Research Article
BibTex RIS Cite

YÜKSEK TEMETTÜ GETİRİSİ COVİD-19 ÇÖKÜŞÜ SIRASINDA FİRMA DEĞERİNİ KORUYABİLİR Mİ? TÜRK FİRMALARINDAN KANITLAR

Year 2021, , 334 - 352, 30.06.2021

Ömer Faruk Tan , Hakan Cavlak , Yasin Cebeci , Necati Güneş

https://doi.org/10.11611/yead.915018

Abstract

Bu çalışmada, yüksek temettü getirisine sahip olmanın, COVID-19 kargaşası döneminde hisse senedi fiyatları üzerinde katalizör etkisi olup olmadığı araştırılmıştır. Borsa İstanbul'daki 164 imalatçı firma, son beş yıllık (2015-2019) ortalamalarına göre temettü getirisi yüksek ve düşük olan firmalar olarak sınıflandırılmıştır. Analiz sonuçları, yüksek temettü getirisi olan firmaların hisse senedi getirilerinin COVID-19 çöküşünden daha az etkilendiğini göstermektedir. Aynı şekilde, temettü ödemesi sıklığı yüksek olan firmalar, yapmayanlara göre daha az etkilenmektedir. Bu çalışma, yüksek temettü getirisi olan firmaların, COVID-19'un neden olduğu bu çöküşte yatırımcılar tarafından güvenli liman olarak görüldüğünü ortaya koymaktadır.

Keywords

COVID-19 Temettü Getirisi Borsa İstanbul Firma Değeri Günlük Vakalar Günlük Ölümler

