YÜKSEK TEMETTÜ GETİRİSİ COVİD-19 ÇÖKÜŞÜ SIRASINDA FİRMA DEĞERİNİ KORUYABİLİR Mİ? TÜRK FİRMALARINDAN KANITLAR

Öz

Bu çalışmada, yüksek temettü getirisine sahip olmanın, COVID-19 kargaşası döneminde hisse senedi fiyatları üzerinde katalizör etkisi olup olmadığı araştırılmıştır. Borsa İstanbul'daki 164 imalatçı firma, son beş yıllık (2015-2019) ortalamalarına göre temettü getirisi yüksek ve düşük olan firmalar olarak sınıflandırılmıştır. Analiz sonuçları, yüksek temettü getirisi olan firmaların hisse senedi getirilerinin COVID-19 çöküşünden daha az etkilendiğini göstermektedir. Aynı şekilde, temettü ödemesi sıklığı yüksek olan firmalar, yapmayanlara göre daha az etkilenmektedir. Bu çalışma, yüksek temettü getirisi olan firmaların, COVID-19'un neden olduğu bu çöküşte yatırımcılar tarafından güvenli liman olarak görüldüğünü ortaya koymaktadır.

Anahtar Kelimeler

• COVID-19
• Temettü Getirisi
• Borsa İstanbul
• Firma Değeri
• Günlük Vakalar
• Günlük Ölümler

CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS

Öz

In this study, we want to investigate whether having a high dividend yield has a catalyst effect on stock prices during the COVID-19 turmoil period. 164 manufacturing firms in Borsa Istanbul are classified as firms with high and low dividend yield according to their last five-years’ (2015-2019) averages. The analysis results show that the stock returns of firms with high dividend yield are less impacted in this COVID-19 crash. Likewise, firms with a high frequency of dividend payouts are less affected than those who do not. This study reveals that firms with high dividend yield are regarded as safe havens by investors in this crash caused by COVID-19.

Anahtar Kelimeler

• COVID-19
• Dividend Yield
• Borsa Istanbul
• Firm Value
• Daily Cases
• Daily Deaths

Kaynakça

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