ON THE DETERMINANTS OF CORPORATE DIVIDEND POLICY: A TOBIT MODEL APPROACH

Bu çalışmada, 2005-2013 yılları arasında Borsa İstanbul-100 Endeksinde listelenen firmaların kar payı dağıtım oranlarını etkileyen faktörler incelenmiştir. Kar payı politikasının belirleyicilerini araştırmak için rassal etkiler Tobit modeli kullanılmıştır. Ampirik sonuçlara göre, yüksek nakit akışına sahip firmalar, büyük firmalar ve büyüme fırsatlarına sahip firmalar daha fazla kar payı ödemektedir. Yönetici sahipliğinin kar payı dağıtımı üzerinde bir etkisinin bulunmamasına rağmen, sadece kar payı ödeyen firmalar dikkate alındığında bu değişken için negatif bir katsayı bulunmuştur. İleriki bir aşama olarak örneklem düşük kaldıraçlı ve yüksek kaldıraçlı firmalar olarak ikiye ayrılmıştır. Kaldıraç, yönetici sahipliği ve kar payı ödemesi arasında ikame olup olmadığı araştırılmış ve bunun için anlamlı bir sonuç bulunmamıştır

KAR PAYI POLİTİKASININ BELİRLEYİCİLERİ ÜZERİNE BİR ÇALIŞMA: TOBİT MODEL YAKLAŞIMI

This study examines the factors that impact the dividend payout ratio of Turkish firms that are listed in Borsa Istanbul-100 Index for the period 2005-2013. Random-effect Tobit panel regression is used in order to investigate the determinants of dividend policy. According to the empirical results, firms which have higher cash flows, large firms, firms with high growth opportunities pay higher dividends. Although a significant coefficient for the managerial ownership can not be found for the whole sample, this variable negatively affects dividend payout ratio in dividend paying firms. Further, the sample is divided into two parts as low leverage firms and high leverage firms. The expected substitution among leverage, managerial ownership and dividend payments is investigated and a significant relation can not be found

