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Nakit Temettü Politikaları ve Sermaye Birikimi: Seçilmiş Piyasalar Geneli İçin Firmalar Bazında Ampirik Bir Analiz

Year 2018, Volume: 33 Issue: 2, 455 - 476, 09.01.2019
https://doi.org/10.24988/deuiibf.2018332740

Abstract

Bu çalışmada temettü politikalarının firmaların sermaye birikimi üzerindeki etkileri incelenmiştir. Modelde kullanılan veri seti, S&P 500, FTSE 100, Nikkei 225, CAC 40, SSEC, BOVESPA, NSEI ve BIST 100 endekslerinden seçilen 1117 banka dışı firmanın 2010-2015 dönemi yıllık gözlemlerinden oluşmaktadır. Sistem GMM yöntemiyle tahmin edilen sonuçlara göre, firmaların nakit temettü ödeme eğiliminin artması, sermaye birikimini olumsuz etkilemektedir. Ayrıca, firma bazında hisse senedi fiyatlarındaki artışların sermaye birikimini olumlu etkilediği saptanmıştır. Bu kapsamda, finansal piyasalardaki fiyat hareketlerinin reel ekonomi üzerindeki etkilerinin fiyat hareketleriyle aynı yönde olduğu söylenebilir.

References

  • ABOR, J., BOKPİN, G. A. (2010), “Investment Opportunities, Corporate Finance, and Dividend Payout Policy: Evidence from Emerging Markets”, Studies in Economics and Finance, 27 (3), 180 – 194.
  • ADEDEJİ, A. (1998), “Does the Pecking Order Hypothesis Explain the Dividend Payout Ratios of Firms in the UK?”, Journal of Business Finance & Accounting, 25 (9 & 10), 1127 – 1155.
  • AİVAZİAN, V., BOOTH, L., CLEARY, S. (2003), “Do Emerging Market Firms Follow Different Dividend Policies from U.S. Firms?”, The Journal of Financial Research, 26 (3), 371 – 387.
  • AKGÜÇ, Ö. (2014), Kredi Taleplerinin Değerlendirilmesi, İstanbul: Arayış Basım ve Yayıncılık.
  • ARDESTANİ, H. S., RASİD, S. Z. A., BASİRUDDİN, R., MEHRİ, M. (2013), “Dividend Payout Policy, Investment Opportunity Set and Corporate Financing in the Industrial Products Sector of Malaysia”, Journal of Applied Finance & Banking, 3 (1), 123 – 136.
  • ARELLANO, M., BOVER, O. (1995), “Another Look at the Instrumental Variable Estimation of Error-Components Model”, Journal of Econometrics, 68 (1995), 29 – 51.
  • BLUNDELL, B., BOND, S. (1998), “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, 87 (1998), 115 – 143.
  • BOLBOL, A. A., OMRAN, M. M. (2005), “Investment and the Stock Market: Evidence from Arab Firm-level Panel Data”, Emerging Markets Review, 6 (2005), 85 – 106.
  • CLEARY, S. (1999), “The Relationship Between Firm Investment and Financial Status”, The Journal of Finance, 54 (2), 673 – 692.
  • DOMAR, E. D. (1946), “Capital Expansion, Rate of Growth, and Employment”, Econometrica, 14 (2), 137 – 147.
  • DONALDSON, G. (1961), Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity, Boston: Division of Research, Harvard School of Business Administration.
  • ELSTON, J. A. (1996), “Dividend Policy and Investment: Theory and Evidence from US Panel Data”, Managerial and Decision Economics, 17, 267 – 275.
  • FAMA, F. E. (1970), “Efficient Capital Market: A Review of Theory and Empirical Work”, The Journal of Finance, 25 (2), 383 – 417.
  • FAZZARİ, S. M., HUBBARD, R. G., PETERSEN, B. C., BLİNDER, A. S., POTERBA, J. M. (1988), “Financing Constraints and Corporate Investment”, Brookings Papers on Economic Activity, 1988 (1), 141 – 206.
  • FUMEY, A., DOKU, I. (2013), “Dividend Payout Ratio in Ghana: Does the Pecking Order Theory Hold Good?”, Journal of Emerging Issues in Economics, Finance and Banking, 2 (2), 616 – 637.
  • GUGLER, K. (2003), “Corporate Governance, Dividend Payout Policy, and the Interrelation Between Dividends, R&D, and Capital Investment”, Journal of Banking & Finance, 27, 1297 – 1321.
  • HARROD, R. F. (1939), “An Essay in Dynamic Theory”, The Economic Journal, 49 (193), 14 – 33.
  • MOYEN, N. (2004), “Investment-Cash Flow Sensitivities: Constrained Versus Unconstrained Firms”, 59 (5), 2061 – 2092.
  • MOYEN, N., PLATİKANOV, S. (2013), “Investment and Financing Constraints”, Journal of Accounting and Finance, 13 (3), 29 – 50.
  • MYERS, S. C. (1984), “Capital Structure Puzzle”, Journal of Finance, 39 (3), 575 – 592.
  • ROODMAN, D. (2009), “How to do xtabond2: An Introduction to Difference and System GMM in Stata”, The Stata Journal, 9 (1), 86 – 136.
  • TATOĞLU, F. Y. (2012), İleri Panel Veri Analizi, İstanbul: Beta Basım Yayın.
  • WEBER, S. (2010), “bacon: An Effective way to Detect Outliers in Multivariate Data Using Stata (and Mata)”, The Stata Journal, 10 (3), 331 – 338.
  • WİNDMEİJER, F. (2005), “A Finite Sample Correction for the Variance of Linear Efficient two-step GMM Estimators”, Journal of Econometrics, 126 (2005), 25 – 51.

