The Relationship between Ownership Structure and Dividend: An Application in Istanbul Stock Exchange

Abstract

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.

Ownership Structure and Dividends Policy: Emerging Market Evidence

“…The results also indicated that the ownership composition affected dividend, where a negative relationship was observed for shareholding by individuals and a positive relationship observed for shareholding by insurance companies. Sakinc & Gungor (2015) investigated the impact of ownership structure on dividend for 271 real and banking firms listed on Istanbul Stock Exchange between 2004-2011. The results indicated that the cash dividend was associated positively with ownership concentration and negatively with foreign ownership.…”

Sahiplik Yapısının Kar Dağıtım Kararlarına Etkisi: Panel Tobit Yöntemiyle Bir Analiz

“…Tobit modelinden (Model 1) elde edilen tahmin sonuçlarına göre, sahiplik yoğunlaşmasını temsilen kullanılan en büyük üç ortağın payı değişkenine ait katsayı pozitif ve istatistiksel olarak anlamlıdır. Bu sonuç, temettü verimi ile en büyük üç ortağın payı arasında pozitif yönlü bir ilişkinin olduğunu göstermektedir ve Stacescu (2012), Thanatawee (2013), Djebali ve Belanes (2015), Sakinc ve Gungor (2015), Ersoy ve Çetenak (2015) ve Aydin'ın (2015) çalışmasında elde edilen bulgularla uyumludur. Ayrıca elde edilen bu sonucun, Rozeff (1982), Easterbrook (1984) ve Jensen'in (1986) yaklaşımıyla tutarlı olduğu, sinyal yaklaşımı ile Shleifer ve Vishny'nin (1997) yaklaşımıyla çeliştiği söylenebilir.…”

“…Dolayısıyla şirketlerin halka açık-lık oranı arttıkça, kar payı dağıtım oranı azalmaktadır. Sakinc ve Gungor (2015), Wei, Zhang ve Xiao (2003) ve Rezaloie, Zariean ve Bjarkenari (2013) de çalışmalarında benzer sonuçlar elde etmiştir. Şirketlerin halka açıklık oranının artması durumunda sermayenin daha fazla tabana yayılacağı ve şirketlerin daha dağınık bir sahiplik yapısına sahip olacağı, dolayısıyla şirketle-rin sahiplik yapısındaki yoğunlaşmanın azalacağı kabul edilmektedir.…”

Modeling Determinants of the Dividend Policy of Russian Companies

“…This fact may be due to the fact that several large shareholders find it easier to agree on the amount of dividends. Additionally, the higher the cumulative share of the largest shareholders in a company, the greater the amount of profit allocated for the payment of dividends [6]. In state-owned companies, high dividends are likely for two reasons: managers will strive to demonstrate the company's successful activity to the country's population, the second reason is a reduction in cash flow in the hands of the managerial apparatus, which will reduce potential investment risk, and also entail an increase in budget revenues due to dividend payments [7].…”