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Determinants of Dividend Payments and Firm Value: A Conceptual Model and Its Estimation

Yıl 2016, Cilt: 31 Sayı: 2, 115 - 146, 22.12.2016

Şaban Çelik Sedat Yenice , Osman Kürşat Onat

https://doi.org/10.24988/deuiibf.2016312508

Öz

The purpose of present study is to explain the linkage between the determinants of dividend policies and firm value and to conduct its estimation within a conceptual model. In this context it has been created and tested three main hypotheses group. The results regarding to the first two hypotheses indicate that dividend policies have a negative relationship with risk but a positive relationship with corporate governance. On the other hand, the results regarding to the third hypothesis indicate different results (irrelevant and positive) according to the variable used for firm value (one-year return and five-year return).

Anahtar Kelimeler

Dividend Policies Risk Corporate Governance Firm Value

Kaynakça

  • ALLEN, D. E., IZAN, H. Y. (1992), “Dividend policy: the issues”, Managerial Finance, 18, 1–8.
  • ALTUNER, D., ÇELİK, S., GÜLEÇ, T.C. (2015), “The Linkages among Intellectual Capital, Corporate Governance and Corporate Social Responsibility”, Corporate Governance, 15(4).
  • BAE, S.C., CHANG, K., KANG, E., (2012), “Culture, corporate governance, and dividend policy: international evidence”, Journal of Financial Research, 35, 298–316.
  • BAKER, M., WURGLER, J., (2004), “A catering theory of dividends”, Journal of Finance, 59, 1125–1165.
  • BAKER, H. K., POWELL, G.E. (1999), “How Corporate Managers View Dividend Policy”, Quarterly Journal of Business and Economics, 38, 17-35.
  • BAKER, H.K., POWELL, G.E., VEIT, E. T. (2002), “Revisiting Managerial Perspectives on Dividend Policy”, Journal of Economics and Finance, 26, 267-283.
  • BAKER, H. K., SMITH, D. M. (2006), “In search of a residual dividend policy”, Review of Financial Economics, 15, 1–18.
  • BECKER, B., IVKOCIV, Z., WEISBENNER, S., (2011), “Local dividend clienteles”, Journal of Finance, 66, 655–684.
  • BERNSTEIN, P.L., (1996), “ Dividends: The Puzzle”, Journal of Applied Corporate Finance, 9, 16-22.
  • BHATTACHARYA, S., (1979), “Imperfect information, dividend policy, and ‘‘the bird in the hand’’ fallacy”, Bell Journal of Economics, 10, 259–270.
  • BLACK, F. (1976), “The dividend puzzle”, Journal of Portfolio Management, 2, 5–8.
  • BRAV, A., GRAHAM, J. R., HARVEY, C. R., MICHAELY, R. (2005), “Payout policy in the 21st century”, Journal of Financial Economics, 77, 483–527.
  • BREUER, W., RIEGER, M.O., SOYPAK, K.C. (2014), “The behavioral foundations of corporate dividend policy a cross-country analysis”, Journal of Banking & Finance, 42, 247–265.
  • CASEY, K. Michael, ROSS N. Dickens, (2000), “The Effect of Tax and Regulatory Changes in Commercial Bank Dividend Policy”, Quarterly Review of Economics and Finance, 40, 279-293.
  • CELİK, S., MANDACI, P. E., MASOOD, O., AKTAN, B., (2009), “The Linkages between Characteristics of Investors and Stock Returns: An Empirical Inquiry in Istanbul Stock Exchange”, International Conference on Business, Management and Economics Proceedings, Turkey, (October 22) 304-324.
  • CELİK, S. (2013), “Micro Financial Credit Risk Metrics: A Proposed Model For Bankruptcy And Its Estimation”, Yayınlanmamış Doktora Tezi,.DEU SBE.
  • CELİK, S., GÜLEC, T.C. (2013), “Kurumsal Sosyal Sorumluluk Ölçümü ve İşletme Boyutlarıyla İlişkisi: Üretim Sektörü Uygulaması”, 17. Ulusal Finans Sempozyumu Bildiri Kitabı, 154-165, 23-26 Ekim, Muğla.
  • CHANG, B., DUTTA, S. (2012), “Dividends and Corporate Governance:Canadian Evidence, The IUP” Journal of Applied Finance, 18(4), 5-30.
  • CHEN, Z., CHEUNG, Y.L., STOURAITIS, A., WONG, A.W.S. (2005), “Ownership concentration, firm performance and dividend policy in Hong Kong”, Pacific-Basin Finance Journal, 13, 431–449.
  • DeANGELO, H., DeANGELO, L. (2007), “Payout policy pedagogy: what matters and why”, European Financial Management, 13, 11–27.
  • DESHMUKH, S. (2005), “The effect of asymmetric information on dividend policy”, Quarterly Journal of Business and Economics, 44, 107–27.
  • EASTERBROOK, F. H. (1984), “Two agency-cost explanations of dividends”, American Economic Review, 74, 650–659.
  • FAMA, E. F., FRENCH, K.R. (2001), “Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?”, Journal of Financial Economics,60, 3-43.
  • FAİRCHİLD, R., GUNEY, Y., THANATAWEE, Y. (2014), “Corporate dividend policy in Thailand: Theory and evidence”, International Review of Financial Analysis, 31, 129–151.
  • FETTAHOĞLU. S., (2015), “İşletmelerde Kar Payı Dağıtım Politikasını Belirleyen Faktörler Üzerine Bir Araştırma”, 14. Ulusal İşletmecilik Kongresi Bildiri Kitabı, Aksaray Üniversitesi İktisadi ve idari Bilimler Fakültesi İşletme Bölümü. ,1039 – 1042.
