Mesut DOĞAN, Mustafa KEVSER, Bilge LEYLİ DEMİREL

Sahiplik Yapısı Ve Temettü Ödemeleri İlişkisi: Borsa İstanbul Sınaî Endeksine Yönelik Ampirik Bir Araştırma

Bu araştırmanın amacı sahiplik yapısının temettü politikasının bir göstergesi olan temettü ödemeleri üzerindeki etkisini araştırmaktır. Çalışmada bu amaçla yabancı sahipliğinin, kurumsal yatırımcı sahipliğinin, sahiplik yoğunlaşmasının ve halka açıklık oranının firmaların temettü ödemeleri üzerindeki etkisi tespit edilmeye çalışılmıştır. Araştırmada Borsa İstanbul sınai endeksinde hisse senetleri işlem gören 123 adet firmanın, 2011-2018 dönemine ilişkin yıllık verileri kullanılmıştır. Ampirik analizlerde t-testi, korelasyon analizi ve dirençli tahminci modeli kullanılmıştır. Geliştirilen modeller sonucunda temettü ödemeleri ile yabancı yatırımcı sahipliği ve kurumsal yatırımcı sahipliği arasında negatif ve istatistiksel olarak anlamlı bir ilişki olduğu tespit edilmiştir. Buna karşın temettü ödemeleri ile sahiplik yoğunlaşması ve halka açıklık oranı arasında anlamlı bir ilişki bulunamamıştır. Bununla beraber firmanın karlılığı, büyüklüğü ve kaldıraç oranı; temettü ödemelerini etkilemektedir. Firmanın karlılığının ve büyüklüğünün artması temettü ödemelerini artırmakta; buna karşın kaldıraç oranının artması temettü ödemelerini azaltmaktadır.

The Relationship Between The Ownership Structure and Dividend Payouts: An Emprical Research on Borsa İstanbul Industrial Index

The purpose of this research is to investigate the effect of ownership structure on dividend payouts, which is an indicator of dividend policy. In this study, the effect of foreign ownership, institutional ownership, ownership concentration and free float ratio on firms’ dividend policies was tried to be determined for this purpose. In the study, annual data of 123 firms for 2011-2018 period are used, which are traded on the Borsa Istanbul industrial index. In the empirical analysis t-test and correlation analysis and robust estimator were used. As a result of the developed models, negative and statistically significant relationship between dividend payouts and foreign ownership and institutional ownership. In contrast, a statistically insignificant relationship was determined between dividend yield and ownership concentration and free float ratio. However, the profitability, size and leverage ratio of the firms; affects dividend yield. Increasing the profitability and size of the firms increases the dividend payouts, while the increase in the leverage ratio decreases the dividend payouts.

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