Cash Dividend Policies and Capital Accumulation: An Empirical Analysis on Basis of Firms for Selected Markets-Wide

Year 2018, Volume: 33 Issue: 2, 455 - 476, 09.01.2019
https://doi.org/10.24988/deuiibf.2018332740

Abstract

The effects of dividend policies on capital accumulation have been investigated in this study. The dataset used in the model consists of annual observations between 2010 and 2015 of 1117 non-bank firms selected from S&P 500, FTSE 100, Nikkei 225, CAC 40, SSEC, BOVESPA, NSEI and BIST 100 indexes. According to the results that are estimated by System in GMM, increases in the tendency of cash dividend payout of the firms affect capital accumulation as negative. Furthermore, on a firm basis, it has been determined that increases in the stock prices have a positive effect on the capital accumulation. Within this framework, it could be said that the effects of the price movements in the financial markets on the real economy are the same direction of the price movements.

References

  • ABOR, J., BOKPİN, G. A. (2010), “Investment Opportunities, Corporate Finance, and Dividend Payout Policy: Evidence from Emerging Markets”, Studies in Economics and Finance, 27 (3), 180 – 194.
  • ADEDEJİ, A. (1998), “Does the Pecking Order Hypothesis Explain the Dividend Payout Ratios of Firms in the UK?”, Journal of Business Finance & Accounting, 25 (9 & 10), 1127 – 1155.
  • AİVAZİAN, V., BOOTH, L., CLEARY, S. (2003), “Do Emerging Market Firms Follow Different Dividend Policies from U.S. Firms?”, The Journal of Financial Research, 26 (3), 371 – 387.
  • AKGÜÇ, Ö. (2014), Kredi Taleplerinin Değerlendirilmesi, İstanbul: Arayış Basım ve Yayıncılık.
  • ARDESTANİ, H. S., RASİD, S. Z. A., BASİRUDDİN, R., MEHRİ, M. (2013), “Dividend Payout Policy, Investment Opportunity Set and Corporate Financing in the Industrial Products Sector of Malaysia”, Journal of Applied Finance & Banking, 3 (1), 123 – 136.
  • ARELLANO, M., BOVER, O. (1995), “Another Look at the Instrumental Variable Estimation of Error-Components Model”, Journal of Econometrics, 68 (1995), 29 – 51.
  • BLUNDELL, B., BOND, S. (1998), “Initial Conditions and Moment Restrictions in Dynamic Panel Data Models”, Journal of Econometrics, 87 (1998), 115 – 143.
  • BOLBOL, A. A., OMRAN, M. M. (2005), “Investment and the Stock Market: Evidence from Arab Firm-level Panel Data”, Emerging Markets Review, 6 (2005), 85 – 106.
  • CLEARY, S. (1999), “The Relationship Between Firm Investment and Financial Status”, The Journal of Finance, 54 (2), 673 – 692.
  • DOMAR, E. D. (1946), “Capital Expansion, Rate of Growth, and Employment”, Econometrica, 14 (2), 137 – 147.
  • DONALDSON, G. (1961), Corporate Debt Capacity: A Study of Corporate Debt Policy and the Determination of Corporate Debt Capacity, Boston: Division of Research, Harvard School of Business Administration.
  • ELSTON, J. A. (1996), “Dividend Policy and Investment: Theory and Evidence from US Panel Data”, Managerial and Decision Economics, 17, 267 – 275.
  • FAMA, F. E. (1970), “Efficient Capital Market: A Review of Theory and Empirical Work”, The Journal of Finance, 25 (2), 383 – 417.
  • FAZZARİ, S. M., HUBBARD, R. G., PETERSEN, B. C., BLİNDER, A. S., POTERBA, J. M. (1988), “Financing Constraints and Corporate Investment”, Brookings Papers on Economic Activity, 1988 (1), 141 – 206.
  • FUMEY, A., DOKU, I. (2013), “Dividend Payout Ratio in Ghana: Does the Pecking Order Theory Hold Good?”, Journal of Emerging Issues in Economics, Finance and Banking, 2 (2), 616 – 637.
  • GUGLER, K. (2003), “Corporate Governance, Dividend Payout Policy, and the Interrelation Between Dividends, R&D, and Capital Investment”, Journal of Banking & Finance, 27, 1297 – 1321.
  • HARROD, R. F. (1939), “An Essay in Dynamic Theory”, The Economic Journal, 49 (193), 14 – 33.
  • MOYEN, N. (2004), “Investment-Cash Flow Sensitivities: Constrained Versus Unconstrained Firms”, 59 (5), 2061 – 2092.
  • MOYEN, N., PLATİKANOV, S. (2013), “Investment and Financing Constraints”, Journal of Accounting and Finance, 13 (3), 29 – 50.
  • MYERS, S. C. (1984), “Capital Structure Puzzle”, Journal of Finance, 39 (3), 575 – 592.
  • ROODMAN, D. (2009), “How to do xtabond2: An Introduction to Difference and System GMM in Stata”, The Stata Journal, 9 (1), 86 – 136.
  • TATOĞLU, F. Y. (2012), İleri Panel Veri Analizi, İstanbul: Beta Basım Yayın.
  • WEBER, S. (2010), “bacon: An Effective way to Detect Outliers in Multivariate Data Using Stata (and Mata)”, The Stata Journal, 10 (3), 331 – 338.
  • WİNDMEİJER, F. (2005), “A Finite Sample Correction for the Variance of Linear Efficient two-step GMM Estimators”, Journal of Econometrics, 126 (2005), 25 – 51.
There are 24 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Mustafa Çayır This is me

