance, 55, 1-33.
  • Lang, L. H. P., & Litzenberger, R. H. (1989). Dividend announcements: Cash flow signalling vs. free cash flow hypothesis? Journal of Financial Economics, 24(1), 181-191. https://doi.org/10.1016/0304-405X(89)90077-9
  • Lin, K-L., & Shen, C-H. (2012). The impact of corporate governance on the relationship between investment opportunities and dividend policy: An endogenous switching model approach. Asia-Pacific Journal of Financial Studies, 41, 125-145.
  • Lin, S., Lai, H., & Hsu, A. (2018). How does asymmetric information affect catering behavior? Emerging Markets Finance & Trade, 54, 2433-2454.
  • Lin, T., Chen, Y., & Tsai, H. (2017). The relationship among information asymmetry, dividend policy and ownership structure. Finance Research Letters, 20, 1-12. https://doi.org/10.1016/j.frl.2016.06.008
  • Litai, C., Chuan, L., & Kim, Y. (2011). Financial characteristics, corporate governance and the propensity to pay cash dividends of Chinese listed companies. International Business and Management, 3(1), 176-188.
  • Mallin, C. A. (2010). Corporate governance (3rd Ed.). New York: Oxford University Press Inc.
  • Mancinelli, L., & Ozkan, A. (2006). Ownership structure and dividend policy: Evidence from Italian firms. The European Journal of Finance, 12(3), 265-282.
  • Maniagi, G. M., Denco, M. J., Ondiek, B. A., Okaka, D., & Musiega, D. (2013). Corporate governance, dividend policy and performance. Special reference to banks listed on Nairobi security exchange Kenya. International Journal of Innovative Research & Development, 5(2), 56-69.
  • Mansourinia, E., Emamgholipour, M., Rekabdarkolaei, E. A., & Hozoori, M. (2013). The effect of board size, board independence and CEO duality on dividend policy of companies: Evidence from Tehran stock exchange. International Journal of Economy, Management and Social Sciences, 2(6), 237-241.
  • Mardani, R. M., Sumiati, M., & Indrawati, N. K. (2018). Ownership structure, corporate governance and dividend policy: Evidence from Indonesia. In the 2018 International Conference of Organizational Innovation, KnE Social Sciences, 1249-1255. https://doi.org/10.18502/kss.v3i10.3466
  • Maury, C., & Pajuste, A. (2005). Multiple large shareholders and firm value. Journal of Banking & Finance, 29(7), 1813-1834. https://doi.org/10.1016/j.jbankfin.2004.07.002
  • Mehdi, M., Sahut, J., & Teulon, F. (2017). Do corporate governance and ownership structure impact dividend policy in emerging market during financial crisis? Journal of Applied Accounting Research, 18(3), 274-297. https:// doi.org/10.1108/JAAR-07-2014-0079
  • Mileva, E. (2007). Using Arellano-Bond dynamic panel GMM estimators in stata. Bronx: Fordhan University Economic Department.
  • Miller, M. H., & Rock, K. (1985). Dividend policy under asymmetric information. Journal of Finance, 40, 10311051. https://doi.org/10.1111/j.1540-6261.1985.tb02362.x
  • Miller, M., & Modigliani, F. (1961). Dividend policy, growth and the valuation of shares. Journal of Business, 34, 411-433. http://dx.doi.org/10.1086/294442
  • Mitton, T. (2004). Corporate governance and dividend policy in emerging markets. Emerging Markets Review, 5(4), 409-426. https://doi.org/10.1016/j.ememar.2004.05.003
  • Mohan, A., & Chandramohan, S. (2018). Impact of corporate governance on firm performance: Empirical evidence from India. International Journal of Research in Humanities, Arts and Literature, 6(2), 209-218.
  • Mollah, S., Faroogue, O. A., Mobarek, A., & Molyneux, P. (2019). Bank corporate governance and future earnings predictability. Jour. of Fin. Services Research, 1-26. https://doi.org/10.1007/s10693-019-00307-7
  • Montalvan, S. M., Barilla, C. D., Ruiz, G. D., & Figueroa, D. L. (2017). Corporate governance and dividend policy in Peru: Is there any link? Revista Mexicana de Economiay Finanzas, 12(2), 103-116.
