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Değişen Piyasalarda Lastik, Demir-Çelik, İlaç ve Kimya ve Otomotiv Sektöründe Yapılan Temettü Ödemelerinin Firma Performansına Etkisi

Year 2022, Issue: 9, 361 - 385, 20.08.2022
https://doi.org/10.47994/usbad.1118026

Abstract

Bu çalışma, lastik, demir-çelik, ilaç ve kimya ve otomotiv sektörlerinde faaliyet gösteren firmaların yaptıkları temettü ödemelerinin firma performansı üzerindeki etkileri incelemiştir. Bu amaçla 2000-2021 yılları arasında BİST 100’de yer alan lastik, demir-çelik, ilaç ve kimya ve otomotiv sektörlerinde şirketlerin piyasa yavaşlama ve genişlemelerinde uyguladıkları temettü dağıtım politikalarının firma performansı üzerinde anlamlı bir ilişki olup olmadığının saptanması amacıyla analizler yapılmıştır. Çalışmada firma performansı, normalleştirilmiş varlık getiri oranı (ROA), nakit akışlarının getiri oranı, Tobin’s Q, toplam hissedar getirisi, borsa kapanış fiyatı, varlıklardaki büyüme oranı, kümülatif performans ve hisse başına kazanç ile ölçülmüştür. Bu çalışmada, bu temettü ödemeleri ile firma performans değişkenleri arasındaki ilişkileri saptamak için çoklu regresyon analizi yapılmıştır. Bu çalışmanın sonucunda, genel olarak söz konusu piyasaların yavaşladığı dönemlerde yapılan temettü ödemelerinin demir-çelik sektörü hariç olmak üzere diğer sektörlerde firma performansını arttırdığı; piyasaların genişlediği dönemlerde ise yapılan temettü ödemelerini ilaç ve kimya sektörü dışında diğer sektörlerin firma performansını azalttığı saptanmıştır. Bu çalışmanın diğer çalışmalardan farklı olan yönü temettü ödemelerinin firma performansı üzerindeki etkisinin Türkiye'deki lastik, demir-çelik, ilaç ve kimya ve otomotiv sektörleri için inceleyen çalışmaların kısıtlı olmasından kaynaklanmaktadır.

References

  • Agyei, S. K., & Marfo-Yiadom, E. (2011). Dividend Policy and Bank Performance in Ghana. International Journal of Economics and Finance 3(4), 202-207.
  • Allen, F., & Michaely, R. (2003). Payout Policy. Handbook of the Economics of Finance 1, 337-429.
  • Amidu M. & Abor J. (2006). Determinants of Dividend Payout Ratios in Ghana. The Journal of Risk Finance 7, 136-145.
  • Amidu, M. (2007). How Does Dividend Policy Affect Performance of the Firm on Ghana Stock Exchange. Investment Management and Financial Innovations 4(2), 103-112.
  • Arnott, R. D., & Asness, C. S. (2003). Surprise! Higher Dividends = Higher Earnings Growth. Financial Analysts Journal 59(1), 70-87.
  • Baker, H. K., & Powell, G. E. (1999). How Corporate Managers View Dividend Policy? Quarterly Journal of Business and Economics 38(2), 17-27.
  • Brigham, E. F., & Houston, J. F. (2014). Finansal Yönetimin Temelleri. (Çev.). Aypek, N. 7th Edition. Ankara: Nobel Yayıncılık.
  • Chen, Z., Cheung, Y. L., Stouraitis, A., & Wong, A. W. (2005). Ownership Concentration, Firm Performance, and Dividend Policy in Hong Kong. Pacific-Basin Finance Journal 13(4), 431-449.
  • Dursun, İ. T., & Köseoğlu, Y. (2016). Üst Kademe Teorisi’ni Yeniden Düşünmek: Üst Yönetim Ekiplerinin Bilişsel Özellikleri & Teorik Açıdan Kapsamı ve Önemi. İşletme ve İktisat Çalışmaları Dergisi 4(4), 117-133.
  • Ercan, M. K., & Ban, Ü. (2018). Finansal Yönetim: Değere Dayalı İşletme Finansı. 10. Basım. Ankara: Gazi Kitabevi.
  • Farrukh, K., Irshad, S., Shams Khakwani, M., Ishaque, S., & Ansari, N. Y. (2017). Impact of Dividend Policy on Shareholders Wealth and firm Performance in Pakistan. Cogent Business & Management 4(1), 1408208.
  • Frankfurter, G. M., & McGoun, E. G. (2000). Thought Contagion and Financial Economics: The Dividend Puzzle as a Case Study. The Journal of Psychology and Financial Markets 1(2), 145 – 153.
  • He, T. (2011). Three Essays in Corporate Finance and Corporate Governance. Doctoral Dissertations. Hong Kong Baptist University https://deepblue.lib.umich.edu/handle/2027.42/89830 Erişim Tarihi: 16.07.2022
  • Kale, S., & Arditi, D. (2002). Competitive Positioning in United States Construction Industry. Journal of Construction Engineering and Management 128(3), 238-247.
  • Maina, S. (2002). Empirical Relationship between Dividend and Investment Decisions of Firms Quoted in the NSE. (Unpublished MBA Thesis). University of Nairobi.
  • Murekefu, T.M. & Ouma, O. P. (2012). The Relationship Between Dividend Payout and Firm Performance: A Study of Listed Companies in Kenya. European Scientific Journal 8(9), 199-215.
  • Nissim, D. & Ziv, A. (2001). Dividend Changes and Future Profitability. Journal of Finance 56(6), 2019–65.
  • Rizqia, D. A., & Sumiati, S. A. (2013). Effect of Managerial Ownership, Financial Leverage, Profitability, Firm Size, and Investment Opportunity on Dividend Policy and Firm Value. Research Journal of Finance and Accounting 4(11), 120-130.
  • Sari, D. P. K., Sintha, L., Bertuah, E., & Munandar, A. (2022). The Influence of Ownership Structure, Capital Structure, Dividends, and Auditors on Firm Performance. American International Journal of Business Management (AIJBM) 5(2), 51-58.
  • Sayılgan, G. (2017). Soru ve Yanıtlarıyla İşletme Finansmanı. Güncelleştirilmiş ve Genişletilmiş 7. Baskı. Ankara: Siyasal Kitabevi.
  • Sharma, S. (2001). Essays on Dividend Policy: Do Dividend Initiations Signal Firm Prosperity?. New York University, Graduate School of Business Administration.
  • Uwuigbe, U., Jafaru, J., & Ajayı, A. (2012). Dividend Policy and Firm Performance: A Study of Listed Firms in Nigeria. Accounting and Management Information Systems 11(3), 442-454.
  • Yegon, C., Cheruiyot, J., & Sang, J. (2014). Effects of Dividend Policy on Firm’s Financial Performance: Econometric Analysis of Listed Manufacturing Firms in Kenya. Research Journal of Finance and Accounting 5(12), 136-144.

