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Reflection of Dividend Yield on Stock Price an Empirical Study

Author

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  • Yunus Emre KAHRAMAN
  • ÇaÄŸatay MÄ°RGEN

Abstract

This study examines the factors affecting the stock prices of companies included in the BIST DIVIDEND index using the panel data analysis method. In this context, it is aimed to evaluate the effects of distributed dividends on stock prices. The study used annual data of 20 companies between the years 2009-2023. The study analyzed the effects of variables such as dividend yield, retained earnings ratio, return on equity, total assets and net profit after tax on stock prices. The results show that dividend yield (DY) and retained earnings ratio (ER) have a statistically significant and negative effect on stock prices. On the other hand, return on equity (ROE), total assets (lnTA) and net profit after tax (lnNIAT) have a statistically significant and positive effect. The effect of interest (INT) and inflation (INF) variables was not found to be statistically significant. These findings emphasize the sensitivity of investors to dividend policies and the significant effect of companies' financial performance on stock prices. The study contributes to more conscious investment decisions and a better understanding of the determinants of stock prices.

Suggested Citation

  • Yunus Emre KAHRAMAN & ÇaÄŸatay MÄ°RGEN, 2025. "Reflection of Dividend Yield on Stock Price an Empirical Study," Fiscaoeconomia, Tubitak Ulakbim JournalPark (Dergipark), issue 1.
    • Handle: RePEc:fis:journl:250102
    DOI: 10.25295/fsecon.1520562
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    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G12 - Financial Economics - - General Financial Markets - - - Asset Pricing; Trading Volume; Bond Interest Rates
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General

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