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Determinants of dividend policy in BRICS-T countries

Yıl 2025, Cilt: 15 Sayı: 2, 706 - 733, 27.06.2025

Ömer Serkan Gülal , Levent Çıtak

https://doi.org/10.30783/nevsosbilen.1614679

Öz

This study investigates the drivers that influence dividend policies in BRICS-T countries, including Brazil, Russia, India, China, South Africa, and Turkey as a potential new member to BRICS, from 2008 to 2018. By employing the Driscoll-Kraay panel data estimator, paper examines the effects of variables including profitability, risk, growth opportunities, leverage, size, and liquidity on dividend policies at firm level. The sample comprises 296 non-financial sector companies chosen from the BRICS-T economies. The findings show that firm profitability and firm size have a positive effect on dividend payout, while debt level, firm risk and growth opportunities have a negative effect on dividend payouts. These results confirm the signal effect and the life cycle theory for the specified markets. The study aims to fill the gap in the literature. about the drivers of dividend policy and provides a framework for how firm and market characteristics shape dividend decisions in the BRICS-T countries. Furthermore, we highlight the importance of firm-specific dynamics in understanding dividend behavior, providing insights for policymakers and investors operating in these emerging economies.

Anahtar Kelimeler

Dividend Payout Policy BRICS-T Panel Data Analysis

Kaynakça

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BRICS-T ülkelerinde kar payı politikalarının belirleyicileri

Yıl 2025, Cilt: 15 Sayı: 2, 706 - 733, 27.06.2025

Ömer Serkan Gülal , Levent Çıtak

https://doi.org/10.30783/nevsosbilen.1614679

Öz

Bu çalışma BRICS-T olarak anılan, Brezilya, Rusya, Hindistan, Çin, Güney Afrika ve potansiyel yeni bir üye olarak Türkiye menkul kıymet piyasalarında kâr payı politikalarının belirleyicilerini 2008-2018 dönemi için araştırmaktadır. Çalışmada, Driscoll-Kraay panel veri tahmincisini kullanılarak, karlılık, risk, büyüme fırsatları, kaldıraç, büyüklük ve likidite gibi firmaya özgü değişkenlerin kâr payı politikaları üzerindeki etkileri incelenmektedir. Örneklem, BRICS-T ülkelerinden seçilen 296 finans dışı sektör firmasından oluşmaktadır. Bulgular, firma karlılığı ve firma büyüklüğünün kâr payı ödemesi üzerinde pozitif bir etkiye sahip olduğunu, borç düzeyi, firma riski ve büyüme fırsatlarının ise kâr payı ödemeleri üzerinde tersi bir etkiye sahip olduğunu göstermektedir. Sonuçlar, ele alınan piyasalar için sinyal etkisini ve yaşam döngüsü teorisini doğrulamaktadır. Çalışma, BRICS-T ülkelerinde kâr payı politikalarının belirleyicileri konusundaki belirgin literatür boşluğunu doldurmayı ve firma ve piyasa karakteristiklerinin BRICS-T, ülkelerinde temettü kararlarını nasıl şekillendirdiğine ilişkin bir çerçeve sunmayı amaçlamaktadır. Ayrıca, kar payı davranışını anlamada firma seviyesi dinamiklerinin önemini vurgulayarak, ele alınan gelişmekte olan piyasalarda faaliyet gösteren politika yapıcılar ve yatırımcılara önemli bilgiler sunulmaktadır.