The Effect Of Dividend Payments Made In The Tire, Iron-Steel, Pharmaceutical and Chemical and Automotive Sector On The Performance Of The Company In Changing Markets

Year 2022, Issue: 9, 361 - 385, 20.08.2022
https://doi.org/10.47994/usbad.1118026

Abstract

This study examined the effects of dividend payments made by companies operating in the tire, iron-steel, pharmaceutical and chemical and automotive sectors on firm performance. For this purpose, analyzes were made in order to determine whether the dividend distribution policies implemented by companies in the tire, iron-steel, pharmaceutical and chemical and automotive sectors included in the BIST 100 between the years 2000-2021 during market slowdowns and expansions have a significant relationship on firm performance. In the study, firm performance was measured by normalized rate of return on assets (ROA), rate of return on cash flows, Tobin's Q, total shareholder return, closing price, growth rate in assets, cumulative performance and earnings per share. In this study, multiple regression analysis was performed to determine the relationships between these dividend payments and firm performance variables. As a result of this study, it was determined that in the slowing market condition the dividend payments made by these companies increased the performance of these companies which are operating in these sectors except for the iron and steel sector; Also, in the growing markets condition, it was determined that the dividend payments made by these companies decreased the firm performance of these companies which are operating in these sectors except for the pharmaceutical and chemical sector. The difference of this study from other studies is due to the limited number of studies examining the effect of these divident payments on firm performance in the tire, iron-steel, pharmaceutical and chemical and automotive sectors in Turkey.

