Ownership structure, board characteristics and dividend policy: Evidence from Turkey

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dc.authorscopusid57225170214
dc.contributor.authorKhan, Ajab
dc.contributor.otherLisansüstü Eğitim Enstitüsü, İşletme Ana Bilim Dalı
dc.date.accessioned2021-10-01T09:18:33Z
dc.date.available2021-10-01T09:18:33Z
dc.date.issued2021
dc.departmentİHÜ, Lisansüstü Eğitim Enstitüsü, İşletme Ana Bilim Dalı
dc.description.abstractPurpose This study aims to investigate the impact of ownership structure and board characteristics on dividend policy in the listed Turkish firms between 2013 and 2019. Design/methodology/approach This study uses the probability of paying dividends, dividend payout ratio and dividend yield measures. The suitable regression procedures (logit, probit and Tobit models) are used to examine the research hypotheses by focusing on a panel data set drawn from the Borsa Istanbul (BIST) 100 index, excluding financial and utility firms. Findings The empirical findings indicate that institutional and concentrated ownerships are significant and positively associated with dividend payouts, whereas family ownership does not influence dividend policy. On the other end, board size is positive, while chief executive officer duality is negatively related to dividend policy. Additionally, the female directors and board independence are insignificant in influencing firms to pay high dividends. Research limitations/implications Future researchers can validate this paper's findings by considering the stock dividends as well. Additionally, future researchers may investigate the relationship between these constructs by extending the sample size of firms listed on BIST or in other emerging markets. Practical implications This study's findings may serve policymakers, regulators, investors and academic researchers to get valuable guidance from relevant literature. The Turkish firms may improve dividend policy by implementing the regulatory framework introduced by the Capital Markets Law in 2012 for effective monitoring and protecting the minority shareholders' rights. The controlling shareholders may alleviate principal-principal conflicts by ensuring the independence of directors and increasing the number of female directors according to the critical mass of at least 30% of board members. Originality/value This study contributes to agency theory and signaling theory by considering ownership structure and board attributes among Turkish firms related to dividend payments.
dc.identifier.citationKhan, A. (2021). Ownership structure, board characteristics and dividend policy: Evidence from Turkey. Corporate Governance-The International Journal of Business In Society.
dc.identifier.doi10.1108/CG-04-2021-0129
dc.identifier.issn1472-0701
dc.identifier.issn1758-6054
dc.identifier.scopus2-s2.0-85121571804
dc.identifier.scopusqualityQ1
dc.identifier.urihttps://doi.org/10.1108/CG-04-2021-0129
dc.identifier.urihttps://hdl.handle.net/20.500.12154/1609
dc.identifier.wosWOS:000697056300001
dc.identifier.wosqualityQ4
dc.indekslendigikaynakScopus
dc.indekslendigikaynakWeb of Science
dc.institutionauthorKhan, Ajab
dc.language.isoen
dc.publisherEmerald Publishing
dc.relation.ihupublicationcategory117
dc.relation.ispartofCorporate Governance-The International Journal of Business In Society
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Öğrenci
dc.relation.publicationcategoryTezden Üretilmiş Yayın - Doktora Mezuniyet Şartı
dc.relation.publicationcategoryTezden Üretilmiş Yayın
dc.relation.publicationcategoryÖğrenci
dc.rightsinfo:eu-repo/semantics/closedAccess
dc.subjectBoard Characteristics
dc.subjectBorsa Istanbul
dc.subjectDividend Payout
dc.subjectOwnership Structure
dc.titleOwnership structure, board characteristics and dividend policy: Evidence from Turkey
dc.typeArticle
dspace.entity.typePublication
relation.isOrgUnitOfPublication69bcc960-1fe3-4eca-9136-c65f91825731
relation.isOrgUnitOfPublication.latestForDiscovery69bcc960-1fe3-4eca-9136-c65f91825731

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