Anahtar Kelimeler

Kâr Payı Dağıtım Politikası BRICS-T Panel Veri Analizi

Kaynakça

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  • Rizqia, D. A., & Sumiati, S. A. (2013). Effect of managerial ownership, financial leverage, profitability, firm size, and investment opportunity on dividend policy and firm value. Research Journal of Finance and Accounting, 4(11), 120-130.
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  • Séneque, P., & Gourley, B. (1983). Dividend policy and practice in South Africa. Investment Analysts Journal, 12(21), 35-41. https://doi.org/10.1080/10293523.1983.11082209
  • Seth, R., & Mahenthiran, S. (2022). Impact of dividend payouts and corporate social responsibility on firm value–evidence from India. Journal of Business Research, 146, 571-581. https://doi.org/10.1016/j.jbusres.2022.03.053
  • Setiawan, D., Bandi, B., Kee Phua, L., & Trinugroho, I. (2016). Ownership structure and dividend policy in Indonesia. Journal of Asia Business Studies, 10(3), 230-252. https://doi.org/10.1108/JABS-05-2015-0053
  • Seyhan, M., & Akbulut, R. (2023). Firmalarda kâr payı dağıtım politikalarını etkileyen makro faktörler: BİST imalat sanayi firmaları üzerine bir çalışma. İktisadi ve İdari Yaklaşımlar Dergisi, 5(1), 29-52. https://doi.org/10.47138/jeaa.1211261
  • Shaheen, R., Luo, Q., & Bala, H. (2023). Untying the role of board gender diversity in dividend policy of politically embedded Chinese firms. Journal of Applied Accounting Research, 24(1), 170-198. https://doi.org/10.1108/JAAR-11-2021-0301
  • Short, H., Zhang, H., & Keasey, K. (2002). The link between dividend policy and institutional ownership. Journal of corporate Finance, 8(2), 105-122. https://doi.org/10.1016/S0929-1199(01)00030-X
  • Simon, J. P. (2011). The ICT landscape in BRICS countries: Brazil, India, China. european commission joint research centre institute for prospective technological studies. JRC European Commission. https://core.ac.uk/reader/38621860
  • Smith Jr, C. W., & Watts, R. L. (1992). The investment opportunity set and corporate financing, dividend, and compensation policies. Journal of Financial Economics, 32(3), 263-292. https://doi.org/10.1016/0304-405X(92)90029-W
  • Subramaniam, R. & Sakthi, M. (2022). Board performance and its relation to dividend payout: Evidence from Malaysia. International Journal of Managerial Finance, 18(2), 286-316. https://doi.org/10.1108/IJMF-08-2020-0409
  • Sumariyati, S., & Medyawati, H. (2012). Financial ratio and dividend policy of company listed on Indonesian stock exchange year 2006-2008. Jurnal Ekonomi Bisnis Volume, 17(1), 15-23.
  • Tahir, H., Masri, R., & Rahman, M. M. (2020). Impact of board attributes on the firm dividend payout policy: evidence from Malaysia. Corporate Governance: The International Journal of Business in Society, 20(5), 919-937. ttps://doi.org/10.1108/CG-03-2020-0091
  • Tao, Q., Nan, R., & Li, H. (2016). Information content of unexpected dividends under a semi-mandatory dividend policy: An empirical study of China. The North American Journal of Economics and Finance, 37, 297-318. https://doi.org/10.1016/j.najef.2016.05.001
  • Thanatawee, Y. (2011). Life-cycle theory and free cash flow hypothesis: Evidence from dividend policy in Thailand. International Journal of Financial Research, 2(2), 1-11. doi:10.5430/ijfr.v2n2p52
  • Tunçel, M. B., Alptürk, Y., & Zeren, F. (2023). Kar payı dağıtım teorilerinin geçerliliğinin fourıer tabanlı panel veri analizleri ile incelenmesi: BIST-50 örneği. Anadolu Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 24(4), 204-230. https://doi.org/10.53443/anadoluibfd.1260917
  • Türkoğlu, D., & Konak, F. (2024). Yaşam döngüsü ve aktarma teorileri BİST Katılım 50 Endeksi’nde geçerli mi?. Denetim ve Güvence Hizmetleri Dergisi, 4(1), 38-50.