  • Musa, H., Rech, F., & Musova, Z. (2019). The role corporate governance in debt and dividend policies: Case of Slovakia. Invest. Manag. and Financial Innov., 16(2), 206-217. https://doi:10.21511/imfi.16(2).2019.18
  • Myers, S. C. & Majluf, N. S. (1984). Corporate financing and investment decisions when firms have information that investors do not have. Jou. of Fin. Econ., 13, 187-221. https://doi.org/10.1016/0304-405X(84)90023-0
  • Noe, T. H., & Rebello, M. J. (1996). Asymmetric information, managerial opportunism, financing, and payout policies. The Journal of Finance, 51(2), 637-660. https://doi.org/10.1111/j.1540-6261.1996.tb02697.x
  • Okka, O. (2009). Analitik finansal yönetim teori ve problemler (1. bs). Ankara: Nobel Yayın Dağıtım.
  • Oleksy, P., & Zygula, A. (2018). The effect of ownership structure on dividend policy and shareholder value: A financialisation perspective on construction companies in Poland. Central European Economic Journal, 3(50), 41-52. https://doi.org/10.1515/ceej-2017-0016
  • Opeyemi, M. F., Olusegun, D. J., Olukayode, A. E., & Olusola, O. S. (2018). Determinants of dividend policy of listed deposit money banks in Nigeria. World Journal of Finance and Investment Research, 3(1), 25-40.
  • Otekunrin, A. O., Nwanji, T. I., Hermans, R. E., Ajayi, S. A., Dayo, F., Falaye, A. J., & Eluyela, D. F. (2018). Dividend policy and corporate governance regulation and practice in Nigerian banks. Journal of Management and Corporate Governance, 10(2), 18-59.
  • Öztürk, M. B., & Demirgüneş, K. (2008). Kurumsal yönetim bakış açısıyla entellektüel sermaye. Selçuk Üniversitesi Sosyal Bilimler Enstitüsü Dergisi, 19, 375-411.
  • Pahi, D., & Yadav, I. S. (2018). Role of corporate governance in determining dividend policy: Panel evidence from India. International Journal of Trade, Economics and Finance, 9(3), 111-115.
  • Pandey, M. I. (2005). Financial management (9th Ed.). India: Vikas Publishing House.
  • Pieloch-Babiarz, A. (2019). Ownership structure, board characteristics and dividend policy: Evidence from the Warsaw stock exchange. Economics and Law, 18(3), 317-330. https://doi.org/10.12775/EiP.2019.022
  • Rajput, M., & Jhunjhunwala, S. (2019). Corporate governance and payout policy: Evidence from India. Corporate Governance, 19(5), 1117-1132. https://doi.org/10.1108/CG-07-2018-0258
  • Renneboog, L., & Szilagyi, P. G. (2008). Corporate restructuring and bondholder wealth. European Financial Management, 14(4), 792-819. https://doi.org/10.1111/j.1468-036X.2007.00414.x
  • Riaz, S., Liu, Y., & Ahmad, M. I. (2016). Dividend policy and corporate governance perspective. Accounting and Finance Research, 5(3), 77-86.
  • Ridwan, M. Z., & Pratiwi, H. (2018). Dividend policy in Indonesian companies: Does corporate governance matter? International Journal of Engineering & Technology, 7(3.25), 306-310.
  • Roodman, D. (2009). How to Do xtabond2: An introduction to “difference” and “system” GMM in stata. Stata Journal, 9(1), 86-136.
  • Ross, S. A., Westerfield, R. W., & Jaffe, J. (2002). Corporate finance (6th Ed.). Boston: McGraw-Hill Com.
  • Roy, A. (2015). Dividend policy, ownership structure and corporate governance: An empirical analysis of Indian firms. Indian Journal of Corporate Governance, 8(1), 1-33.
  • Rozeff, M. S. (1982). Growth, beta and agency costs as determinants of dividend payout ratios. The Journal of Financial Research, 5(3): 249-259.
  • Sakr, A., Gawad, H. A., & Soliman, M. M. (2016). The Effect of corporate governance on corporate payout policy on Egyptian firms. The Business and Management Review, 7(2), 102-112.
  • Sani, A. A., & Musa, A. M. (2017). Corporate board attributes and dividend payout policy of listed deposit money banks in Nigeria. International Journal of Research in IT, Management and Engineering, 7(1), 7-13.
  • Schen, Y. P., & Suffian, M. T. (2014). CEO duality and dividend policy: Empirical evidence on oil and gas companies in Malaysia. International Conference on Accounting Research & Education, 1-14.
