Google Analytics Usage Data

Advanced Search

Show simple item record

dc.contributor.authorKhan, Ajab
dc.identifier.citationKhan, A. (2021). Ownership structure, board characteristics and dividend policy: Evidence from Turkey. Corporate Governance-The International Journal of Business In Society.en_US
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.en_US
dc.publisherEmerald Publishingen_US
dc.relation.ispartofCorporate Governance-The International Journal of Business In Societyen_US
dc.subjectBoard Characteristicsen_US
dc.subjectBorsa Istanbulen_US
dc.subjectDividend Payouten_US
dc.subjectOwnership Structureen_US
dc.titleOwnership structure, board characteristics and dividend policy: Evidence from Turkeyen_US
dc.departmentİHÜ, Lisansüstü Eğitim Enstitüsü, İşletme Ana Bilim Dalıen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - İdari Personel ve Öğrencien_US
dc.contributor.institutionauthorKhan, Ajab

Files in this item


This item appears in the following Collection(s)

Show simple item record