Dividend Policy of the ISE Industrial Corporations: The Evidence Revisited (1986-2007)

Temettü politikası ile ilgili birçok çalışmada, gelişmiş ve gelişen piyasalarda temettü yok oluşu, temettü ödeyen halka açık şirket sayısında azalış, şirket büyüklüğü etkisi ve gittikçe artan kazanç ve temettü yoğunlaşması tespit edilmiştir. Bu çalışmada, söz konusu tespitlerin İMKB’nda işlem gören sanayi şirketleri için de geçerli olup olmadığı araştırılmıştır. Tek değişkenli istatistik testleri kullanılarak, şirket büyüklüğü etkisi ve yüksek fakat istikrarlı bir temettü ve kazanç yoğunluğu bulunmuştur. Ayrıca, temettü ödeyen şirketler sayısında önemli bir azalış olduğu gözlenmiştir. Ancak, bu azalışa rağmen, yüksek kazanç ve temettü yoğunluğu sonucunda, yükselen kazançlarla birlikte 2003 mali yılından itibaren nominal ve reel toplam temettü seviyesinde önemli bir yükseliş saptanmıştır. 2003 mali yılı itibarı ile tekrar yürürlüğe konulan zorunlu temettü dağıtım politikası şirketlerin temettü politikalarında herhangi bir değişiklik yaratmamıştır.

İMKB Sanayi Şirketlerinin Temettü Politikası (1986-2007)

The study aims to find out whether the disappearing dividends, the decline in the number of dividend payers, the size effect and the increasing dividend/earnings concentration found in several developed and emerging markets exist among the industrials traded in the ISE. The study also analyzes the effects of the reinstatement of mandatory dividend policy in 2003. Using univariate statistical tests, we detect a size effect as well as a high level but stable dividend/ earnings concentration. We find a significant decrease in the number of dividend payers, but we also detect an increasing level of real/nominal dividends driven by the high dividend/ earnings concentration and the increasing level of earnings. The reinstatement of the mandatory dividend policy regulation in 2003 has not been successful in changing the payout policy of industrials.

PDF

___

1. Adaoglu, C.. (1999). Regulation Influence on the Dividend Policy of the Istanbul Stock Exchange (ISE) Corporations. The Istanbul Stock Exchange (ISE) Review – Quarterly Economics and Finance Review, 3(11): 1-19.
2. Adaoglu, C., (2000). Instability in the Dividend Policy of the Istanbul Stock Exchange (ISE) Corporations: Evidence from an Emerging Market. Emerging Markets Review, 1(3): 252-270.
3. Aivazian, V., Booth, L. and Cleary, S.. (2003a). Do Emerging Market Firms Follow Different Dividend Policies from U.S. Firms? The Journal of Financial Research, 26(3): 371-388.
4. Aivazian, V., Booth, L. and Cleary, S.. (2003b). Dividend Policy and the Organization of Capital Markets. Journal of Multinational Financial Management, 13(2): 101-121.
5. Baker, H. K., Phillips, A. L. and Powell, G. E.. (1995). The Stock Distribution Puzzle: A Synthesis of the Literature on Stock Splits and Stock Dividends. Financial Practice and Education, Spring/Summer: 24-37.
6. Da Silva, L. C., Georgen, M. and Renneboog, L.. (2004). Dividend Policy and Corporate Governance. Oxford: Oxford University Press.
7. DeAngelo, H., DeAngelo L. and Skinner, D. J.. (2004). Are Dividends Disappearing? Dividend Concentration and the Consolidation of Earnings. Journal of Financial Economics, 72 (3): 425-456.
8. Denis, D. J. and Osobov, I.. (2008). Why do Firms Pay Dividends? International Evidence on the Determinants of Dividend Policy. Journal of Financial Economics, 89(1): 62-82.
9. Fama, E. F. and French, K. R.. (2001). Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay. Journal of Financial Economics, 60(1): 3-43.
10. Ferris, S. P., Sen, N. and Yui, H. P.. (2006a). God Save the Queen and Her Dividends: Corporate Payouts in the United Kingdom. Journal of Business, 79(3):1149-1173.
11. Ferris, S. P., Sen, N. and Yui, H. P.. (2006b). Are Fewer Firms Paying More Dividends? The International Evidence. Journal of Multinational Financial Management, 16(4): 333-362.
12. Ferris, S. P., Jayaraman, N. and Sabherwal, S.. (2008). International Differences in Dividend Policy: Catering, Legal, and Cultural Effects. http://www.fma2.org/Prague/Papers/Intenationaldividendpolicyfmaeurope.pdf.
13. Julio, B. and Ikenberry, D. L.. (2004). Reappearing Dividends. Journal of Applied Corporate Finance, 16(4): 89-100.
14. Lintner, J.. (1956). Distribution of Incomes of Corporations among Dividends, Retained Earnings and Taxes. American Economic Review, 46: 97-133.
15. Reddy, Y. S. and Rath, S.. (2005). Disappearing Dividends in Emerging Markets? Evidence from India. Emerging Markets Finance and Trade, 41(6): 58-82.
16. Ronapat, M.. (June 2004). Disappearing Dividends: The Case of Thai Listed Firms. Unpublished DBA Thesis, Southern Cross University, Australia, http://thesis.scu.edu.au/adt-NSCU/public/adt-NSCU20070221.102827/.
17. Topaç, E.. (2004). Temettü Dağıtımları Yeniden Düzenlenmeli. http://www.gedik. com/Analiz/temettu_180804.pdf.
18. Von Eije, J. H. and Megginson, W. L.. (2008). Dividend and share repurchases in the European Union. Journal of Financial Economics, 89(2): 347-374.
19. Yilmaz, M. K.. (2003). An Analysis on the Dividend Policy of the Istanbul Stock Exchange (ISE) Corporations: Cash Dividend-Industry Behavior Relation. The Istanbul Stock Exchange (ISE) Review – Quarterly Economics and Finance Review, 7(25-26): 17-39.
20. Yilmaz, M. K. and Guzhan, G.. (2006). Dividend Policies and Price-Volume Reactions to Cash Dividends on the Stock Market: Evidence from the Istanbul Stock Exchange. Emerging Markets Finance and Trade, 42(4): 19-49.