This study defines the ownership structures of 271 real and banking sectors companies registered in the Istanbul Stock Exchange between 2004-2011 years and the impact of ownership structure on dividend was determined by panel data analysis. According to the results of the analysis, it has been observed that the largest shareholder has about 45.37 percent of the shares. Therefore, it has been concluded that companies in the real and banking sector has mostly concentrated ownership structure. Ownership structure is described with two main sub-variables: ownership concentration and ownership composition. It is determined that increase in the concentration of ownership increases the proportion of cash dividend. As the free float rate increases, dividend payout ratio decreases. A negative relationship was found out between the foreign ownership of ownership composition variables and dividend payout ratio. This result is statistically significant. Accordingly, the more is the ratio of the foreign ownership, the less is the dividend rate. In addition, increase in the ratio of managerial ownership decreases dividend payout ratio. However, this result is not statistically significant.