References

  • Abiad, A., Arao, R. M., Dagli, S., Ferrarini, B., Noy, I., Osewe, P., … Platitas, R. (2020). The economic impact of the COVID-19 outbreak on developing Asia. Asian Development Bank Briefs, 1–16. https://doi.org/10.22617/BRF200096
  • Açıkgöz, Ö., & Günay, A. (2020). The early impact of the Covid-19 pandemic on the global and Turkish economy. Turkish Journal of Medical Sciences, 50(SI-1), 520–526. https://doi.org/10.3906/sag-2004-6
  • Adjaoud, F., & Ben-Amar, W. (2010). Corporate governance and dividend policy: Shareholders’ protection or expropriation? Journal of Business Finance & Accounting, 37(5–6), 648–667. https://doi.org/10.1111/j.1468-5957.2010.02192.x
  • Ahmad, T., Haroon, H., Baig, M., & Hui, J. (2020). Coronavirus disease 2019 (COVID-19) Pandemic and economic Impact. Pakistan Journal of Medical Sciences, 36(COVID19-S4). https://doi.org/10.12669/pjms.36.COVID19-S4.2638
  • Ahmed, H., & Javid, A. Y. (2008). The determinants of dividend policy in Pakistan (No. 37339).
  • Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., & Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of Behavioral and Experimental Finance, 27, 1–5.
  • Albulescu, C. T. (2020). COVID-19 and the United States financial markets’ volatility. Finance Research Letters, (July). https://doi.org/10.1016/j.frl.2020.101699
  • Ali, M., Alam, N., & Rizvi, S. A. R. (2020). Coronavirus (COVID-19) - An epidemic or pandemic for financial markets. Journal of Behavioral and Experimental Finance, 27, 1–6. https://doi.org/10.1016/j.jbef.2020.100341
  • Amankwah-Amoah, J., Khan, Z., & Wood, G. (2020). COVID-19 and business failures: The paradoxes of experience, scale, and scope for theory and practice. European Management Journal. https://doi.org/10.1016/j.emj.2020.09.002
  • Ashraf, B. N. (2020a). Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets. Journal of Behavioral and Experimental Finance, 27, 1–9. https://doi.org/10.1016/j.jbef.2020.100371
  • Ashraf, B. N. (2020b). Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets. Journal of Behavioral and Experimental Finance, 27, 100371. https://doi.org/10.1016/j.jbef.2020.100371
  • Ashraf, B. N. (2020c). Stock markets’ reaction to COVID-19: Cases or fatalities? Research in International Business and Finance, 54, 1–7. https://doi.org/10.1016/j.ribaf.2020.101249
  • Asquith, P., & David W. Mullins, J. (1983). The impact of initiating dividend payments on shareholders’ wealth. The Journal of Business, 56(1), 77–96.
  • Assche, A. Van, & Lundan, S. (2020). From the editor: COVID-19 and international business policy. Journal of International Business Policy, 3, 273–279.
  • Bahrini, R., & Filfilan, A. (2020). Impact of novel corunavirus on stock market returns: Evidence form GCC countries. Quantitative Finance and Economics, 4(4), 640–653. https://doi.org/10.1191/146342301682157692
  • Baig, A. S., Butt, H. A., Haroon, O., & Rizvi, S. A. R. (2020). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance Research Letters, (July). https://doi.org/10.1016/j.frl.2020.101701
  • Baker, H. K. (2009). Dividends and dividend policy: An overview. In H. K. Baker (Ed.), Dividends and Dividend Policy (pp. 3–20). New Jersey: John Wiley & Sons Inc.
  • Baker, H. K., & Powell, G. E. (1999). How corporate managers view dividend policy. Quarterly Journal of Business and Economics, 38(2), 17–35.
  • Baker, S. R., Bloom, N., Davis, S. J., Kost, K. K., Sammon, M. C., & Viratyosin, T. (2020). The Unprecedented Stock Market Impact of COVID-19. NBER Working Paper No. 26945.
  • Baker, S. R., Bloom, N., Davis, S. J., & Terry, S. J. (2020). COVID-Induced Economic Uncertainty (NBER Working Paper Series No. NBER Working Paper 26983). Cambridge.
  • Baldwin, R., & Mauro, B. W. di (Eds.). (2020). Mitigating the COVID Economic Crisis: Act Fast and Do Whatever It Takes. London: CEPR Press.
  • Barua, S. (2020). Understanding coronanomics: The economic implications of the coronavirus (COVID-19) pandemic. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3566477
  • Black, F., & Scholes, M. (1974). The effects of dividend yield and dividend policy on common stock prices and returns. Journal of Financial Economics, 1(1), 1–22.
  • Bradley, M., Capozza, D. R., & Seguin, P. J. (1998). Dividend policy and cash‐flow uncertainty. Real Estate Economics, 26(4), 555–580.
  • Brodeur, A., Gray, D., Islam, A., & Bhuiyan, S. J. (2020). A Literature Review of the Economics of COVID-19. Bonn. Cepoi, C. O. (2020). Asymmetric dependence between stock market returns and news during COVID-19 financial turmoil. Finance Research Letters, 36, 1–5. https://doi.org/10.1016/j.frl.2020.101658
  • Chang, C. L., McAleer, M., & Wang, Y. A. (2020). Herding behaviour in energy stock markets during the Global Financial Crisis, SARS, and ongoing COVID-19. Renewable and Sustainable Energy Reviews, 134, 1–15. https://doi.org/10.1016/j.rser.2020.110349
  • Chaudhary, R., Bakhshi, P., & Gupta, H. (2020). The performance of the Indian stock market during COVID-19. Investment Management and Financial Innovations, 17(3), 133–147. https://doi.org/10.21511/imfi.17(3).2020.11
  • Chen, S., Igan, D., Pierri, N., & Presbitero, A. F. (2020). Tracking the economic impact of COVID-19 and mitigation policies in Europe and the United States.
  • Chen, M.-H., Demir, E., García-Gómez, C. D., & Zaremba, A. (2020). The impact of policy responses to COVID-19 on U.S. travel and leisure companies. Annals of Tourism Research Empirical Insights, 1, 1–8. https://doi.org/10.1016/j.annale.2020.100003
  • Chen, S., Igan, D., Pierri, N., & Presbitero, A. F. (2020). Tracking the economic impact of COVID-19 and mitigation policies in Europe and the United States.
  • Chiah, M., & Zhong, A. (2020). Trading from home: The impact of COVID-19 on trading volume around the world. Finance Research Letters, 37. https://doi.org/10.1016/j.frl.2020.101784
  • Conlon, T., & McGee, R. (2020). Safe haven or risky hazard? Bitcoin during the Covid-19 bear market. Finance Research Letters, 35(May). https://doi.org/10.1016/j.frl.2020.101607
  • Contessi, S., & Pierangelo, D. P. (2020). The international spread of COVID-19 stock market collapses. Finance Research Letters, (November).
  • Corbet, S., Goodell, J. W., & Günay, S. (2020). Co-movements and spillovers of oil and renewable firms under extreme conditions: New evidence from negative WTI prices during COVID-19. Energy Economics, 92, 1–24. https://doi.org/10.1016/j.eneco.2020.104978