  • Schooley, D., & Barney, L. (1994). Using dividend policy and managerial ownership to reduce agency costs. Journal of Financial Research, 12, 363-373.
  • Setia-Atmaja, L. Y. (2009). Governance mechanisms and firm value: The impact of ownership concentration and dividends. Corp. Gover. An Int. Rev., 17(6), 694-709, https://doi.org/10.1111/j.1467-8683.2009.00768.x
  • Setiawan, D., & Phua, L. K. (2013). Corporate governance and dividend policy in Indonesia. Business Strategy Series, 14(5/6), 135-143. https://doi.org/10.1108/BSS-01-2013-0003
  • Shafana, M., & Safeena, S. (2019). Board independence and dividend policy in listed non-financial companies in Sri Lanka. Iconic Research and Engineering Journals, 2(11), 134-143.
  • Shahid, M. S., Gul, F., Rizwan, M., & Bucha, M. H. (2016). Ownership structure, board size, board composition and dividend policy: New evidence from two emerging markets. Journal of Business Studies, 12(2), 25-36.
  • Shehu, M. (2015). Board characteristics and dividend payout: Evidence from Malaysian public listed companies. Research Journal of Finance and Accounting, 6(16), 35-40.
  • Shleifer, A., & Vishny, R. (1986). Large shareholders and corporate control. Journal of Political Economy, 94, 461488. https://doi.org/10.1086/261385
  • Silva, L. C., Goergen, M., & Renneboog, L. (2004). Dividend policy and corporate governance. New York: Oxford University Press.
  • Smith, C., & Watts, R. (1992). The investment opportunity set and corporate financing, dividend and compensation policies. Journal of Financial Economics, 32, 263-292. http://dx.doi.org/10.1016/0304-405X(92)90029-W
  • Smith, F. S., Puleo, V. A., & Casey, K. M. (2008). Dividend policy and corporate governance: A research note. Corporate Ownership and Control, 5(3), 220-224. http://doi.org/10.22495/cocv5i3c1p6
  • Stepanyan, G. G. (2011). Firm life cycle and the choice of the form of payout. SSRN Electronic Journal, http://doi. org/10.2139/ssrn.1632834
  • Sumail, L. O. (2018). Corporate governance and dividend payout ratio in non-financial firms listed in Indonesian stock exchange. Business and Economic Horizons, 14(4), 851-861. http://dx.doi.org/10.15208/beh.2018.58
  • Tabalujan, B. S. (2001). Corporate governance of Indonesian banks: The legal and business contexts. Australian Journal of Corporate Law, 13, http://dx.doi.org/10.2139/ssrn.268569
  • Tamimi, M., Takhtaei, N., & Malchi, F. (2014). Relationship between firm age and financial leverage with dividend policy. Asian Journal of Finance & Accounting, 6(2), 53-63.
  • Tatoğlu, F. Y. (2013). İleri panel veri analizi (2. bs.). İstanbul: Beta Yayınları.
  • Tümerdem, M. (2016). Finansal piyasalar ve kurumlar (yeni düzenlemeler perspektifinde finansal araçlar, faaliyetler ve kurumlar). Bursa: Ekin Basım Yayın Dağıtım.
  • Uwalomwa, U., Olamide, O., & Francis, I. (2015). The effects of corporate governance mechanisms on firms dividend payout policy in Nigeria. Journal of Accounting and Auditing: Research & Practise, 2015, 1-11. https://doi.org/10.5171/2015.313679
  • Uwuigbe, U., Jafaru, J., & Ajayı, A. (2012). Dividend policy and firm performance: A study of listed firms in Nigeria. Accounting and Management Information Systems, 11(3), 442-454.
  • Wang, M-H., Ke, M-C., Liu, D-Y., & Huang, Y-S. (2011). Dividend policy and the life cycle hypothesis: Evidence from Taiwan. The International Journal of Business and Finance Research, 5(1), 33-52.
  • Wei, Z., Wu, S., Li, C., & Chen, W. (2011). Family control, institutional environment and cash dividend policy: Evidence from China. China Jou. of Account. Res., 4(1-2), 29-46. https://doi.org/10.1016/j.cjar.2011.04.001
  • Windmeijer, F. (2005). A finite sample correction for the variance of linear efficient two-step GMM estimators. Journal of Econometrics, 126, 25-51.
  • Wintoki, B., Linck, J., & Netter, J. (2012). Endogeneity and the dynamics of internal corporate governance. Journal of Financial Economics, 105, 581-606.
