The Factors Determining Dividend Policy of Financial Firms Listed on the Borsa Istanbul

Kılınçarslan, Erhan

doi:10.21773/boun.32.1.5

Cited by 5 publications

(12 citation statements)

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“…While the results indicate significant correlations between the variables, they are no more than moderately correlated. The VIF and tolerance (1/VIF) statistics are also calculatedas a rule of thumb, a VIF greater than 10 and a tolerance value lower than 0.1 (that corresponds to a VIF value of 10) indicate multicollinearity (Gujarati, 2003;Al-Najjar and Kilincarslan, 2018;Kilincarslan, 2018;Kilincarslan et al, 2020). However, we find that no VIF exceeds 10 or a tolerance value lower than 0.1.…”

Section: Resultsmentioning

confidence: 72%

Dividend policies of travel and leisure firms in the UK

Kılınçarslan

Demiralay

2021

IJAIM

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Purpose This study aims to examine cash dividend practices of travel and leisure (T&L) companies listed on the London Stock Exchange (LSE). Design/methodology/approach The study uses a panel data set of 524 firm-year observations of 55 unique publicly listed UK T&L companies between 2007 and 2019. First, it uses a modified version of Lintner’s (1956) partial adjustment model for analysis regarding the target payout ratio and dividend smoothing. Second, it performs logit and Tobit models in ascertaining the association between financial characteristics and divided decisions of T&L firms. Finally, it applies the modified specification of the partial adjustment model on different sub-samples that are partitioned based on various financial factors to determine how the financial characteristics of T&L companies affect their dividend behavior. Findings The results show that UK T&L companies have long-term payout ratios and adjust their cash dividends by moving gradually to their target at a serious degree of smoothing. The findings also detect that financial characteristics of T&L firms (i.e. profitability, debt and size) have significant effects on their dividend payments decisions. In particular, more profitable and larger T&L corporations are more likely to pay cash dividends, whereas T&L companies with more debt are less likely to pay cash dividends in the UK. The results further reveal that although such financial characteristics also have important impacts on the target payout ratios and dividend smoothing levels, UK T&L companies generally adopt stable dividend policies over the period 2007-2019. Originality/value This is thought to be the first study to provide insights on dividend policy practices of UK travel and leisure corporation listed on the LSE.

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Section: Resultsmentioning

confidence: 72%

Dividend policies of travel and leisure firms in the UK

Kılınçarslan

Demiralay

2021

IJAIM

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“…Dividen merupakan pendistribusian bagian dari profit kepada para investor, sehingga profitabilitas merupakan determinasi utama kebijakan dividen. Perusahaan yang memiliki kemampuan untuk memperoleh profit menandakan kestabilan posisi keuangan perusahaan yang akan memengaruhi kebijakan dividen perusahaan (Kilinçarslan, 2018). Likuiditas dan solvabilitas juga dapat menjadi indikator bagi perusahaan untuk mencadangkan profitnya atau membagikan dividen.…”

Section: Pendahuluanunclassified

“…ROA adalah perhitungan kemampuan perusahaan untuk mendapatkan pengembalian dari sumber daya perusahaan. Riset dari Basri (2017), Kilinçarslan (2018) Perusahaan yang tingkat solvabilitasnya tinggi menunjukkan bahwa perusahaan menghadapi kendala dalam pembayaran obligasinya (Labhane, 2017). Perusahaan dengan obligasi yang tinggi akan terbebani oleh beban bunga yang tinggi dalam jangka panjang sehingga perusahaan menghadapi risiko keuangan yang tinggi (Mahdzan et al, 2016).…”

Section: Pendahuluanunclassified

“…Perusahaan dengan stabilitas rendah akan membayar dividen yang lebih sedikit untuk menurunkan pemanfaatan arus kas perusahaan (Benavides et al, 2016). Hasil penelitian yang menunjukkan peluang investasi berdampak signifikan negatif terhadap kebijakan dividen antara lain penelitian dari Labhane (2017Labhane ( , 2018, Kilinçarslan (2018), dan Dewasiri et al (2019). H8: Peluang investasi secara signifikan dapat memengaruhi kebijakan dividen.…”

Section: Pendahuluanunclassified

“…Perusahaan sektor finansial tidak diteliti karena perusahaan sektor finansial memiliki kebijakan akuntansi dan format laporan keuangan yang berbeda. Selain itu, kebijakan pembayaran dividen perusahaan finansial juga dipengaruhi secara signifikan dan diatur dengan ketat oleh pemerintah sehingga struktur kapital dan kebijakan investasi juga berbeda dengan sektor lainnya (Kilinçarslan, 2018;Takmaz et al, 2020;Yousaf et al, 2019).…”

Section: Metode Penelitianunclassified

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Determinan Kebijakan Dividen di Bursa Efek Indonesia

Serly

Yukie

2022

E-Jurnal Akuntansi

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The study aims to analyze the determinants of dividend policy in companies listed on the Indonesia Stock Exchange (IDX) in the period 2016 to 2021. The variables studied in this study include liquidity, profitability proxied by Return on Equity (ROE) and Return on Assets (ROA). , solvency, company size, free cash flow, asset tangibility, investment opportunities, life cycle, and company risk. The research sample totaled 1,620 data obtained from 270 companies during the 2016-2021 period which were selected through purposive sampling. The total number of outlier data is 179 data so that the final data studied is 1,441 data. Panel regression analysis was applied as a test method in this study. The results of the study prove that liquidity, ROA, and free cash flow significantly influence dividend policy, while the other variables studied are not factors that influence dividend policy in companies listed on the IDX. Keywords: Dividend Policy; Dividend; Firm Characteristics; Financial Ratios

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The relationship between intellectual capital efficiency and firms’ dividend policy: Do CEO characteristics matter?

Odat,

Bsoul

2024

Investment Management and Financial Innovations

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The financial challenges facing the Jordanian economy require careful attention and strategic responses. Addressing these challenges may necessitate increased investment. This study explores the relationship between intellectual capital efficiency and firms’ dividend policies and the potential impact of CEO characteristics on this relationship. An analysis was based on data from 90 Jordanian service and manufacturing companies from 2015 to 2019. The study employs the value-added intellectual capital coefficient (VAIC) to measure intellectual capital efficiency and uses the dividend payout ratio to represent dividend policy. The findings indicate a positive relationship between VAIC and dividend policy, suggesting that companies with higher intellectual capital efficiency tend to distribute higher dividends. However, CEO characteristics, such as age, tenure, and educational background, do not significantly affect this relationship. These results imply that strong corporate governance mechanisms are likely in place, ensuring effective decision-making processes and protecting stakeholders’ interests. By focusing on intellectual capital, firms can enhance their operational performance and attractiveness to investors, indirectly supporting economic stability.

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The Factors Determining Dividend Policy of Financial Firms Listed on the Borsa Istanbul

Cited by 5 publications

References 76 publications

Dividend policies of travel and leisure firms in the UK

Dividend policies of travel and leisure firms in the UK

Determinan Kebijakan Dividen di Bursa Efek Indonesia

The relationship between intellectual capital efficiency and firms’ dividend policy: Do CEO characteristics matter?

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