Nasuh Oğuzhan Altay

Publication Date January 9, 2019
Acceptance Date December 29, 2018
Published in Issue Year 2018 Volume: 33 Issue: 2

Cite

APA Çayır, M., & Altay, N. O. (2019). Nakit Temettü Politikaları ve Sermaye Birikimi: Seçilmiş Piyasalar Geneli İçin Firmalar Bazında Ampirik Bir Analiz. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 33(2), 455-476. https://doi.org/10.24988/deuiibf.2018332740
AMA Çayır M, Altay NO. Nakit Temettü Politikaları ve Sermaye Birikimi: Seçilmiş Piyasalar Geneli İçin Firmalar Bazında Ampirik Bir Analiz. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. January 2019;33(2):455-476. doi:10.24988/deuiibf.2018332740
Chicago Çayır, Mustafa, and Nasuh Oğuzhan Altay. “Nakit Temettü Politikaları Ve Sermaye Birikimi: Seçilmiş Piyasalar Geneli İçin Firmalar Bazında Ampirik Bir Analiz”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 33, no. 2 (January 2019): 455-76. https://doi.org/10.24988/deuiibf.2018332740.
EndNote Çayır M, Altay NO (January 1, 2019) Nakit Temettü Politikaları ve Sermaye Birikimi: Seçilmiş Piyasalar Geneli İçin Firmalar Bazında Ampirik Bir Analiz. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 33 2 455–476.
IEEE M. Çayır and N. O. Altay, “Nakit Temettü Politikaları ve Sermaye Birikimi: Seçilmiş Piyasalar Geneli İçin Firmalar Bazında Ampirik Bir Analiz”, Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, vol. 33, no. 2, pp. 455–476, 2019, doi: 10.24988/deuiibf.2018332740.
ISNAD Çayır, Mustafa - Altay, Nasuh Oğuzhan. “Nakit Temettü Politikaları Ve Sermaye Birikimi: Seçilmiş Piyasalar Geneli İçin Firmalar Bazında Ampirik Bir Analiz”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 33/2 (January 2019), 455-476. https://doi.org/10.24988/deuiibf.2018332740.
JAMA Çayır M, Altay NO. Nakit Temettü Politikaları ve Sermaye Birikimi: Seçilmiş Piyasalar Geneli İçin Firmalar Bazında Ampirik Bir Analiz. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. 2019;33:455–476.
MLA Çayır, Mustafa and Nasuh Oğuzhan Altay. “Nakit Temettü Politikaları Ve Sermaye Birikimi: Seçilmiş Piyasalar Geneli İçin Firmalar Bazında Ampirik Bir Analiz”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, vol. 33, no. 2, 2019, pp. 455-76, doi:10.24988/deuiibf.2018332740.
Vancouver Çayır M, Altay NO. Nakit Temettü Politikaları ve Sermaye Birikimi: Seçilmiş Piyasalar Geneli İçin Firmalar Bazında Ampirik Bir Analiz. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. 2019;33(2):455-76.