  • FRANKFURTER, G. M., WOOD, B. G. (2002), “Dividend policy theories and their empirical tests”, International Review of Financial Analysis, 11, 111–138.
  • FISHER G.R. (1961), “Some Factors Influencing Share Prices”, Economic Journal,71,121-141.
  • FRIEND, I., PUCKETT, M. (1964), “Dividends and stock prices”, American Economic Review, 54(5), 656–682.
  • GORDON, M.J., SHAPIRO, E. (1956), “Capital Equipment Analysis: The Required Rate of Profit”, Management Science, 3, 102-110.
  • GORDON, M.J. (1959), “Dividends, Earnings, and Stock Prices”, Review of Economics and Statistics, 41, 99-105.
  • GORDON, M.J. (1963), “Optimal Investment and Financing Policy”, Journal of Finance, 18,264-272.
  • GUPTA, A., BANGA, C. (2010), “The Determinants of Corporate Dividend Policy”, Decision, 37(2), 63-77.
  • GÜNALP. B., KADIOĞLU. E., KILIÇ, S., (2010), “Nakit Temettü Bilgisinin Hisse Senedi Getirisi Üzerinde Önemli Bir Etkisi Olup Olmadığının İMKB’de Test Edilmesi”, H.Ü. İktisadi ve İdari Bilimler Fakültesi Dergisi, 28(2), 47-69.
  • JENSEN, M.C. (1986), “Agency Costs of Free Cash Flow”, Corporate Finance, and Takeovers, American Economic Review, 76, 323-329.
  • JENSEN, M.C., MECKLING, W.H. (1976), “Theory of the Firm: Managerial Behavior”, Agency Costs and Ownership Structure, Journal of Financial Economics, 3, 305-360.
  • JENSEN, G.R., SOLBERG, D.P., ZORN, T.S. (1992), “Simultaneous determination of insider ownership, debt, and dividend policies”, Journal of Financial and Quantitative Analysis, 27(2), 274–263.
  • KALAY, A., (1982), “Stockholder–bondholder conflict and dividend constraints”, Journal of Financial Economics, 10, 211–233.
  • KUMAR, P. (1988), “Shareholder-manager conflict and the information content of dividends”, Review of Financial Studies, 1, 111–36.
  • La PORTA, R., LOPEZ-DE-SILANES, F., SHLEIFER, A., VISHNY, R.W., (2000), “Agency problems and dividend policies around the world”, Journal of Finance, 55, 1 – 33.
  • LI, K., ZHAO, X. (2008), “Asymmetric information and dividend policy”, Financial Management, Winter, 673–94.
  • LINTNER, J. (1956), “Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes”, American Economic Review, 46, 97-113.
  • LINTNER, J. (1962), “ Dividends, Earnings, Leverage, Stock Prices and Supply of Capital to Corporations”, The Review of Economics and Statistics, 64, 243-269.
  • LITZENBERGER, R.H., RAMASWAMY, K. (1979), “The Effect of Personal Taxes and Dividends on Capital Asset Prices”, Journal of Financial Economics, 7, 163-195.
  • MILLER, M. H., MODIGLIANI, F. (1961), “Dividend policy, growth, and the valuation of shares”, Journal of Business, 34, 411–33.
  • MILLER, M., ROCK, K. (1985), “Dividend policy under asymmetric information”, Journal of Finance, 40, 1031–51.
  • MILLER, M.H., SCHOLES, M.S. (1978), “Dividends and Taxes”, Journal of Financial Economics, 6, 333-264.
  • MILLER, M.H., SCHOLES, M.S. (1982), “Dividend and Taxes: Some Empirical Evidence”, Journal of Political Economy, 90, 1118-1141.
  • MYERS, S. C. (1984), “The capital structure puzzle”, Journal of Finance, 39, 575–92.
  • MYERS, S. C., MAJLUF, N. S. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, 13, 187–221.
  • PAPADOPOULOS, D.L., CHARALAMBIDIS, D.P. (2007), “Focus on Present Status and Determinants of Dividend Payout Policy: Athens Stock Exchange in Perspective”, Journal of Financial Management and Analysis, 20(2), 24-37.
  • PATRA, T., POSHAKWALE, S., OW-YONG, K. (2012), “Determinants of corporate dividend policy in Greece”, Applied Financial Economics, 22, 1079–1087.
  • PEKKAYA., M. (2006), “Kar Payı Dağıtımının Şirket Değeri Üzerine Etkisi: İMKB 30 Endeks Hisselerine Bir Analiz”, ZKÜ Sosyal Bilimler Dergisi, 2(4), 183–209.
  • ROZEFF, M.S. (1982), “Growth beta and agency costs as determinants of dividend payout ratios”, Journal of Financial Research, 5(3), 249–259.
  • SHAO, Y., KWOK, C., ve GUEDHAMI, O., (2010), “National culture and dividend policy”, Journal of International Business Studies, 41, 1391–1414.
  • SHARPE, W. F. (1964), “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk”, Journal of Finance, 19(3), 425-42.
  • SHEFRIN, H.M., STATMAN, M., (1984), “Explaining investor preference for cash dividends”, Journal of Financial Economics, 13, 253–282.
  • SHEFRIN, H.M., THALER, R., (1988), “The behavioral life-cycle hypothesis”, Economic Inquiry, 26, 609–643.
  • WALTER, J.E. (1963), “Dividend Policy: Its Influence on the Value of the Enterprise”, Journal of Finance, 18, 280-291.
  • YILDIZ, B., GÖKBULUT, R. İ., KORKMAZ, T. (2014), “Firmalarda Temettü Politikalarını Etkileyen Unsurlar: Bist Sanayi İşletmeleri Üzerine Bir Panel Veri Uygulaması”, AİBÜ-İİBF Ekonomik ve Sosyal Araştırmalar Dergisi.

