Kar payı politikası ve yaşam döngüsü teorisi: İMKB imalat sektöründe ampirik bir uygulama

Çalışmada hisse senetleri İMKB İmalat sektöründe işlem gören şirketlere ait 2006-2011 dönemine ait veriler kullanarak ve logit, probit modeller uygulanarak yaşam döngüsü teorisinin Türkiye’de geçerliliği test edilmiştir. Sonuçta yaşam döngüsünün geçerliliğine yönelik bulgular elde edilmiştir. Buna ek olarak, karlılığı ve nakit oranı yüksek olan şirketler daha fazla kar payı ödeme eğilimindedir. Çalışmanın bulguları yatırımcılar açısından önem taşımaktadır.

Dividend payout policy and life cycle theory: An Empirical evidence from Istanbul stock exchange manufacturing firms

The paper tests the validty of life cycle theory of dividends in the Turkey by using the dataset of 146 ISE listed manufacturing firms for the period 2006-2011 and employing the logit and probit models. As a result we find the evidence supporting the life cycle theory of dividends in Turkey. In addition to this, firms with high profitability and cash ratio tend to pay more dividends. The findings have important implications for investors.

PDF

___

Baker,M. ve Wurgler,J. (2004). A Catering Theory of Dividends, Journal of Finance, 59, 1125-1165.
Bernhardt, Dan. Douglas, Alan ve Robertson, Fiona (2005). Testing Dividend Signalling Models, Journal of Empirical Finance, 12, 77-98
Bhattacharya, S. (1979). Imperfect information, dividend policy, and ‘‘the bird in the hand” fallacy, Bell Journal of Economics, Vol. 10, 259–70.
Bulan, L., N. Subramanian ve L. Tanlu (2007). On the timing of dividend initiations, Financial Management, (Winter),pp.31-65.
Chamberlain, G. (1980). Analysis of Covariance with Qualitative Data, Review of Economic Studies, 47 ,225-238.
Coulton, J.J. ve Ruddock, C., ( 2011). Corporate Payout Policy in Australia and a Test of the Life-Cycle Theory, Accounting and Finance, Vol. 51, 381-407.
DeAngelo, H., L.E. DeAngelo ve R.M. Stulz. (2006). Dividend policy and the earned/contributed capital mix: a test of the lifecycle theory, Journal of Financial Economics, Vol. 81, 227–54.
Denis, D.J., Osobov, I., (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy, Journal of Financial Economics 89, 62–82.
Easterbrook, F. (1984). Two agency-cost explanations of dividends, American Economic Review, Vol. 74, 650-59
Fama, E.F. ve K.R. French (2001). Disappearing dividends: changing firm characteristics or lower propensity to pay, Journal of Financial Economics, Vol. 60, 3–43.
Ferris, S., Jayaraman, N., Sabherwal, S., (2009). Ca- Mwandenga Adam, (2004). Signalling Theory of Ditering effects in corporate dividend policy: The vidends: A Review of the Literature and Empirical international evidence, Journal of Banking and Fi- Evidence, African Journal of Finance and Managenance 33, 1730-1738 ment, Vol.13 (1), 25-30.
Grullon, G., R. Michaely ve B. Swaminathan (2002). Naceur S.B. ve Goaled M. (2002). The relationship Are dividend changes a sign of firm maturity, Jour- between dividend policy, financial structure, pronal of Business, Vol. 75, 387–424. fitability and firm value, Applied Financial Economics, 12, 843-849.
Guilkey, K.ve MurphyJ.L.(1993). Estimating and testing in the random effects probit model, Journal of Econometrics,59, 301-17.
Hsio, Cheng (2003). Analysis of Panel Data, Cambridge University Press, Second Edition.
Ishikawa H. (2011). Empirical Analysis on the Dividend Life-Cycle Theory: Evidence from Japan, The Japanese Accounting Review, Volume:1, 39-60.
Lintner, J., (1956). Distribution of incomes of corporations among dividends, retained earnings and taxes, American Economic Review, 46, 97–113.
Miller, M. ve F. Modigliani (1961). Dividend policy: growth and the valuation of Shares, Journal of Business,Vol. 34, 411-33
Xiangwei, Deng (2003). Does Agency Theory Explain Dividend Policies of China’s Listed Companies? An Empirical Test, A Thesis Submitted to the Hong Kong University of Science and Technology, Hong Kong.
Wang M.H. Liu D.Y ve Huang Y.S. (2011). Dividend Policy and the Life Cycle Hypothesis: Evidence from the Taiwan Stock Exchange, The International Journal of Business and Finance Research, Vol. 5, No. 1, 33-52. Available at SSRN: http://ssrn.com/abstract=1876047