  • Yaseen, H. (2019). Dividend policy explained by country’s standards of living: An international evidence. In D. Procházka (Eds.), Global versus local perspectives on finance and accounting. Cham: ACFA2018 2018 Springer Proceedings in Business and Economics. Springer.
  • Young, M. N., Peng, M. W., Ahlstrom, D., Bruton, G. D., & Jiang, Y. (2008). Corporate governance in emerging economies: A review of the principal-principal perspective. Journal of Management Studies, 45(1), 196-220.
  • Zahra, S., & Pearce, J. (1989). Boards of directors and corporate financial performance: A review and integrative model. Journal of Management, 15, 291-334.
  • Zhang, H. (2008). Corporate governance and dividend policy: A comparison of Chinese firms listed in Hong Kong and in the Mainland. China Economic Review, Elsevier, 19(3), 437-459.
Toplam 166 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Konular Sosyoloji
Bölüm Araştırma Makaleleri
Yazarlar

Mehmet Levent Erdaş Bu kişi benim 0000-0001-6594-4262

Emel Bachá Sımoes Bu kişi benim 0000-0002-9675-1110

Yayımlanma Tarihi 25 Aralık 2020
Gönderilme Tarihi 13 Aralık 2019
Yayımlandığı Sayı Yıl 2020 Sayı: 62

Kaynak Göster

APA Erdaş, M. L., & Sımoes, E. B. (2020). Kurumsal Yönetim Çerçevesinde Denetim Mekanizmaları ve Kar Payı Dağıtım Politikası İlişkisi: Türkiye Örneği. Journal of Economy Culture and Society(62), 255-284. https://doi.org/10.26650/JECS2019-0120
AMA Erdaş ML, Sımoes EB. Kurumsal Yönetim Çerçevesinde Denetim Mekanizmaları ve Kar Payı Dağıtım Politikası İlişkisi: Türkiye Örneği. Journal of Economy Culture and Society. Aralık 2020;(62):255-284. doi:10.26650/JECS2019-0120
Chicago Erdaş, Mehmet Levent, ve Emel Bachá Sımoes. “Kurumsal Yönetim Çerçevesinde Denetim Mekanizmaları Ve Kar Payı Dağıtım Politikası İlişkisi: Türkiye Örneği”. Journal of Economy Culture and Society, sy. 62 (Aralık 2020): 255-84. https://doi.org/10.26650/JECS2019-0120.
EndNote Erdaş ML, Sımoes EB (01 Aralık 2020) Kurumsal Yönetim Çerçevesinde Denetim Mekanizmaları ve Kar Payı Dağıtım Politikası İlişkisi: Türkiye Örneği. Journal of Economy Culture and Society 62 255–284.
IEEE M. L. Erdaş ve E. B. Sımoes, “Kurumsal Yönetim Çerçevesinde Denetim Mekanizmaları ve Kar Payı Dağıtım Politikası İlişkisi: Türkiye Örneği”, Journal of Economy Culture and Society, sy. 62, ss. 255–284, Aralık 2020, doi: 10.26650/JECS2019-0120.
ISNAD Erdaş, Mehmet Levent - Sımoes, Emel Bachá. “Kurumsal Yönetim Çerçevesinde Denetim Mekanizmaları Ve Kar Payı Dağıtım Politikası İlişkisi: Türkiye Örneği”. Journal of Economy Culture and Society 62 (Aralık 2020), 255-284. https://doi.org/10.26650/JECS2019-0120.
JAMA Erdaş ML, Sımoes EB. Kurumsal Yönetim Çerçevesinde Denetim Mekanizmaları ve Kar Payı Dağıtım Politikası İlişkisi: Türkiye Örneği. Journal of Economy Culture and Society. 2020;:255–284.
MLA Erdaş, Mehmet Levent ve Emel Bachá Sımoes. “Kurumsal Yönetim Çerçevesinde Denetim Mekanizmaları Ve Kar Payı Dağıtım Politikası İlişkisi: Türkiye Örneği”. Journal of Economy Culture and Society, sy. 62, 2020, ss. 255-84, doi:10.26650/JECS2019-0120.
Vancouver Erdaş ML, Sımoes EB. Kurumsal Yönetim Çerçevesinde Denetim Mekanizmaları ve Kar Payı Dağıtım Politikası İlişkisi: Türkiye Örneği. Journal of Economy Culture and Society. 2020(62):255-84.