Temettü politikasi: Türk firmalari örneklemi

The main aims and objectives of this study are to analyse the determinants of dividend policy and to test the validity of dividend payment explanations in the literature by focusing specifically on the catering theory in an emerging market. The role of profitability, size, leverage, investment opportunities, life-cycle, risk, liquidity, ownership structure and industry variables are examined in the dividend payment probability of Turkish firms. Moreover, the explanatory power of catering incentives on the variability of propensity to pay dividends is tested. Univariate analysis and multivariate analysis are applied to assess the impact of specific factors on the dividend payment decisions of Turkish firms. Two different samples are used; the whole-sample and the sub-sample. Two samples exist because ownership structure variables used in the study are only available after the year 2003 and application of International Financial Reporting Standards have become mandatory for listed firms in Turkey after the year 2005. The whole-sample covers publicly traded firms for the years between 1999 and 2015 and the sub-sample covers publicly traded firms for the years between 2005 and 2015. The analyses reveal that profitability, size, leverage, life-cycle, quick ratio, risk, market liquidity and ownership structure are the determinants that influence the probability of dividend payment of Turkish firms. Investment opportunities and industry of the firm have been found not to be significantly linked with dividend policy. The findings of the study confirm the claims of catering theory, that is, when investors in Turkey opt for dividends, firms cater them and distribute dividends, and vice versa.