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Determinants of Target Dividend Payout Ratio: A Panel Autoregressive Distributed Lag Analysis

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  • Kartal Demirg ne

    (Department of Business Administration, Faculty of Economics and Administrative Sciences, Ahi Evran University, Turkey.)

Abstract

The aim of this study is to find out the determinants of target dividend payout ratio (TDPR) of BIST - listed firms operating in the non-metallic products (cement) manufacturing industry in the period of 2002-2012. Through this aim, the short and long-run effects of factors related to profitability, liquidity, growth, risk, market expectations and taxation on TDPR is analyzed via panel autoregressive distributed lag analysis methodology. Empirical findings indicate that in the long-run, factors related to profitability, growth and corporate taxation significantly affect TDPR negatively; while factors related to risk and market expectations have statistically significant and positive effects on TDPR. Additionally, in the short-run only profitability seems to have statistically significant and positive effect on the dependent variable.

Suggested Citation

  • Kartal Demirg ne, 2015. "Determinants of Target Dividend Payout Ratio: A Panel Autoregressive Distributed Lag Analysis," International Journal of Economics and Financial Issues, Econjournals, vol. 5(2), pages 418-426.
    • Handle: RePEc:eco:journ1:2015-02-11
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    More about this item

    Keywords

    Target Dividend Payout Ratio; Dividend Payout Policy; Panel Autoregressive Distributed Lag Analysis;
    All these keywords.

    JEL classification:

    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • G35 - Financial Economics - - Corporate Finance and Governance - - - Payout Policy
    • L61 - Industrial Organization - - Industry Studies: Manufacturing - - - Metals and Metal Products; Cement; Glass; Ceramics

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