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

Mustafa Çayır Nasuh Oğuzhan Altay

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.

Keywords

Nakit Temettü Politikaları, Sermaye Birikimi, Sistem GMM

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

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.

Keywords

Cash Dividend Policies, Capital Accumulation, System in GMM

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