  • Corbet, S., Larkin, C., & Lucey, B. (2020). The contagion effects of the COVID-19 pandemic: Evidence from gold and cryptocurrencies. Finance Research Letters, 35(March). https://doi.org/10.1016/j.frl.2020.101554 https://doi.org/10.1016/j.jhtm.2020.04.006 Damodaran, A. (2015). Applied Corporate Finance. New York: John Wiley & Sons, Inc.
  • Demir, E., Bilgin, M. H., Karabulut, G., & Doker, A. C. (2020). The relationship between cryptocurrencies and COVID-19 pandemic. Eurasian Economic Review, 10(3), 349–360. https://doi.org/10.1007/s40822-020-00154-1
  • Demir, E., Simonyan, S., Chen, M. H., & Marco Lau, C. K. (2020). Asymmetric effects of geopolitical risks on Turkey’s tourist arrivals. Journal of Hospitality and Tourism Management, 45, 23–26.
  • Denis, D., & Osobov, I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics, 89(1), 62–82. https://doi.org/10.1016/j.jfineco.2007.06.006.
  • Devpura, N., & Narayan, P. K. (2020). Hourly oil price volatility: The role of COVID-19. Energy Research Letters, 1, 1–5. https://doi.org/10.46557/001c.13683
  • Dewasiri, N. J., Yatiwelle Koralalage, W. B., Abdul Azeez, A., Jayarathne, P. G. S. A., Kuruppuarachchi, D., & Weerasinghe, V. A. (2019). Determinants of dividend policy: evidence from an emerging and developing market. Managerial Finance, 45(3), 413–429. https://doi.org/10.1108/MF-09-2017-0331
  • Espinosa-Méndez, C., & Arias, J. (2020). COVID-19 effect on herding behaviour in European capital markets. Finance Research Letters. https://doi.org/10.1016/j.frl.2020.101787.
  • Farrukh, K., Irshad, S., Shams Khakwani, M., Ishaque, S., Ansari, N. Y., & McMillan, D. (2017). Impact of dividend policy on shareholders wealth and firm performance in Pakistan. Cogent Business & Management, 4(1), 1–11. https://doi.org/10.1080/23311975.2017.1408208
  • Farzami, Y., Gregory-allen, R., Molchanov, A., & Sehrish, S. (2021). COVID-19 and the liquidty network. Finance Research Letters.
  • Fendel, R., Neugebauer, F., & Zimmermann, L. (2021). Reactions of Euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank. Finance Research Letters. https://doi.org/10.1016/j.frl.2020.101917
  • Forti, C. A. B., Peixoto, F. M., & Alves, D. L. e. (2015). Determinant factors of dividend payments in Brazil. Revista Contabilidade & Finanças, 26(68), 167–180. https://doi.org/10.1590/1808-057x201512260.
  • Fu, M., & Shen, H. (2020). COVID-19 and corporate performance in the energy industry. Energy Research Letters, 1(1), 1–5. https://doi.org/10.46557/001c.12967
  • Gans, J. (2020). Economics in the Age of COVID-19. London: The MIT Press. Ghosh, S. (2020). Asymmetric impact of COVID-19 induced uncertainty on inbound Chinese tourists in Australia: insights from nonlinear ARDL model. Quantitative Finance and Economics, 4(2), 343–364. https://doi.org/10.3934/qfe.2020016
  • Goodell, J. W., & Goutte, S. (2020). Co-movement of COVID-19 and Bitcoin: Evidence from wavelet coherence analysis. Finance Research Letters, 1–6. https://doi.org/10.1016/j.frl.2020.101625
  • Hale, T., Angrist, N., Cameron-Blake, E., Hallas, L., Kira, B., Majumdar, S., … Webster, S. (2020). Variation in government responses to COVID-19. BSG Working Paper Series. Blavatnik School of Government. University of Oxford. Retrieved from www.bsg.ox.ac.uk/covidtracker
  • Harjoto, M. A., Rossi, F., Lee, R., & Sergi, B. S. (2020). How do equity markets react to COVID-19? Evidence from emerging and developed countries. Journal of Economics and Business, 1–15. Retrieved from https://linkinghub.elsevier.com/retrieve/pii/S0148619520304100
  • Haroon, O., & Rizvi, S. A. R. (2020). COVID-19: Media coverage and financial markets behavior—A sectoral inquiry. Journal of Behavioral and Experimental Finance, 27, 1–5. https://doi.org/10.1016/j.jbef.2020.100343
  • Haruhiko, K. (2020). COVID-19 and the Global Economy: Impact and Challenges - From Asia’s Perspective. In 62nd Annual Meeting of the National Association for Business Economics.
  • Holder, M. E., Langrehr, F. W., & Hexter, J. L. (1998). Dividend policy determinants: An Investigation of the influences of stakeholder theory. Financial Management, 27(3), 73–82.
  • Huang, W., & Zheng, Y. (2020). COVID-19: Structural changes in the relationship between investor sentiment and crude oil futures price. Energy Research Letters, 1, 2–5. https://doi.org/10.46557/001c.13685
  • Huang, Y., Yang, S., & Zhu, Q. (2021). Brand equity and the COVID-19 stock market crash: Evidence from U.S. listed firms. Finance Research Letters.
  • IMF. (2020). World Economic Outlook - Chapter 1: The Great Lockdown. Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., &
  • Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of Behavioral and Experimental Finance, 27, 1–5. https://doi.org/10.1016/j.jbef.2020.100326
  • Jeris, S. S., & Nath, R. D. (2020). COVID-19, oil price and UK economic policy uncertainty: Evidence from the ARDL approach. Quantitative Finance and Economics, 4(3), 503–514. https://doi.org/10.3934/qfe.2020023
  • Kaczmarek, T., Perez, K., Demir, E., & Zaremba, A. (2021). How to survive a pandemic : The corporate resiliency of travel and leisure companies to the COVID-19 outbreak. Tourism Management, 84, 1–11.
  • Kanakriyah, R. (2020). Dividend policy and companies’ financial performance. The Journal of Asian Finance, Economics and Business, 7(10), 531–541. https://doi.org/10.13106/jafeb.2020.vol7.no10.531
  • Kartal, M. T., Depren, Ö., & Kılıç-Depren, S. (2020). The determinants of main stock exchange index changes in emerging countries: evidence from Turkey in COVID-19 pandemic age. Quantitative Finance and Economics, 4(4), 526–541. https://doi.org/10.3934/qfe.2020025
  • Kartal, M. T., Kılıç-Depren, S., & Depren, Ö. (2020). How main stock exchange indices react to Covid-19 pandemic: Daily evidence from East Asian Countries. Global Economic Review, 1–18. https://doi.org/10.1080/1226508X.2020.1869055
  • Krieger, K., & Mauck, N. (2020). The impact of the COVID-19 pandemic on dividends. Finance Research Letters. https://doi.org/10.1002/agr.21687
  • Landry, S. (2020). On the Economic Front. In L. Knorr (Ed.), After the Pandemic - Visions of Life Post Covid-19. Pennsylvania: Sunbury Press, Inc.
  • Laux, J. A. (2011). Topics in finance, part VII: Dividend policy. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1885167