PDF

___

Adaoglu, C. (2000) "Instability in the Dividend Policy of the Istanbul Stock Exchange ISE Corporations: Evidence from an Emerging Market", Emerging Markets Review, 1: 252-270.
Agrawal, A., and Jayaraman, N. (1994) "The Dividend Policies of All-Equity Firms: A Direct Test of the Free Cash Flow Theory", Managerial and Decision Economics, 15:139–148.
Aivazian, V., Booth L. and Cleary S. (2003) “Do Emerging Market Firms Follow Different Dividend Policies from U.S. Firms?”, The Journal of Financial Research, 26 (3): 371-387.
Allen, F. and Michaely, R. (2003) "Payout Policy", In: Constantinides, G., Harris, M., Stulz, R. (Eds.), Handbook of the Economics of Finance. Elsevier Science, Amsterdam.
Al-Shubiri, F. N. (2011) “Determinants of Changes Dividend Behavior Policy: Evidence from the Amman Stock Exchange”, Far East Journal of Psychology and Business, 4 (2): 1-15.
Al-Shubiri, F.N., Al Taleb, G. and Al-Zoued, A.A. (2012) “The Relationship between Ownership Structure and Dividend Policy: An Empirical Investigation” Review of International Comparative Management, 13(4): 644-657.
Amidu, M., and Abor, J. (2006) “Determinants of Dividend Payout Ratio in Ghana”, The Journal of Risk Finance, 7 (2): 136-145.
Anil, K. and Kapoor S. (2008) “Determinants of Dividend Payout Ratios-A Study of Indian Information Technology Sector” International Journal of Finance and Economics, 15: 63-71.
Baker, H.K., Farrelly, G.E. and Edelman, R.B. (1985) "A Survey of Management Views on Dividend Policy" Financial Management, 14: 78-84
Baker, K., Saadi, S., and Gandhi, D. (2007) "The Perception of Dividends by Canadian Managers: New Survey Evidence", International Journal of Managerial Finance, 13(1): 70–91.
Benartzi, S., Michaely, R. and Thaler, R. (1997) "Do Changes in Dividend Signal the Future or the Past?, Journal of Finance, 52: 1007-1034.
Bhattacharya, S. (1979) "Imperfect Information, Dividend Policy and „The Bird in the Hand‟ Fallacy", The Bell Journal of Economics, 10: 259-270.
Black, F. (1976) “The Dividend Puzzle”, Journal of Portfolio Management, 2(2): 115-143.
Black, F. and M. Scholes (1974) “The Eff ects of Dividend Yield and Dividend Policy on Common Brittain, J. (1964) "The Tax Structure and Corporate Dividend Policy", American Economic Review, 54: 272-287.
Brittain, J. (1966) "Corporate Dividend Policy" The Brookings Institution, Washington DC
Chang, R. P. and Rhee S. G.(1990) “The Impact of Personal Taxes on Corporate Dividend Policy and Capital Structure Decisions”, Financial Management Association, 19 (2): 21-31.
Chen, C. and Steiner, T. (1999) "Managerial Ownership and Agency Conflicts: A Nonlinear Simultaneous Equation Analysis of Managerial Ownership, Risk Taking, Debt Policy and Dividend Policy", Financial Review, 34: 119–136.
DeAngelo, H., DeAngelo L., and Stulz R. M. (2004) “Dividend Policy, Agency Costs and Earned Equity”, Financial Economics Working Paper, No: 10.
DeAngelo, H. and DeAngelo, L. (2006) "The Irrelevance of the MM Dividend Irrelevance Theorem", Journal of Financial Economics, 79: 293-315
DeAngelo, H., DeAngelo, L., and Stulz, R. M. (2006) "Dividend Policy and the Earned/ Contributed Capital Mix: A Test of the Life-Cycle Theory", Journal of Financial Economics, 81: 227–254.
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: 62-82.
Easterbrook, F.H. (1984) "Two Agency-cost Explanations of Dividends", American Economic Review, 74: 650–659.
Ersoy, E. and Cetenak, E.H. (2015) " The Impact of Ownership Concentration on Dividend Payout Policy: Evidence From Turkey", Ege Academic Review, 15 (4): 509-521.
Fama, E.F. (1974) "The Empirical Relationship Between the Dividend and Investment Decisions of the Firm", American Economic Review, 64: 304-318.
Fama, E.F. and Babiak, H. (1968) "Dividend Policy: An Empirical Analysis" Journal of the American Statistical Association, 63(324): 1132-1161.
Fama,E., and French,K. (2001) "Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay", Journal of Financial Economics, 60: 3–43.
Florackis, C., Kanas, A., and Kostakis, A. (2014) "Idiosyncratic Risk, Risk-taking Incentives and the Link Between Managerial Ownership and Firm Value" Available at SSRN: http://ssrn.com/abstract=2114391