Temettü Ödemelerinin Belirleyicileri ve Firma Değeri: Kavramsal Bir Model ve Tahminlemesi

Yıl 2016, Cilt: 31 Sayı: 2, 115 - 146, 22.12.2016

Şaban Çelik Sedat Yenice , Osman Kürşat Onat

https://doi.org/10.24988/deuiibf.2016312508

Öz

Bu çalışmanın amacı temettü politikalarının belirleyicileri ile firma değeri arasındaki ilişkiyi kavramsal bir model çerçevesinde açıklayıp tahminlemesini yapmaktır. Bu kapsamda üç temel hipotez grubu oluşturulup test edilmiştir. Birinci ve ikinci hipotez gruplarının test sonuçları, temettü politikalarının, risk ile negatif, kurumsal yönetimle de pozitif bir ilişkisi olduğunu göstermektedir. Buna karşın, üçüncü hipotez grubu testleri, temettü politikası ile firma değeri arasındaki ilişkiyi kullanılan firma değeri değişkenine göre (bir yıllık getiri ve beş yıllık getiri) farklı (ilişkisiz ve pozitif) göstermiştir.

Anahtar Kelimeler

Temettü Politikaları Risk Kurumsal Yönetim Firma Değeri

Kaynakça

  • ALLEN, D. E., IZAN, H. Y. (1992), “Dividend policy: the issues”, Managerial Finance, 18, 1–8.
  • ALTUNER, D., ÇELİK, S., GÜLEÇ, T.C. (2015), “The Linkages among Intellectual Capital, Corporate Governance and Corporate Social Responsibility”, Corporate Governance, 15(4).
  • BAE, S.C., CHANG, K., KANG, E., (2012), “Culture, corporate governance, and dividend policy: international evidence”, Journal of Financial Research, 35, 298–316.
  • BAKER, M., WURGLER, J., (2004), “A catering theory of dividends”, Journal of Finance, 59, 1125–1165.
  • BAKER, H. K., POWELL, G.E. (1999), “How Corporate Managers View Dividend Policy”, Quarterly Journal of Business and Economics, 38, 17-35.
  • BAKER, H.K., POWELL, G.E., VEIT, E. T. (2002), “Revisiting Managerial Perspectives on Dividend Policy”, Journal of Economics and Finance, 26, 267-283.
  • BAKER, H. K., SMITH, D. M. (2006), “In search of a residual dividend policy”, Review of Financial Economics, 15, 1–18.
  • BECKER, B., IVKOCIV, Z., WEISBENNER, S., (2011), “Local dividend clienteles”, Journal of Finance, 66, 655–684.
  • BERNSTEIN, P.L., (1996), “ Dividends: The Puzzle”, Journal of Applied Corporate Finance, 9, 16-22.
  • BHATTACHARYA, S., (1979), “Imperfect information, dividend policy, and ‘‘the bird in the hand’’ fallacy”, Bell Journal of Economics, 10, 259–270.
  • BLACK, F. (1976), “The dividend puzzle”, Journal of Portfolio Management, 2, 5–8.
  • BRAV, A., GRAHAM, J. R., HARVEY, C. R., MICHAELY, R. (2005), “Payout policy in the 21st century”, Journal of Financial Economics, 77, 483–527.
  • BREUER, W., RIEGER, M.O., SOYPAK, K.C. (2014), “The behavioral foundations of corporate dividend policy a cross-country analysis”, Journal of Banking & Finance, 42, 247–265.
  • CASEY, K. Michael, ROSS N. Dickens, (2000), “The Effect of Tax and Regulatory Changes in Commercial Bank Dividend Policy”, Quarterly Review of Economics and Finance, 40, 279-293.
  • CELİK, S., MANDACI, P. E., MASOOD, O., AKTAN, B., (2009), “The Linkages between Characteristics of Investors and Stock Returns: An Empirical Inquiry in Istanbul Stock Exchange”, International Conference on Business, Management and Economics Proceedings, Turkey, (October 22) 304-324.
  • CELİK, S. (2013), “Micro Financial Credit Risk Metrics: A Proposed Model For Bankruptcy And Its Estimation”, Yayınlanmamış Doktora Tezi,.DEU SBE.
