Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?

Cigdem VURAL-YAVAS (Kadir Has Üniversitesi, İşletme Fakültesi, Uluslararası Ticaret ve Finans Bölümü, İstanbul, Türkiye)
Ege Akademik Bakış
2 0
Yıl: 2020 Cilt: 20 Sayı: 2 Sayfa Aralığı: 125 - 135 Metin Dili: İngilizce DOI: 10.21121/eab.729517 İndeks Tarihi: 04-05-2021

Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?

Öz:
The primary purpose of this paper is to explore the relationship between corporate dividend-payout policy and thecompetition in the product market for the listed companies in Turkey using a panel data of non-financial firms overthe period 2007 to 2015. Turkey is an emerging market classified as a French-civil-law country with weak protectionof investors. Using Turkish firms, we analyze the effect of competition on dividend-payout policy, under weak investorprotection. Our results indicate that competition measured by the Herfindahl-Hirschman Index and 5-firm concentrationratio significantly affects dividend payout. Our findings show that competition in the industry negatively influencesthe dividend payout. The results demonstrate that in highly competitive industries, Turkish firms pay lower dividendsthan the firms in concentrated industries to remain competitive in the market. Moreover, large profitable firms withlower investment opportunities and lower tangible assets distribute higher dividends to their shareholders in Turkey.
Anahtar Kelime:

Belge Türü: Makale Makale Türü: Araştırma Makalesi Erişim Türü: Erişime Açık
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APA Vural Yavaş Ç (2020). Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?. , 125 - 135. 10.21121/eab.729517
Chicago Vural Yavaş Çiğdem Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?. (2020): 125 - 135. 10.21121/eab.729517
MLA Vural Yavaş Çiğdem Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?. , 2020, ss.125 - 135. 10.21121/eab.729517
AMA Vural Yavaş Ç Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?. . 2020; 125 - 135. 10.21121/eab.729517
Vancouver Vural Yavaş Ç Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?. . 2020; 125 - 135. 10.21121/eab.729517
IEEE Vural Yavaş Ç "Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?." , ss.125 - 135, 2020. 10.21121/eab.729517
ISNAD Vural Yavaş, Çiğdem. "Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?". (2020), 125-135. https://doi.org/10.21121/eab.729517
APA Vural Yavaş Ç (2020). Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?. Ege Akademik Bakış, 20(2), 125 - 135. 10.21121/eab.729517
Chicago Vural Yavaş Çiğdem Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?. Ege Akademik Bakış 20, no.2 (2020): 125 - 135. 10.21121/eab.729517
MLA Vural Yavaş Çiğdem Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?. Ege Akademik Bakış, vol.20, no.2, 2020, ss.125 - 135. 10.21121/eab.729517
AMA Vural Yavaş Ç Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?. Ege Akademik Bakış. 2020; 20(2): 125 - 135. 10.21121/eab.729517
Vancouver Vural Yavaş Ç Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?. Ege Akademik Bakış. 2020; 20(2): 125 - 135. 10.21121/eab.729517
IEEE Vural Yavaş Ç "Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?." Ege Akademik Bakış, 20, ss.125 - 135, 2020. 10.21121/eab.729517
ISNAD Vural Yavaş, Çiğdem. "Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?". Ege Akademik Bakış 20/2 (2020), 125-135. https://doi.org/10.21121/eab.729517
Sayfa Oluşturulma Tarihi
23-04-2024 16:17

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