  • Uysal, B., & Yanya, E. (2024). Kazanç yönetiminin kar dağıtım politikaları üzerindeki etkisi: BİST Sınai Endeksinde bir uygulama. Hitit Sosyal Bilimler Dergisi (ICAFR’23 Özel Sayısı), 1-23. https://doi.org/10.17218/hititsbd.1375905
  • Vandemoortele, M., Bird, K., Du Toit, A., Liu, M., Sen, K., & Veras, S. (2013). Building blocks for equitable growth: lessons from the BRICS. International Organisations Research Journal, 2, 16-57.
  • Viswanath, P.V., Kim, Y.K. & Pandit, J. Dilution. (2002). Dividend commitments and liquidity: Do dividend changes reflect information signaling?. Review of Quantitative Finance and Accounting, 18, 359–379. https://doi.org/10.1023/A:1015453703511
  • Von Eije, H., & Megginson, W. L. (2008). Dividends and share repurchases in the European Union. Journal Of Financial Economics, 89(2), 347-374. https://doi.org/10.1016/j.jfineco.2007.11.002
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  • Wei, G., & Xiao, J. Z. (2009). Equity ownership segregation, shareholder preferences, and dividend policy in China. The British Accounting Review, 41(3), 169-183. https://doi.org/10.1016/j.bar.2009.07.001
  • Wei, Z., Wu, S., Li, C., & Chen, W. (2011). Family control, institutional environment and cash dividend policy: Evidence from China. China Journal of Accounting Research, 4(1-2), 29-46. https://doi.org/10.1016/j.cjar.2011.04.001
  • Wellalage, N. H., Fauzi, F., & Wang, G. (2014). Corporate governance and cash dividend policy: Evidence from Chinese IPOs. Malaysian Accounting Review, 13(1), 109-128.
  • Wolmarans, H. (2003). Does Lintner's dividend model explain south african dividend payments? Meditari: Research Journal of the School of Accounting Sciences, 11(1), 243-254. https://doi.org/10.1108/10222529200300015
  • Yıldız, B., Gökbulut, R. İ., & Korkmaz, T. (2014). Firmalarda temettü politikalarını etkileyen unsurlar: BIST Sanayi işletmeleri üzerine bir panel veri uygulaması. Ekonomik ve Sosyal Araştırmalar Dergisi, 10(1), 185-206. https://doi.org/10.3906/mat-1201-53
  • Yılmaz, M. K. (2003). Hisse senetleri imkb’de işlem gören şirketlerin temettü politikaları üzerine bir analiz: Nakit temettü-sektör davranışı ilişkisi. İMKB Dergisi, 7(25-26), 17-40.
  • Yusof, Y., & Ismail, S. (2016). Determinants of dividend policy of public listed companies in Malaysia. Review of International Business and Strategy, 26(1), 88-99. https://doi.org/10.1108/RIBS-02-2014-0030
  • Zagonel, T., Terra, P. R. S., & Pasuch, D. F. (2018). Taxation, corporate governance and dividend policy in Brazil. RAUSP Management Journal, 53, 304-323. https://doi.org/10.1108/RAUSP-04-2018-006
  • Zameer, H., Rasool, S., Iqbal, S., & Arshad, U. (2013). Determinants of dividend policy: A case of banking sector in Pakistan. Middle-East Journal of Scientific Research, 18(3), 410-424. http://dx.doi.org/10.5829/idosi.mejsr.2013.18.3.12200
  • Zhang, H. (2008). Corporate governance and dividend policy: A comparison of Chinese firms listed in Hong Kong and in the Mainland. China Economic Review, 19(3), 437-459. https://doi.org/10.1016/j.chieco.2008.01.001
Toplam 192 adet kaynakça vardır.

Ayrıntılar

Birincil Dil İngilizce
Konular Finans
Bölüm İŞLETME
Yazarlar

Ömer Serkan Gülal 0000-0003-0391-8709

Levent Çıtak 0000-0002-0854-4454

Erken Görünüm Tarihi 25 Haziran 2025
Yayımlanma Tarihi 27 Haziran 2025
Gönderilme Tarihi 6 Ocak 2025
Kabul Tarihi 24 Haziran 2025
Yayımlandığı Sayı Yıl 2025 Cilt: 15 Sayı: 2

Kaynak Göster

APA Gülal, Ö. S., & Çıtak, L. (2025). Determinants of dividend policy in BRICS-T countries. Nevşehir Hacı Bektaş Veli Üniversitesi SBE Dergisi, 15(2), 706-733. https://doi.org/10.30783/nevsosbilen.1614679
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