The mediating role of altruism in the effect of managers' personality traits on dividend payout decisions

The increasing interest of investors in Türkiye has made the decision-making processes of executives more critical in the functioning of capital markets. This study examines the role of altruism tendencies in the relationship between the personality traits of executives of companies listed in the Borsa Istanbul IPO Index and their dividend payout decisions. The findings reveal that there is no direct significant relationship between personality traits and dividend preferences; however, personality traits have a statistically significant effect on altruism, and altruism plays a decisive role in dividend policies. Mediation analysis results indicate that altruism functions as a full mediator in this relationship. These results demonstrate that the financial decisions of executives are shaped not only by rational indicators but also by value-based factors such as altruism, empathy, social responsibility, and stakeholder-oriented attitudes. Furthermore, the study highlights the importance of behavioral components in strengthening trust, sustainability, and corporate reputation in capital markets, both for investors and policymakers. Keywords: Personality Traits, Altruism, Dividend Policies, Capital Markets, Behavioral Finance, Borsa Istanbul (BIST), Mediation Analysis