  • CELİK, S., GÜLEC, T.C. (2013), “Kurumsal Sosyal Sorumluluk Ölçümü ve İşletme Boyutlarıyla İlişkisi: Üretim Sektörü Uygulaması”, 17. Ulusal Finans Sempozyumu Bildiri Kitabı, 154-165, 23-26 Ekim, Muğla.
  • CHANG, B., DUTTA, S. (2012), “Dividends and Corporate Governance:Canadian Evidence, The IUP” Journal of Applied Finance, 18(4), 5-30.
  • CHEN, Z., CHEUNG, Y.L., STOURAITIS, A., WONG, A.W.S. (2005), “Ownership concentration, firm performance and dividend policy in Hong Kong”, Pacific-Basin Finance Journal, 13, 431–449.
  • DeANGELO, H., DeANGELO, L. (2007), “Payout policy pedagogy: what matters and why”, European Financial Management, 13, 11–27.
  • DESHMUKH, S. (2005), “The effect of asymmetric information on dividend policy”, Quarterly Journal of Business and Economics, 44, 107–27.
  • EASTERBROOK, F. H. (1984), “Two agency-cost explanations of dividends”, American Economic Review, 74, 650–659.
  • FAMA, E. F., FRENCH, K.R. (2001), “Disappearing Dividends: Changing Firm Characteristics or Lower Propensity to Pay?”, Journal of Financial Economics,60, 3-43.
  • FAİRCHİLD, R., GUNEY, Y., THANATAWEE, Y. (2014), “Corporate dividend policy in Thailand: Theory and evidence”, International Review of Financial Analysis, 31, 129–151.
  • FETTAHOĞLU. S., (2015), “İşletmelerde Kar Payı Dağıtım Politikasını Belirleyen Faktörler Üzerine Bir Araştırma”, 14. Ulusal İşletmecilik Kongresi Bildiri Kitabı, Aksaray Üniversitesi İktisadi ve idari Bilimler Fakültesi İşletme Bölümü. ,1039 – 1042.
  • FRANKFURTER, G. M., WOOD, B. G. (2002), “Dividend policy theories and their empirical tests”, International Review of Financial Analysis, 11, 111–138.
  • FISHER G.R. (1961), “Some Factors Influencing Share Prices”, Economic Journal,71,121-141.
  • FRIEND, I., PUCKETT, M. (1964), “Dividends and stock prices”, American Economic Review, 54(5), 656–682.
  • GORDON, M.J., SHAPIRO, E. (1956), “Capital Equipment Analysis: The Required Rate of Profit”, Management Science, 3, 102-110.
  • GORDON, M.J. (1959), “Dividends, Earnings, and Stock Prices”, Review of Economics and Statistics, 41, 99-105.
  • GORDON, M.J. (1963), “Optimal Investment and Financing Policy”, Journal of Finance, 18,264-272.
  • GUPTA, A., BANGA, C. (2010), “The Determinants of Corporate Dividend Policy”, Decision, 37(2), 63-77.
  • GÜNALP. B., KADIOĞLU. E., KILIÇ, S., (2010), “Nakit Temettü Bilgisinin Hisse Senedi Getirisi Üzerinde Önemli Bir Etkisi Olup Olmadığının İMKB’de Test Edilmesi”, H.Ü. İktisadi ve İdari Bilimler Fakültesi Dergisi, 28(2), 47-69.
  • JENSEN, M.C. (1986), “Agency Costs of Free Cash Flow”, Corporate Finance, and Takeovers, American Economic Review, 76, 323-329.
  • JENSEN, M.C., MECKLING, W.H. (1976), “Theory of the Firm: Managerial Behavior”, Agency Costs and Ownership Structure, Journal of Financial Economics, 3, 305-360.
  • JENSEN, G.R., SOLBERG, D.P., ZORN, T.S. (1992), “Simultaneous determination of insider ownership, debt, and dividend policies”, Journal of Financial and Quantitative Analysis, 27(2), 274–263.
  • KALAY, A., (1982), “Stockholder–bondholder conflict and dividend constraints”, Journal of Financial Economics, 10, 211–233.