Fluck, Z. (1998) "Optimal Financial Contracting: Debt Versus Outside Equity", Review of Financial Studies, 11: 383–418.Glen, J.D., Karmokolias, Y., Miller, R.R. and Shah, S. (1995) "Dividend Policy and Behavior in Emerging Markets: To Pay or Not to Pay", IFC Discussion Paper, No:26.
Gordon, M.J. (1963) “Optimal Investment and Financing Policy”, Journal of Finance, 18: 264-272.
Grullon, G., Michaely, R. and Swaminathan, B. (2002) "Are Dividend Changes a Sign of Firm maturity", Journal of Business, 75: 387–424.
Gul, F. A. (1999) “Growth Opportunities, Capital Structure and Dividend Policies in Japan”, Journal of Banking and Finance, 27: 1297-1321.
Habibi, S., Talebnia, G. and Dost, M.F. (2012) “The Relationship between Ownership Concentration, Financial Performance and Profit Distribution Policy” Trends in Social Science, 5(1): 64-71.
Holder,M., Langrehrand, F. and Hexter, J. (1998) "Dividend Policy Determinants: An Investigation of the Influences of Stakeholder Theory" Financial Management, 3: 73–82.
Jensen, M., (1986) "Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers", American Economic Review, 76: 323–329.
Jensen, M. C. and Meckling, W. H. (1976) "Theory of the Firm: Managerial Behavior, Agency Costs and Ownership Structure", Journal of Financial Economics, 3: 305–360.
Jensen, G., Solberg, D. and Zorn, T. (1992) "Simultaneous Determination of Insider Ownership, Debt and Dividend Policies", Journal of Financial and Quantitative Analysis, 27: 247–263.
John, K. and Williams, J. (1985) "Dividends, Dilution, and Taxes: A Signalling Equilibrium", Journal of Finance, 40: 1053–1070.
La Porta, R., Lopez de Silanes F., Shleifer A., and Vishny R. (2000). “Agency Problems and Dividend Policies Around The World”, The Journal of Finance, 55 (1): 1-33.
Lintner, J. (1956) “Distribution of Incomes of Corporations Among Dividends, Retained Earnings and Taxes”, American Economic Review, 46 (2): 97-113.
Lintner, J. (1962) “Dividends, Earnings, Leverage, Stock Prices, and the Supply of Capital to Corporations”, Review of Economics and Statistics, 44: 243-269
Maury, C. B. and Pajuste, A. (2002) “Controlling Shareholders, Agency Problems, and Dividend Policy in Finland” Stockholm School of Economics, LTA 1/02: 15-45
Mancinelli, L. and Özkan, A. (2006) “Ownership Structure and Dividend Policy: Evidence from Italian Firms", The European Journal of Finance, 12(3): 265-282.
Mehrani, S., Moradi, M. and Eskandar, H. (2011) “Ownership Structure and Dividend Policy Evidence from Iran”, African Journal of Business Management, 5(17): 7516-7525.
Miller,M. and Modigliani,F. (1961) "Dividend Policy, Growth, and the Valuation of Shares", Journal of Business, 34: 411–433.
Miller,M. and Rock, K. (1985) "Dividend Policy under Asymmetric Information", Journal of Finance, 40: 1031–1051.
Modigliani, F. and Miller, M., (1958) "The Cost of Capital, Corporation Finance, and the Theory of Investment", American Economic Review, 48: 261–297.
Moradi, M., Salehi M., and Honarmand S. (2010). “Factors Affecting Dividend Policy: Empirical Evidence of Iran”, Poslovna Izvrsnost Zagreb, 4 (1): 45-62.
Naceur, S. B., Goaied M., and Belanes, A. (2006) “On the Determinants and Dynamics of Dividend Policy”, International Review of Finance, 6 (1-2): 1-23.
Pruitt, S.W. and Gitman, L.J. (1991) "The Interactions between the Investment, Financing, and Dividend Decisions of Major US Firms", Financial Review, 26: 409-430.
Rezaloie, A., Zariean, M. and Bjarkenari, M.A. (2013) “Relationship between Ownership Structure and Dividend Policy in Iran”, International Research Journal of Applied and Basic Sciences, 4(7): 1984-1990.
Ross, S. A. (1977) "The Determination of Financial Structure: The Incentive Signaling Approach", Bell Journal of Economics and Management Science, 8: 23–40.
Sharif, S.J.S., Salehi, M. and Bahadori, H. (2010) "Ownership Structure of Iranian Evidence and Payout Ratio", Asian Social Science, 6(7): 36-42
Stulz, R. (1990) "Managerial Discretion and Optimal Financing Policies", Journal of Financial Economics, 26: 3–28.
Yildiz, B., Gokbulut, R.I. and Korkmaz, T., (2014) " Determinants of Dividend Policy: A Panel Data Study on Industrial Firms Listed in ISE", The International Journal of Economic and Social Research, 10(1): 185-206.