References

  • Agyei, S. K., & Marfo-Yiadom, E. (2011). Dividend Policy and Bank Performance in Ghana. International Journal of Economics and Finance 3(4), 202-207.
  • Allen, F., & Michaely, R. (2003). Payout Policy. Handbook of the Economics of Finance 1, 337-429.
  • Amidu M. & Abor J. (2006). Determinants of Dividend Payout Ratios in Ghana. The Journal of Risk Finance 7, 136-145.
  • Amidu, M. (2007). How Does Dividend Policy Affect Performance of the Firm on Ghana Stock Exchange. Investment Management and Financial Innovations 4(2), 103-112.
  • Arnott, R. D., & Asness, C. S. (2003). Surprise! Higher Dividends = Higher Earnings Growth. Financial Analysts Journal 59(1), 70-87.
  • Baker, H. K., & Powell, G. E. (1999). How Corporate Managers View Dividend Policy? Quarterly Journal of Business and Economics 38(2), 17-27.
  • Brigham, E. F., & Houston, J. F. (2014). Finansal Yönetimin Temelleri. (Çev.). Aypek, N. 7th Edition. Ankara: Nobel Yayıncılık.
  • Chen, Z., Cheung, Y. L., Stouraitis, A., & Wong, A. W. (2005). Ownership Concentration, Firm Performance, and Dividend Policy in Hong Kong. Pacific-Basin Finance Journal 13(4), 431-449.
  • Dursun, İ. T., & Köseoğlu, Y. (2016). Üst Kademe Teorisi’ni Yeniden Düşünmek: Üst Yönetim Ekiplerinin Bilişsel Özellikleri & Teorik Açıdan Kapsamı ve Önemi. İşletme ve İktisat Çalışmaları Dergisi 4(4), 117-133.
  • Ercan, M. K., & Ban, Ü. (2018). Finansal Yönetim: Değere Dayalı İşletme Finansı. 10. Basım. Ankara: Gazi Kitabevi.
  • Farrukh, K., Irshad, S., Shams Khakwani, M., Ishaque, S., & Ansari, N. Y. (2017). Impact of Dividend Policy on Shareholders Wealth and firm Performance in Pakistan. Cogent Business & Management 4(1), 1408208.
  • Frankfurter, G. M., & McGoun, E. G. (2000). Thought Contagion and Financial Economics: The Dividend Puzzle as a Case Study. The Journal of Psychology and Financial Markets 1(2), 145 – 153.
  • He, T. (2011). Three Essays in Corporate Finance and Corporate Governance. Doctoral Dissertations. Hong Kong Baptist University https://deepblue.lib.umich.edu/handle/2027.42/89830 Erişim Tarihi: 16.07.2022
  • Kale, S., & Arditi, D. (2002). Competitive Positioning in United States Construction Industry. Journal of Construction Engineering and Management 128(3), 238-247.
  • Maina, S. (2002). Empirical Relationship between Dividend and Investment Decisions of Firms Quoted in the NSE. (Unpublished MBA Thesis). University of Nairobi.
  • Murekefu, T.M. & Ouma, O. P. (2012). The Relationship Between Dividend Payout and Firm Performance: A Study of Listed Companies in Kenya. European Scientific Journal 8(9), 199-215.
  • Nissim, D. & Ziv, A. (2001). Dividend Changes and Future Profitability. Journal of Finance 56(6), 2019–65.
  • Rizqia, D. A., & Sumiati, S. A. (2013). Effect of Managerial Ownership, Financial Leverage, Profitability, Firm Size, and Investment Opportunity on Dividend Policy and Firm Value. Research Journal of Finance and Accounting 4(11), 120-130.
  • Sari, D. P. K., Sintha, L., Bertuah, E., & Munandar, A. (2022). The Influence of Ownership Structure, Capital Structure, Dividends, and Auditors on Firm Performance. American International Journal of Business Management (AIJBM) 5(2), 51-58.
  • Sayılgan, G. (2017). Soru ve Yanıtlarıyla İşletme Finansmanı. Güncelleştirilmiş ve Genişletilmiş 7. Baskı. Ankara: Siyasal Kitabevi.
  • Sharma, S. (2001). Essays on Dividend Policy: Do Dividend Initiations Signal Firm Prosperity?. New York University, Graduate School of Business Administration.
  • Uwuigbe, U., Jafaru, J., & Ajayı, A. (2012). Dividend Policy and Firm Performance: A Study of Listed Firms in Nigeria. Accounting and Management Information Systems 11(3), 442-454.
  • Yegon, C., Cheruiyot, J., & Sang, J. (2014). Effects of Dividend Policy on Firm’s Financial Performance: Econometric Analysis of Listed Manufacturing Firms in Kenya. Research Journal of Finance and Accounting 5(12), 136-144.
There are 23 citations in total.

Details

Primary Language Turkish
Journal Section Research Articles
Authors

Bahan Yenilmez 0000-0002-8514-7276

Early Pub Date August 15, 2022
Publication Date August 20, 2022
Acceptance Date July 12, 2022
Published in Issue Year 2022 Issue: 9

Cite

APA Yenilmez, B. (2022). Değişen Piyasalarda Lastik, Demir-Çelik, İlaç ve Kimya ve Otomotiv Sektöründe Yapılan Temettü Ödemelerinin Firma Performansına Etkisi. Uluslararası Sosyal Bilimler Akademi Dergisi, 4(9), 361-385. https://doi.org/10.47994/usbad.1118026

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