  • M’rabet, R., & Boujjat, W. (2016). The relationship between dividend payments and firm performance: A study of listed companies In Morocco. European Scientific Journal, 12(4), 469. https://doi.org/10.19044/esj.2016.v12n4p469
  • Marseguerra, G. (1998). Corporate Financial Decisions and Market Value - Studies on Dividend Policy, Price Volatility, and Ownership Structure. Heidelberg: Physica-Verlag HD. https://doi.org/10.1007/978-3-642-47010-3.
  • Mazur, M., Dang, M., & Vega, M. (2020). COVID-19 and the March 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, (March), 1–8. https://doi.org/10.1016/j.frl.2020.101690
  • Mazur, M., Dang, M., & Vo, T. T. A. (2020). Dividend policy and the COVID-19 crisis. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3723790
  • McKibbin, W., & Fernando, R. (2020). The Economic Impact of COVID-19. In R. Baldwin & B. W. di Mauro (Eds.), Economics in the Time of COVID-19 (pp. 45–52). London: CEPR Press.
  • McKinsey & Company. (2020, April). COVID-19: Implications for Business. Our Insights (Executive Briefing).
  • Mirza, N., Naqvi, B., Rahat, B., & Rizvi, S. K. A. (2020). Price reaction, volatility timing and funds’ performance during Covid-19. Finance Research Letters, 36. https://doi.org/10.1016/j.frl.2020.101657.
  • 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.
  • Narayan, P. K., Phan, D. H. B., & Liu, G. (2020). COVID-19 lockdowns, stimulus packages, travel bans, and stock returns. Finance Research Letters. https://doi.org/10.1016/j.frl.2020.101732
  • OECD. (2020). OECD Interim Economic Assessment - Coronavirus: The world economy at risk.
  • Okorie, D. I., & Lin, B. (2020). Stock markets and the COVID-19 fractal contagion effects. Finance Research Letters, (June). https://doi.org/10.1016/j.frl.2020.101640
  • Panigrahi, S., & Zainuddin, Y. (2015). Dividend policy decisions: theoretical views and relevant issues. Reports on Economics and Finance, 1, 43–58. https://doi.org/10.12988/ref.2015.596
  • Prabheesh, K. P., Padhan, R., & Garg, B. (2020). COVID-19 and the Oil Price – Stock market nexus: Evidence from net oil-importing countries. Energy Research Letters, 1(2), 1–6. https://doi.org/10.46557/001c.13745
  • Pruitt, S. W., & Gitman, L. J. (1991). The interactions between the investment, financing, and dividend decisions of major U.S. irms. The Financial Review, 26(3), 409–430. https://doi.org/10.1111/j.1540-6288.1991.tb00388.x
  • Qian, X., Qiu, S., & Zhang, G. (2021). The impact of COVID-19 on housing price: Evidence from China. Finance Research Letters. https://doi.org/https://doi.org/10.1016/j.frl.2021.101944
  • Rababah, A., Al-Haddad, L., Sial, M. S., Chunmei, Z., & Cherian, J. (2020). Analyzing the effects of COVID-19 pandemic on the financial performance of Chinese listed companies. Journal of Public Affairs, 20(4), 1–6. https://doi.org/10.1002/pa.2440
  • Ranajee, R., Pathak, R., & Saxena, A. (2018). To pay or not to pay: what matters the most for dividend payments? International Journal of Managerial Finance, 14(2), 230–244. https://doi.org/10.1108/IJMF-07-2017-0144
  • Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2017). Essentials of Corporate Finance. New York: McGraw-Hill Education.
  • Salisu, A. A., Ebuh, G. U., & Usman, N. (2020). Revisiting oil-stock nexus during COVID-19 pandemic: Some preliminary results. International Review of Economics and Finance, 69, 280–294. https://doi.org/10.1016/j.iref.2020.06.023
  • Salisu, A. A., & Vo, X. V. (2020). Predicting stock returns in the presence of COVID-19 pandemic: The role of health news. International Review of Financial Analysis, 71(June), 1–10. https://doi.org/10.1016/j.irfa.2020.101546
  • Sergi, B. S., Harjoto, M. A., Rossi, F., & Lee, R. (2021). Do stock markets love misery? Evidence from the COVID -19. Finance Research Letters.
  • Sharma, P., Leung, T. Y., Kingshott, R. P. J., Davcik, N. S., & Cardinali, S. (2020). Managing uncertainty during a global pandemic: An international business perspective. Journal of Business Research, 116, 188–192. https://doi.org/10.1016/j.jbusres.2020.05.026
  • Szczygielski, J. J., Bwanya, P. R., Charteris, A., & Brzeszczyński, J. (2021). The only certainty is uncertainty: An analysis of the impact of COVID-19 uncertainty on regional stock markets. Finance Research Letters.
  • Thorbecke, W. (2020). The impact of the COVID-19 pandemic on the U.S. economy: Evidence from the stock market. Journal of Risk and Financial Management, 13(10), 1–32. https://doi.org/10.3390/jrfm13100233
  • Topcu, M., & Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Letters, 36, 101691. https://doi.org/10.1016/j.frl.2020.101691
  • United Nations. (2020). Impact of the COVID-19 Pandemic on Trade and Development. New York: United Nations Publications.
  • Watson, D., & Head, A. (2016). Corporate Finance: Principles and Practice. Harlow: Pearson Education Ltd.
  • World Bank. (2021). Global Economic Prospects, January 2021. Washington: The World Bank. https://doi.org/10.1596/978-1-4648-1612-3
  • Wu, D. D., & Olson, D. L. (2020). Introduction. In Pandemic Risk Management in Operations and Finance - Modeling the Impact of COVID-19 (pp. 1–5). Cham: Springer Nature Switzerland AG. https://doi.org/10.1007/978-3-030-52197-4_1
  • Yarovaya, L., Mirza, N., Abaidi, J., & Hasnaoui, A. (2021). Human capital efficiency and equity funds’ performance during the COVID-19 pandemic. International Review of Economics and Finance, 71, 584–591. https://doi.org/10.1016/j.iref.2020.09.017
  • Yi, X., Bai, C., Lyu, S., & Dai, L. (2021). The impacts of the COVID-19 pandemic on China’s green bond market. Finance Research Letters.
  • Yilmazkuday, H. (2020). Coronavirus Disease 2019 and the Global Economy. SSRN Electronic Journal. https://doi.org/10.5853/jos.2020.01760
  • Zaremba, A., Aharon, D. Y., Demir, E., Kizys, R., & Zawadka, D. (2021). COVID-19, government policy responses, and stock market liquidity around the World. Research in International Business and Finance, 56, 1–9. https://doi.org/10.2139/ssrn.3631177
  • Zaremba, A., Kizys, R., Aharon, D. Y., & Demir, E. (2020). Infected markets: Novel coronavirus, government interventions, and stock return volatility around the globe. Finance Research Letters, 35. https://doi.org/10.1016/j.frl.2020.101597
  • Zaremba, A., Aharon, D. Y., Demir, E., Kizys, R., & Zawadka, D. (2021). COVID-19, government policy responses, and stock market liquidity around the World. Research in International Business and Finance, 56, 1–9. https://doi.org/10.2139/ssrn.3631177

CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS

Year 2021, , 334 - 352, 30.06.2021

Ömer Faruk Tan , Hakan Cavlak , Yasin Cebeci , Necati Güneş

https://doi.org/10.11611/yead.915018

Abstract

In this study, we want to investigate whether having a high dividend yield has a catalyst effect on stock prices during the COVID-19 turmoil period. 164 manufacturing firms in Borsa Istanbul are classified as firms with high and low dividend yield according to their last five-years’ (2015-2019) averages. The analysis results show that the stock returns of firms with high dividend yield are less impacted in this COVID-19 crash. Likewise, firms with a high frequency of dividend payouts are less affected than those who do not. This study reveals that firms with high dividend yield are regarded as safe havens by investors in this crash caused by COVID-19.

Keywords

COVID-19 Dividend Yield Borsa Istanbul Firm Value Daily Cases Daily Deaths

References

  • Abiad, A., Arao, R. M., Dagli, S., Ferrarini, B., Noy, I., Osewe, P., … Platitas, R. (2020). The economic impact of the COVID-19 outbreak on developing Asia. Asian Development Bank Briefs, 1–16. https://doi.org/10.22617/BRF200096
  • Açıkgöz, Ö., & Günay, A. (2020). The early impact of the Covid-19 pandemic on the global and Turkish economy. Turkish Journal of Medical Sciences, 50(SI-1), 520–526. https://doi.org/10.3906/sag-2004-6
  • Adjaoud, F., & Ben-Amar, W. (2010). Corporate governance and dividend policy: Shareholders’ protection or expropriation? Journal of Business Finance & Accounting, 37(5–6), 648–667. https://doi.org/10.1111/j.1468-5957.2010.02192.x
  • Ahmad, T., Haroon, H., Baig, M., & Hui, J. (2020). Coronavirus disease 2019 (COVID-19) Pandemic and economic Impact. Pakistan Journal of Medical Sciences, 36(COVID19-S4). https://doi.org/10.12669/pjms.36.COVID19-S4.2638
  • Ahmed, H., & Javid, A. Y. (2008). The determinants of dividend policy in Pakistan (No. 37339).
  • Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., & Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of Behavioral and Experimental Finance, 27, 1–5.
  • Albulescu, C. T. (2020). COVID-19 and the United States financial markets’ volatility. Finance Research Letters, (July). https://doi.org/10.1016/j.frl.2020.101699
  • Ali, M., Alam, N., & Rizvi, S. A. R. (2020). Coronavirus (COVID-19) - An epidemic or pandemic for financial markets. Journal of Behavioral and Experimental Finance, 27, 1–6. https://doi.org/10.1016/j.jbef.2020.100341
  • Amankwah-Amoah, J., Khan, Z., & Wood, G. (2020). COVID-19 and business failures: The paradoxes of experience, scale, and scope for theory and practice. European Management Journal. https://doi.org/10.1016/j.emj.2020.09.002
  • Ashraf, B. N. (2020a). Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets. Journal of Behavioral and Experimental Finance, 27, 1–9. https://doi.org/10.1016/j.jbef.2020.100371
  • Ashraf, B. N. (2020b). Economic impact of government interventions during the COVID-19 pandemic: International evidence from financial markets. Journal of Behavioral and Experimental Finance, 27, 100371. https://doi.org/10.1016/j.jbef.2020.100371
  • Ashraf, B. N. (2020c). Stock markets’ reaction to COVID-19: Cases or fatalities? Research in International Business and Finance, 54, 1–7. https://doi.org/10.1016/j.ribaf.2020.101249
  • Asquith, P., & David W. Mullins, J. (1983). The impact of initiating dividend payments on shareholders’ wealth. The Journal of Business, 56(1), 77–96.
  • Assche, A. Van, & Lundan, S. (2020). From the editor: COVID-19 and international business policy. Journal of International Business Policy, 3, 273–279.
  • Bahrini, R., & Filfilan, A. (2020). Impact of novel corunavirus on stock market returns: Evidence form GCC countries. Quantitative Finance and Economics, 4(4), 640–653. https://doi.org/10.1191/146342301682157692
  • Baig, A. S., Butt, H. A., Haroon, O., & Rizvi, S. A. R. (2020). Deaths, panic, lockdowns and US equity markets: The case of COVID-19 pandemic. Finance Research Letters, (July). https://doi.org/10.1016/j.frl.2020.101701
  • Baker, H. K. (2009). Dividends and dividend policy: An overview. In H. K. Baker (Ed.), Dividends and Dividend Policy (pp. 3–20). New Jersey: John Wiley & Sons Inc.
  • Baker, H. K., & Powell, G. E. (1999). How corporate managers view dividend policy. Quarterly Journal of Business and Economics, 38(2), 17–35.
  • Baker, S. R., Bloom, N., Davis, S. J., Kost, K. K., Sammon, M. C., & Viratyosin, T. (2020). The Unprecedented Stock Market Impact of COVID-19. NBER Working Paper No. 26945.
  • Baker, S. R., Bloom, N., Davis, S. J., & Terry, S. J. (2020). COVID-Induced Economic Uncertainty (NBER Working Paper Series No. NBER Working Paper 26983). Cambridge.
  • Baldwin, R., & Mauro, B. W. di (Eds.). (2020). Mitigating the COVID Economic Crisis: Act Fast and Do Whatever It Takes. London: CEPR Press.
  • Barua, S. (2020). Understanding coronanomics: The economic implications of the coronavirus (COVID-19) pandemic. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3566477
  • Black, F., & Scholes, M. (1974). The effects of dividend yield and dividend policy on common stock prices and returns. Journal of Financial Economics, 1(1), 1–22.
  • Bradley, M., Capozza, D. R., & Seguin, P. J. (1998). Dividend policy and cash‐flow uncertainty. Real Estate Economics, 26(4), 555–580.
  • Brodeur, A., Gray, D., Islam, A., & Bhuiyan, S. J. (2020). A Literature Review of the Economics of COVID-19. Bonn. Cepoi, C. O. (2020). Asymmetric dependence between stock market returns and news during COVID-19 financial turmoil. Finance Research Letters, 36, 1–5. https://doi.org/10.1016/j.frl.2020.101658
  • Chang, C. L., McAleer, M., & Wang, Y. A. (2020). Herding behaviour in energy stock markets during the Global Financial Crisis, SARS, and ongoing COVID-19. Renewable and Sustainable Energy Reviews, 134, 1–15. https://doi.org/10.1016/j.rser.2020.110349
  • Chaudhary, R., Bakhshi, P., & Gupta, H. (2020). The performance of the Indian stock market during COVID-19. Investment Management and Financial Innovations, 17(3), 133–147. https://doi.org/10.21511/imfi.17(3).2020.11
  • Chen, S., Igan, D., Pierri, N., & Presbitero, A. F. (2020). Tracking the economic impact of COVID-19 and mitigation policies in Europe and the United States.
  • Chen, M.-H., Demir, E., García-Gómez, C. D., & Zaremba, A. (2020). The impact of policy responses to COVID-19 on U.S. travel and leisure companies. Annals of Tourism Research Empirical Insights, 1, 1–8. https://doi.org/10.1016/j.annale.2020.100003
  • Chen, S., Igan, D., Pierri, N., & Presbitero, A. F. (2020). Tracking the economic impact of COVID-19 and mitigation policies in Europe and the United States.
  • Chiah, M., & Zhong, A. (2020). Trading from home: The impact of COVID-19 on trading volume around the world. Finance Research Letters, 37. https://doi.org/10.1016/j.frl.2020.101784
