NAKİT KAR PAYI DAĞITIM POLİTİKALARINI ETKİLEYEN MİKRO VE MAKRO DEĞİŞKENLERİN PANEL VERİ ANALİZİ İLE TESPİT EDİLMESİ: BIST 100 ENDEKSİ ÜZERİNE BİR ARAŞTIRMA

Yıl 2019, Cilt: 6 Sayı: 1, 1 - 18, 30.03.2019

Emre Esat Topaloglu Turhan Korkmaz

https://doi.org/10.17261/Pressacademia.2019.1024

Öz

Amaç - Firmaların nakit kar payı dağıtım politikalarına etki eden mikro ve makro faktörlerin belirlenmesi amaçlanmıştır. Borsa İstanbul 100

Endeksi’nde payları devamlı olarak işlem gören ve mali sektörde faaliyet göstermeyen otuz üç firmanın 2010-2016 dönemindeki verileri

incelenmiştir.

Metodoloji - Nakit kar payı dağıtım politikaları ile mikro ve makro faktörler arasındaki ilişki panel veri yöntemi kullanılarak analiz edilmiştir. Yatay

kesitler arasındaki farklı hata varyanslarının yanı sıra korelasyon sorununa da çözüm üreten White’ın standart hataların düzeltilmesi yöntemi

kullanılmıştır.

Bulgular - Analiz sonucunda, nakit kar payı dağıtım oranı ile aktif karlılık oranı, finansal kaldıraç ve piyasa değeri arasında anlamlı ve pozitif ilişki

tespit edilirken; varlık yapısı, büyüme fırsatı, firma büyüklüğü ve enflasyon oranı arasında anlamlı ve negatif ilişki tespit edilmiştir. Likidite oranı,

altın fiyatı ve faiz oranı ile nakit kar payı dağıtım oranı arasında ise anlamlı herhangi bir ilişki bulunmamıştır.

Sonuç- Çalışmadan elde edilen bulguların, eldeki kuş, vergi etkisi, sinyal ve temsil maliyeti teorilerini desteklediği belirlenmiştir.

Anahtar Kelimeler

Karpayı, mikro faktör, makro faktör, panel veri analizi, BIST 100

DETERMINATION OF MICRO AND MACRO FACTORS AFFECTING CASH DIVIDEND PAYOUT POLICIES BY PANEL DATA ANALYSIS: A RESEARCH ON BIST 100 INDEX

Öz

Purpose - It was aimed to determine the micro and macro factors affecting the dividend policies of firms. Firms in Borsa Istanbul 100 Index,

whose shares are traded on a regular basis and which are not active in the financial sector have been analyzed.

Methodology - Relationship between the dividend policies of firms and micro and macro factors have been analyzed using the panel data

method. And We used the White's cross section coefficient covariance method in order to account for heteroscedasticity effects.

Findings - A statistically significant and positive relationship was observed between payout ratio and return on assets, financial leverage and

market value. Significant and negative relationship was observed between payout ratio and assets structure, growth opportunity, firm size and

inflation rate. There was no significant relationship between payout ratio and liquidity ratio, gold price and interest rate.

Conclusion - These findings support bird in the hand, tax effect, signal and agency theories.

Anahtar Kelimeler

Dividend, micro factor, macro factor, panel data analysis, BIST 100

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