Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi 2149-3871 Nevşehir Hacı Bektaş Veli Üniversitesi 10.30783/nevsosbilen.1614679 Finance Finans BRICS-T ülkelerinde kar payı politikalarının belirleyicileri Determinants of dividend policy in BRICS-T countries https://orcid.org/0000-0003-0391-8709 Gülal Ömer Serkan NEVŞEHİR HACI BEKTAŞ VELİ ÜNİVERSİTESİ https://orcid.org/0000-0002-0854-4454 Çıtak Levent ERCİYES ÜNİVERSİTESİ 06 27 2025 15 2 706 733 01 06 2025 06 24 2025 Copyright © 2011, Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi 2011 Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi

Bu çalışma BRICS-T olarak anılan, Brezilya, Rusya, Hindistan, Çin, Güney Afrika ve potansiyel yeni bir üye olarak Türkiye menkul kıymet piyasalarında kâr payı politikalarının belirleyicilerini 2008-2018 dönemi için araştırmaktadır. Çalışmada, Driscoll-Kraay panel veri tahmincisini kullanılarak, karlılık, risk, büyüme fırsatları, kaldıraç, büyüklük ve likidite gibi firmaya özgü değişkenlerin kâr payı politikaları üzerindeki etkileri incelenmektedir. Örneklem, BRICS-T ülkelerinden seçilen 296 finans dışı sektör firmasından oluşmaktadır. Bulgular, firma karlılığı ve firma büyüklüğünün kâr payı ödemesi üzerinde pozitif bir etkiye sahip olduğunu, borç düzeyi, firma riski ve büyüme fırsatlarının ise kâr payı ödemeleri üzerinde tersi bir etkiye sahip olduğunu göstermektedir. Sonuçlar, ele alınan piyasalar için sinyal etkisini ve yaşam döngüsü teorisini doğrulamaktadır. Çalışma, BRICS-T ülkelerinde kâr payı politikalarının belirleyicileri konusundaki belirgin literatür boşluğunu doldurmayı ve firma ve piyasa karakteristiklerinin BRICS-T, ülkelerinde temettü kararlarını nasıl şekillendirdiğine ilişkin bir çerçeve sunmayı amaçlamaktadır. Ayrıca, kar payı davranışını anlamada firma seviyesi dinamiklerinin önemini vurgulayarak, ele alınan gelişmekte olan piyasalarda faaliyet gösteren politika yapıcılar ve yatırımcılara önemli bilgiler sunulmaktadır.

This study investigates the drivers that influence dividend policies in BRICS-T countries, including Brazil, Russia, India, China, South Africa, and Turkey as a potential new member to BRICS, from 2008 to 2018. By employing the Driscoll-Kraay panel data estimator, paper examines the effects of variables including profitability, risk, growth opportunities, leverage, size, and liquidity on dividend policies at firm level. The sample comprises 296 non-financial sector companies chosen from the BRICS-T economies. The findings show that firm profitability and firm size have a positive effect on dividend payout, while debt level, firm risk and growth opportunities have a negative effect on dividend payouts. These results confirm the signal effect and the life cycle theory for the specified markets. The study aims to fill the gap in the literature. about the drivers of dividend policy and provides a framework for how firm and market characteristics shape dividend decisions in the BRICS-T countries. Furthermore, we highlight the importance of firm-specific dynamics in understanding dividend behavior, providing insights for policymakers and investors operating in these emerging economies.

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