  • Conlon, T., & McGee, R. (2020). Safe haven or risky hazard? Bitcoin during the Covid-19 bear market. Finance Research Letters, 35(May). https://doi.org/10.1016/j.frl.2020.101607
  • Contessi, S., & Pierangelo, D. P. (2020). The international spread of COVID-19 stock market collapses. Finance Research Letters, (November).
  • Corbet, S., Goodell, J. W., & Günay, S. (2020). Co-movements and spillovers of oil and renewable firms under extreme conditions: New evidence from negative WTI prices during COVID-19. Energy Economics, 92, 1–24. https://doi.org/10.1016/j.eneco.2020.104978
  • Corbet, S., Larkin, C., & Lucey, B. (2020). The contagion effects of the COVID-19 pandemic: Evidence from gold and cryptocurrencies. Finance Research Letters, 35(March). https://doi.org/10.1016/j.frl.2020.101554 https://doi.org/10.1016/j.jhtm.2020.04.006 Damodaran, A. (2015). Applied Corporate Finance. New York: John Wiley & Sons, Inc.
  • Demir, E., Bilgin, M. H., Karabulut, G., & Doker, A. C. (2020). The relationship between cryptocurrencies and COVID-19 pandemic. Eurasian Economic Review, 10(3), 349–360. https://doi.org/10.1007/s40822-020-00154-1
  • Demir, E., Simonyan, S., Chen, M. H., & Marco Lau, C. K. (2020). Asymmetric effects of geopolitical risks on Turkey’s tourist arrivals. Journal of Hospitality and Tourism Management, 45, 23–26.
  • Denis, D., & Osobov, I. (2008). Why do firms pay dividends? International evidence on the determinants of dividend policy. Journal of Financial Economics, 89(1), 62–82. https://doi.org/10.1016/j.jfineco.2007.06.006.
  • Devpura, N., & Narayan, P. K. (2020). Hourly oil price volatility: The role of COVID-19. Energy Research Letters, 1, 1–5. https://doi.org/10.46557/001c.13683
  • Dewasiri, N. J., Yatiwelle Koralalage, W. B., Abdul Azeez, A., Jayarathne, P. G. S. A., Kuruppuarachchi, D., & Weerasinghe, V. A. (2019). Determinants of dividend policy: evidence from an emerging and developing market. Managerial Finance, 45(3), 413–429. https://doi.org/10.1108/MF-09-2017-0331
  • Espinosa-Méndez, C., & Arias, J. (2020). COVID-19 effect on herding behaviour in European capital markets. Finance Research Letters. https://doi.org/10.1016/j.frl.2020.101787.
  • Farrukh, K., Irshad, S., Shams Khakwani, M., Ishaque, S., Ansari, N. Y., & McMillan, D. (2017). Impact of dividend policy on shareholders wealth and firm performance in Pakistan. Cogent Business & Management, 4(1), 1–11. https://doi.org/10.1080/23311975.2017.1408208
  • Farzami, Y., Gregory-allen, R., Molchanov, A., & Sehrish, S. (2021). COVID-19 and the liquidty network. Finance Research Letters.
  • Fendel, R., Neugebauer, F., & Zimmermann, L. (2021). Reactions of Euro area government yields to Covid-19 related policy measure announcements by the European Commission and the European Central Bank. Finance Research Letters. https://doi.org/10.1016/j.frl.2020.101917
  • Forti, C. A. B., Peixoto, F. M., & Alves, D. L. e. (2015). Determinant factors of dividend payments in Brazil. Revista Contabilidade & Finanças, 26(68), 167–180. https://doi.org/10.1590/1808-057x201512260.
  • Fu, M., & Shen, H. (2020). COVID-19 and corporate performance in the energy industry. Energy Research Letters, 1(1), 1–5. https://doi.org/10.46557/001c.12967
  • Gans, J. (2020). Economics in the Age of COVID-19. London: The MIT Press. Ghosh, S. (2020). Asymmetric impact of COVID-19 induced uncertainty on inbound Chinese tourists in Australia: insights from nonlinear ARDL model. Quantitative Finance and Economics, 4(2), 343–364. https://doi.org/10.3934/qfe.2020016
  • Goodell, J. W., & Goutte, S. (2020). Co-movement of COVID-19 and Bitcoin: Evidence from wavelet coherence analysis. Finance Research Letters, 1–6. https://doi.org/10.1016/j.frl.2020.101625
  • Hale, T., Angrist, N., Cameron-Blake, E., Hallas, L., Kira, B., Majumdar, S., … Webster, S. (2020). Variation in government responses to COVID-19. BSG Working Paper Series. Blavatnik School of Government. University of Oxford. Retrieved from www.bsg.ox.ac.uk/covidtracker
  • Harjoto, M. A., Rossi, F., Lee, R., & Sergi, B. S. (2020). How do equity markets react to COVID-19? Evidence from emerging and developed countries. Journal of Economics and Business, 1–15. Retrieved from https://linkinghub.elsevier.com/retrieve/pii/S0148619520304100
  • Haroon, O., & Rizvi, S. A. R. (2020). COVID-19: Media coverage and financial markets behavior—A sectoral inquiry. Journal of Behavioral and Experimental Finance, 27, 1–5. https://doi.org/10.1016/j.jbef.2020.100343
  • Haruhiko, K. (2020). COVID-19 and the Global Economy: Impact and Challenges - From Asia’s Perspective. In 62nd Annual Meeting of the National Association for Business Economics.
  • Holder, M. E., Langrehr, F. W., & Hexter, J. L. (1998). Dividend policy determinants: An Investigation of the influences of stakeholder theory. Financial Management, 27(3), 73–82.
  • Huang, W., & Zheng, Y. (2020). COVID-19: Structural changes in the relationship between investor sentiment and crude oil futures price. Energy Research Letters, 1, 2–5. https://doi.org/10.46557/001c.13685
  • Huang, Y., Yang, S., & Zhu, Q. (2021). Brand equity and the COVID-19 stock market crash: Evidence from U.S. listed firms. Finance Research Letters.
  • IMF. (2020). World Economic Outlook - Chapter 1: The Great Lockdown. Al-Awadhi, A. M., Alsaifi, K., Al-Awadhi, A., &
  • Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of Behavioral and Experimental Finance, 27, 1–5. https://doi.org/10.1016/j.jbef.2020.100326
  • Jeris, S. S., & Nath, R. D. (2020). COVID-19, oil price and UK economic policy uncertainty: Evidence from the ARDL approach. Quantitative Finance and Economics, 4(3), 503–514. https://doi.org/10.3934/qfe.2020023
  • Kaczmarek, T., Perez, K., Demir, E., & Zaremba, A. (2021). How to survive a pandemic : The corporate resiliency of travel and leisure companies to the COVID-19 outbreak. Tourism Management, 84, 1–11.
  • Kanakriyah, R. (2020). Dividend policy and companies’ financial performance. The Journal of Asian Finance, Economics and Business, 7(10), 531–541. https://doi.org/10.13106/jafeb.2020.vol7.no10.531
  • Kartal, M. T., Depren, Ö., & Kılıç-Depren, S. (2020). The determinants of main stock exchange index changes in emerging countries: evidence from Turkey in COVID-19 pandemic age. Quantitative Finance and Economics, 4(4), 526–541. https://doi.org/10.3934/qfe.2020025
  • Kartal, M. T., Kılıç-Depren, S., & Depren, Ö. (2020). How main stock exchange indices react to Covid-19 pandemic: Daily evidence from East Asian Countries. Global Economic Review, 1–18. https://doi.org/10.1080/1226508X.2020.1869055
  • Krieger, K., & Mauck, N. (2020). The impact of the COVID-19 pandemic on dividends. Finance Research Letters. https://doi.org/10.1002/agr.21687
