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

Yıl 2021, Cilt: 19 Sayı: 2, 334 - 352, 30.06.2021

Ömer Faruk Tan , Hakan Cavlak , Yasin Cebeci , Necati Güneş

https://doi.org/10.11611/yead.915018

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

Kaynakça

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

Yıl 2021, Cilt: 19 Sayı: 2, 334 - 352, 30.06.2021

Ömer Faruk Tan , Hakan Cavlak , Yasin Cebeci , Necati Güneş

https://doi.org/10.11611/yead.915018

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

  • Abiad, A., Arao, R. M., Dagli, S., Ferrarini, B., Noy, I., Osewe, P., … Platitas, R. (2020). The economic impact of the COVID-19 outbreak on developing Asia. Asian Development Bank Briefs, 1–16. https://doi.org/10.22617/BRF200096
  • Açıkgöz, Ö., & Günay, A. (2020). The early impact of the Covid-19 pandemic on the global and Turkish economy. Turkish Journal of Medical Sciences, 50(SI-1), 520–526. https://doi.org/10.3906/sag-2004-6
  • Adjaoud, F., & Ben-Amar, W. (2010). Corporate governance and dividend policy: Shareholders’ protection or expropriation? Journal of Business Finance & Accounting, 37(5–6), 648–667. https://doi.org/10.1111/j.1468-5957.2010.02192.x
  • Ahmad, T., Haroon, H., Baig, M., & Hui, J. (2020). Coronavirus disease 2019 (COVID-19) Pandemic and economic Impact. Pakistan Journal of Medical Sciences, 36(COVID19-S4). https://doi.org/10.12669/pjms.36.COVID19-S4.2638
  • Ahmed, H., & Javid, A. Y. (2008). The determinants of dividend policy in Pakistan (No. 37339).
  • Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., & Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of Behavioral and Experimental Finance, 27, 1–5.
  • Albulescu, C. T. (2020). COVID-19 and the United States financial markets’ volatility. Finance Research Letters, (July). https://doi.org/10.1016/j.frl.2020.101699
  • Ali, M., Alam, N., & Rizvi, S. A. R. (2020). Coronavirus (COVID-19) - An epidemic or pandemic for financial markets. Journal of Behavioral and Experimental Finance, 27, 1–6. https://doi.org/10.1016/j.jbef.2020.100341
  • Amankwah-Amoah, J., Khan, Z., & Wood, G. (2020). COVID-19 and business failures: The paradoxes of experience, scale, and scope for theory and practice. European Management Journal. https://doi.org/10.1016/j.emj.2020.09.002
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Toplam 100 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans
Bölüm Makaleler
Yazarlar

Ömer Faruk Tan 0000-0002-8875-4696

Hakan Cavlak 0000-0002-5891-7722

Yasin Cebeci 0000-0002-0110-8625

Necati Güneş 0000-0002-2390-4868

Yayımlanma Tarihi 30 Haziran 2021
Yayımlandığı Sayı Yıl 2021 Cilt: 19 Sayı: 2

Kaynak Göster

APA Tan, Ö. F., Cavlak, H., Cebeci, Y., Güneş, N. (2021). CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS. Yönetim Ve Ekonomi Araştırmaları Dergisi, 19(2), 334-352. https://doi.org/10.11611/yead.915018
AMA Tan ÖF, Cavlak H, Cebeci Y, Güneş N. CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS. Yönetim ve Ekonomi Araştırmaları Dergisi. Haziran 2021;19(2):334-352. doi:10.11611/yead.915018
Chicago Tan, Ömer Faruk, Hakan Cavlak, Yasin Cebeci, ve Necati Güneş. “CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS”. Yönetim Ve Ekonomi Araştırmaları Dergisi 19, sy. 2 (Haziran 2021): 334-52. https://doi.org/10.11611/yead.915018.
EndNote Tan ÖF, Cavlak H, Cebeci Y, Güneş N (01 Haziran 2021) CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS. Yönetim ve Ekonomi Araştırmaları Dergisi 19 2 334–352.
IEEE Ö. F. Tan, H. Cavlak, Y. Cebeci, ve N. Güneş, “CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS”, Yönetim ve Ekonomi Araştırmaları Dergisi, c. 19, sy. 2, ss. 334–352, 2021, doi: 10.11611/yead.915018.
ISNAD Tan, Ömer Faruk vd. “CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS”. Yönetim ve Ekonomi Araştırmaları Dergisi 19/2 (Haziran 2021), 334-352. https://doi.org/10.11611/yead.915018.
JAMA Tan ÖF, Cavlak H, Cebeci Y, Güneş N. CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS. Yönetim ve Ekonomi Araştırmaları Dergisi. 2021;19:334–352.
MLA Tan, Ömer Faruk vd. “CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS”. Yönetim Ve Ekonomi Araştırmaları Dergisi, c. 19, sy. 2, 2021, ss. 334-52, doi:10.11611/yead.915018.
Vancouver Tan ÖF, Cavlak H, Cebeci Y, Güneş N. CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS. Yönetim ve Ekonomi Araştırmaları Dergisi. 2021;19(2):334-52.