Dividend Policy of the ISE Industrial Corporations: The Evidence Revisited (1986-2007)
The study aims to find out whether the disappearing dividends, the decline in the number of dividend payers, the size effect and the increasing dividend/earnings concentration found in several developed and emerging markets exist among the industrials traded in the ISE. The study also analyzes the effects of the reinstatement of mandatory dividend policy in 2003. Using univariate statistical tests, we detect a size effect as well as a high level but stable dividend/ earnings concentration. We find a significant decrease in the number of dividend payers, but we also detect an increasing level of real/nominal dividends driven by the high dividend/ earnings concentration and the increasing level of earnings. The reinstatement of the mandatory dividend policy regulation in 2003 has not been successful in changing the payout policy of industrials
Volume (Year): 2 (2008)
Issue (Month): 2 ()
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Morgan Stanley, vol. 14(1), pages 67-79.
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- Mustafa Kemal Yilmaz, 2003. "An Analysis on the Dividend Policy of the Istanbul Stock Exchange (ISE) Corporations: Cash Dividend-Industry Behavior Relation," Istanbul Stock Exchange Review, Research and Business Development Department, Borsa Istanbul, vol. 7(25-26), pages 19-40.
- Amustafa Kemal Yilmaz & Guzhan Gulay, 2006. "Dividend Policies and Price-Volume Reactions to Cash Dividends on the Stock Market: Evidence from the Istanbul Stock Exchange," Emerging Markets Finance and Trade, Taylor & Francis Journals, vol. 42(4), pages 19-49, July.
- Ferris, Stephen P. & Sen, Nilanjan & Yui, Ho Pei, 2006. "Are fewer firms paying more dividends?: The international evidence," Journal of Multinational Financial Management, Elsevier, vol. 16(4), pages 333-362, October.
- von Eije, Henk & Megginson, William L., 2008. "Dividends and share repurchases in the European Union," Journal of Financial Economics, Elsevier, vol. 89(2), pages 347-374, August.
- Varouj Aivazian & Laurence Booth & Sean Cleary, 2003. "Do Emerging Market Firms Follow Different Dividend Policies From U.S. Firms?," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 26(3), pages 371-387.
- Denis, David J. & Osobov, Igor, 2008. "Why do firms pay dividends? International evidence on the determinants of dividend policy," Journal of Financial Economics, Elsevier, vol. 89(1), pages 62-82, July.
- Aivazian, Varouj & Booth, Laurence & Cleary, Sean, 2003. "Dividend policy and the organization of capital markets," Journal of Multinational Financial Management, Elsevier, vol. 13(2), pages 101-121, April.
- Adaoglu, Cahit, 2000. "Instability in the dividend policy of the Istanbul Stock Exchange (ISE) corporations: evidence from an emerging market," Emerging Markets Review, Elsevier, vol. 1(3), pages 252-270, November.
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