  • Landry, S. (2020). On the Economic Front. In L. Knorr (Ed.), After the Pandemic - Visions of Life Post Covid-19. Pennsylvania: Sunbury Press, Inc.
  • Laux, J. A. (2011). Topics in finance, part VII: Dividend policy. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.1885167
  • M’rabet, R., & Boujjat, W. (2016). The relationship between dividend payments and firm performance: A study of listed companies In Morocco. European Scientific Journal, 12(4), 469. https://doi.org/10.19044/esj.2016.v12n4p469
  • Marseguerra, G. (1998). Corporate Financial Decisions and Market Value - Studies on Dividend Policy, Price Volatility, and Ownership Structure. Heidelberg: Physica-Verlag HD. https://doi.org/10.1007/978-3-642-47010-3.
  • Mazur, M., Dang, M., & Vega, M. (2020). COVID-19 and the March 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, (March), 1–8. https://doi.org/10.1016/j.frl.2020.101690
  • Mazur, M., Dang, M., & Vo, T. T. A. (2020). Dividend policy and the COVID-19 crisis. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.3723790
  • McKibbin, W., & Fernando, R. (2020). The Economic Impact of COVID-19. In R. Baldwin & B. W. di Mauro (Eds.), Economics in the Time of COVID-19 (pp. 45–52). London: CEPR Press.
  • McKinsey & Company. (2020, April). COVID-19: Implications for Business. Our Insights (Executive Briefing).
  • Mirza, N., Naqvi, B., Rahat, B., & Rizvi, S. K. A. (2020). Price reaction, volatility timing and funds’ performance during Covid-19. Finance Research Letters, 36. https://doi.org/10.1016/j.frl.2020.101657.
  • 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.
  • Narayan, P. K., Phan, D. H. B., & Liu, G. (2020). COVID-19 lockdowns, stimulus packages, travel bans, and stock returns. Finance Research Letters. https://doi.org/10.1016/j.frl.2020.101732
  • OECD. (2020). OECD Interim Economic Assessment - Coronavirus: The world economy at risk.
  • Okorie, D. I., & Lin, B. (2020). Stock markets and the COVID-19 fractal contagion effects. Finance Research Letters, (June). https://doi.org/10.1016/j.frl.2020.101640
  • Panigrahi, S., & Zainuddin, Y. (2015). Dividend policy decisions: theoretical views and relevant issues. Reports on Economics and Finance, 1, 43–58. https://doi.org/10.12988/ref.2015.596
  • Prabheesh, K. P., Padhan, R., & Garg, B. (2020). COVID-19 and the Oil Price – Stock market nexus: Evidence from net oil-importing countries. Energy Research Letters, 1(2), 1–6. https://doi.org/10.46557/001c.13745
  • Pruitt, S. W., & Gitman, L. J. (1991). The interactions between the investment, financing, and dividend decisions of major U.S. irms. The Financial Review, 26(3), 409–430. https://doi.org/10.1111/j.1540-6288.1991.tb00388.x
  • Qian, X., Qiu, S., & Zhang, G. (2021). The impact of COVID-19 on housing price: Evidence from China. Finance Research Letters. https://doi.org/https://doi.org/10.1016/j.frl.2021.101944
  • Rababah, A., Al-Haddad, L., Sial, M. S., Chunmei, Z., & Cherian, J. (2020). Analyzing the effects of COVID-19 pandemic on the financial performance of Chinese listed companies. Journal of Public Affairs, 20(4), 1–6. https://doi.org/10.1002/pa.2440
  • Ranajee, R., Pathak, R., & Saxena, A. (2018). To pay or not to pay: what matters the most for dividend payments? International Journal of Managerial Finance, 14(2), 230–244. https://doi.org/10.1108/IJMF-07-2017-0144
  • Ross, S. A., Westerfield, R. W., & Jordan, B. D. (2017). Essentials of Corporate Finance. New York: McGraw-Hill Education.
  • Salisu, A. A., Ebuh, G. U., & Usman, N. (2020). Revisiting oil-stock nexus during COVID-19 pandemic: Some preliminary results. International Review of Economics and Finance, 69, 280–294. https://doi.org/10.1016/j.iref.2020.06.023
  • Salisu, A. A., & Vo, X. V. (2020). Predicting stock returns in the presence of COVID-19 pandemic: The role of health news. International Review of Financial Analysis, 71(June), 1–10. https://doi.org/10.1016/j.irfa.2020.101546
  • Sergi, B. S., Harjoto, M. A., Rossi, F., & Lee, R. (2021). Do stock markets love misery? Evidence from the COVID -19. Finance Research Letters.
  • Sharma, P., Leung, T. Y., Kingshott, R. P. J., Davcik, N. S., & Cardinali, S. (2020). Managing uncertainty during a global pandemic: An international business perspective. Journal of Business Research, 116, 188–192. https://doi.org/10.1016/j.jbusres.2020.05.026
  • Szczygielski, J. J., Bwanya, P. R., Charteris, A., & Brzeszczyński, J. (2021). The only certainty is uncertainty: An analysis of the impact of COVID-19 uncertainty on regional stock markets. Finance Research Letters.
  • Thorbecke, W. (2020). The impact of the COVID-19 pandemic on the U.S. economy: Evidence from the stock market. Journal of Risk and Financial Management, 13(10), 1–32. https://doi.org/10.3390/jrfm13100233
  • Topcu, M., & Gulal, O. S. (2020). The impact of COVID-19 on emerging stock markets. Finance Research Letters, 36, 101691. https://doi.org/10.1016/j.frl.2020.101691
  • United Nations. (2020). Impact of the COVID-19 Pandemic on Trade and Development. New York: United Nations Publications.
  • Watson, D., & Head, A. (2016). Corporate Finance: Principles and Practice. Harlow: Pearson Education Ltd.
  • World Bank. (2021). Global Economic Prospects, January 2021. Washington: The World Bank. https://doi.org/10.1596/978-1-4648-1612-3
  • Wu, D. D., & Olson, D. L. (2020). Introduction. In Pandemic Risk Management in Operations and Finance - Modeling the Impact of COVID-19 (pp. 1–5). Cham: Springer Nature Switzerland AG. https://doi.org/10.1007/978-3-030-52197-4_1
  • Yarovaya, L., Mirza, N., Abaidi, J., & Hasnaoui, A. (2021). Human capital efficiency and equity funds’ performance during the COVID-19 pandemic. International Review of Economics and Finance, 71, 584–591. https://doi.org/10.1016/j.iref.2020.09.017
  • Yi, X., Bai, C., Lyu, S., & Dai, L. (2021). The impacts of the COVID-19 pandemic on China’s green bond market. Finance Research Letters.
  • Yilmazkuday, H. (2020). Coronavirus Disease 2019 and the Global Economy. SSRN Electronic Journal. https://doi.org/10.5853/jos.2020.01760
  • Zaremba, A., Aharon, D. Y., Demir, E., Kizys, R., & Zawadka, D. (2021). COVID-19, government policy responses, and stock market liquidity around the World. Research in International Business and Finance, 56, 1–9. https://doi.org/10.2139/ssrn.3631177
  • Zaremba, A., Kizys, R., Aharon, D. Y., & Demir, E. (2020). Infected markets: Novel coronavirus, government interventions, and stock return volatility around the globe. Finance Research Letters, 35. https://doi.org/10.1016/j.frl.2020.101597
  • Zaremba, A., Aharon, D. Y., Demir, E., Kizys, R., & Zawadka, D. (2021). COVID-19, government policy responses, and stock market liquidity around the World. Research in International Business and Finance, 56, 1–9. https://doi.org/10.2139/ssrn.3631177
There are 100 citations in total.

