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Abstract

This research paper examines the corporate dividend payout behaviours of non-financial firms from Istanbul Stock Exchange Borsa Istanbul. Survey method is conducted to investigate managerial views on corporate dividend policy. The study investigates whether the evidence in Turkish stock market on dividend policy is similar to the European and the U.S. firms’ results which are reported earlier by other studies, and moreover in what extent Lintner’s 1956 findings on dividends is supported by today’s listed firms in an emerging market. The financial managers from 38 firms out of 216 non financial companies responded the survey. The results show that there is a significant positive relationship between cash dividends and earnings. Earnings are viewed as the most important factor in dividend decision like in European and the U.S. firms. Sustainable change in earnings, stability and level of future earnings, and the desire to distribute a proportion of earnings to shareholders are the common determinants of dividend policy. The majority of the respondents reports that they target dividends. Dividend yield is the most common measure for dividend targeting. Share repurchases are not viewed as alternative to dividend payouts unlike the U.S. firms. The study finds supporting evidences for bird-in the-hand and signalling hypotheses, and Lintner’s model.



Item Type: MPRA Paper -

Original Title: A survey of managerial perspective on corporate dividend policy: evidence from Turkish listed firms-

English Title: A survey of managerial perspective on corporate dividend policy: evidence from Turkish listed firms-

Language: English-

Keywords: dividend policy, share repurchase, Borsa Istanbul, managerial perspective-

Subjects: G - Financial Economics > G3 - Corporate Finance and Governance > G32 - Financing Policy ; Financial Risk and Risk Management ; Capital and Ownership Structure ; Value of Firms ; GoodwillG - Financial Economics > G3 - Corporate Finance and Governance > G35 - Payout Policy-





Autor: Kuzucu, Narman

Fuente: https://mpra.ub.uni-muenchen.de/69801/



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