  • KUMAR, P. (1988), “Shareholder-manager conflict and the information content of dividends”, Review of Financial Studies, 1, 111–36.
  • La PORTA, R., LOPEZ-DE-SILANES, F., SHLEIFER, A., VISHNY, R.W., (2000), “Agency problems and dividend policies around the world”, Journal of Finance, 55, 1 – 33.
  • LI, K., ZHAO, X. (2008), “Asymmetric information and dividend policy”, Financial Management, Winter, 673–94.
  • LINTNER, J. (1956), “Distribution of Incomes of Corporations Among Dividends, Retained Earnings, and Taxes”, American Economic Review, 46, 97-113.
  • LINTNER, J. (1962), “ Dividends, Earnings, Leverage, Stock Prices and Supply of Capital to Corporations”, The Review of Economics and Statistics, 64, 243-269.
  • LITZENBERGER, R.H., RAMASWAMY, K. (1979), “The Effect of Personal Taxes and Dividends on Capital Asset Prices”, Journal of Financial Economics, 7, 163-195.
  • MILLER, M. H., MODIGLIANI, F. (1961), “Dividend policy, growth, and the valuation of shares”, Journal of Business, 34, 411–33.
  • MILLER, M., ROCK, K. (1985), “Dividend policy under asymmetric information”, Journal of Finance, 40, 1031–51.
  • MILLER, M.H., SCHOLES, M.S. (1978), “Dividends and Taxes”, Journal of Financial Economics, 6, 333-264.
  • MILLER, M.H., SCHOLES, M.S. (1982), “Dividend and Taxes: Some Empirical Evidence”, Journal of Political Economy, 90, 1118-1141.
  • MYERS, S. C. (1984), “The capital structure puzzle”, Journal of Finance, 39, 575–92.
  • MYERS, S. C., MAJLUF, N. S. (1984), “Corporate financing and investment decisions when firms have information that investors do not have”, Journal of Financial Economics, 13, 187–221.
  • PAPADOPOULOS, D.L., CHARALAMBIDIS, D.P. (2007), “Focus on Present Status and Determinants of Dividend Payout Policy: Athens Stock Exchange in Perspective”, Journal of Financial Management and Analysis, 20(2), 24-37.
  • PATRA, T., POSHAKWALE, S., OW-YONG, K. (2012), “Determinants of corporate dividend policy in Greece”, Applied Financial Economics, 22, 1079–1087.
  • PEKKAYA., M. (2006), “Kar Payı Dağıtımının Şirket Değeri Üzerine Etkisi: İMKB 30 Endeks Hisselerine Bir Analiz”, ZKÜ Sosyal Bilimler Dergisi, 2(4), 183–209.
  • ROZEFF, M.S. (1982), “Growth beta and agency costs as determinants of dividend payout ratios”, Journal of Financial Research, 5(3), 249–259.
  • SHAO, Y., KWOK, C., ve GUEDHAMI, O., (2010), “National culture and dividend policy”, Journal of International Business Studies, 41, 1391–1414.
  • SHARPE, W. F. (1964), “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk”, Journal of Finance, 19(3), 425-42.
  • SHEFRIN, H.M., STATMAN, M., (1984), “Explaining investor preference for cash dividends”, Journal of Financial Economics, 13, 253–282.
  • SHEFRIN, H.M., THALER, R., (1988), “The behavioral life-cycle hypothesis”, Economic Inquiry, 26, 609–643.
  • WALTER, J.E. (1963), “Dividend Policy: Its Influence on the Value of the Enterprise”, Journal of Finance, 18, 280-291.
  • YILDIZ, B., GÖKBULUT, R. İ., KORKMAZ, T. (2014), “Firmalarda Temettü Politikalarını Etkileyen Unsurlar: Bist Sanayi İşletmeleri Üzerine Bir Panel Veri Uygulaması”, AİBÜ-İİBF Ekonomik ve Sosyal Araştırmalar Dergisi.
Toplam 59 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Şaban Çelik Bu kişi benim