Details

Primary Language English
Subjects Finance
Journal Section Articles
Authors

Ömer Faruk Tan 0000-0002-8875-4696

Hakan Cavlak 0000-0002-5891-7722

Yasin Cebeci 0000-0002-0110-8625

Necati Güneş 0000-0002-2390-4868

Publication Date June 30, 2021
Published in Issue Year 2021

Cite

APA Tan, Ö. F., Cavlak, H., Cebeci, Y., Güneş, N. (2021). CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS. Yönetim Ve Ekonomi Araştırmaları Dergisi, 19(2), 334-352. https://doi.org/10.11611/yead.915018
AMA Tan ÖF, Cavlak H, Cebeci Y, Güneş N. CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS. Yönetim ve Ekonomi Araştırmaları Dergisi. June 2021;19(2):334-352. doi:10.11611/yead.915018
Chicago Tan, Ömer Faruk, Hakan Cavlak, Yasin Cebeci, and Necati Güneş. “CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS”. Yönetim Ve Ekonomi Araştırmaları Dergisi 19, no. 2 (June 2021): 334-52. https://doi.org/10.11611/yead.915018.
EndNote Tan ÖF, Cavlak H, Cebeci Y, Güneş N (June 1, 2021) CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS. Yönetim ve Ekonomi Araştırmaları Dergisi 19 2 334–352.
IEEE Ö. F. Tan, H. Cavlak, Y. Cebeci, and N. Güneş, “CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS”, Yönetim ve Ekonomi Araştırmaları Dergisi, vol. 19, no. 2, pp. 334–352, 2021, doi: 10.11611/yead.915018.
ISNAD Tan, Ömer Faruk et al. “CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS”. Yönetim ve Ekonomi Araştırmaları Dergisi 19/2 (June 2021), 334-352. https://doi.org/10.11611/yead.915018.
JAMA Tan ÖF, Cavlak H, Cebeci Y, Güneş N. CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS. Yönetim ve Ekonomi Araştırmaları Dergisi. 2021;19:334–352.
MLA Tan, Ömer Faruk et al. “CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS”. Yönetim Ve Ekonomi Araştırmaları Dergisi, vol. 19, no. 2, 2021, pp. 334-52, doi:10.11611/yead.915018.
Vancouver Tan ÖF, Cavlak H, Cebeci Y, Güneş N. CAN HIGH DIVIDEND YIELD SUSTAIN FIRM VALUE DURING THE COVID-19 CRASH? EVIDENCE FROM TURKISH FIRMS. Yönetim ve Ekonomi Araştırmaları Dergisi. 2021;19(2):334-52.