Sedat Yenice

Osman Kürşat Onat

Yayımlanma Tarihi 22 Aralık 2016
Kabul Tarihi 12 Mayıs 2016
Yayımlandığı Sayı Yıl 2016 Cilt: 31 Sayı: 2

Kaynak Göster

APA Çelik, Ş., Yenice, S., & Onat, O. K. (2016). Temettü Ödemelerinin Belirleyicileri ve Firma Değeri: Kavramsal Bir Model ve Tahminlemesi. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, 31(2), 115-146. https://doi.org/10.24988/deuiibf.2016312508
AMA Çelik Ş, Yenice S, Onat OK. Temettü Ödemelerinin Belirleyicileri ve Firma Değeri: Kavramsal Bir Model ve Tahminlemesi. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. Aralık 2016;31(2):115-146. doi:10.24988/deuiibf.2016312508
Chicago Çelik, Şaban, Sedat Yenice, ve Osman Kürşat Onat. “Temettü Ödemelerinin Belirleyicileri Ve Firma Değeri: Kavramsal Bir Model Ve Tahminlemesi”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 31, sy. 2 (Aralık 2016): 115-46. https://doi.org/10.24988/deuiibf.2016312508.
EndNote Çelik Ş, Yenice S, Onat OK (01 Aralık 2016) Temettü Ödemelerinin Belirleyicileri ve Firma Değeri: Kavramsal Bir Model ve Tahminlemesi. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 31 2 115–146.
IEEE Ş. Çelik, S. Yenice, ve O. K. Onat, “Temettü Ödemelerinin Belirleyicileri ve Firma Değeri: Kavramsal Bir Model ve Tahminlemesi”, Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, c. 31, sy. 2, ss. 115–146, 2016, doi: 10.24988/deuiibf.2016312508.
ISNAD Çelik, Şaban vd. “Temettü Ödemelerinin Belirleyicileri Ve Firma Değeri: Kavramsal Bir Model Ve Tahminlemesi”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi 31/2 (Aralık 2016), 115-146. https://doi.org/10.24988/deuiibf.2016312508.
JAMA Çelik Ş, Yenice S, Onat OK. Temettü Ödemelerinin Belirleyicileri ve Firma Değeri: Kavramsal Bir Model ve Tahminlemesi. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. 2016;31:115–146.
MLA Çelik, Şaban vd. “Temettü Ödemelerinin Belirleyicileri Ve Firma Değeri: Kavramsal Bir Model Ve Tahminlemesi”. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi, c. 31, sy. 2, 2016, ss. 115-46, doi:10.24988/deuiibf.2016312508.
Vancouver Çelik Ş, Yenice S, Onat OK. Temettü Ödemelerinin Belirleyicileri ve Firma Değeri: Kavramsal Bir Model ve Tahminlemesi. Dokuz Eylül Üniversitesi İktisadi İdari Bilimler Fakültesi Dergisi. 2016;31(2):115-46.
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