Kâr dağıtım politikalarının etkinliği ve İMKB uygulaması
Özet
This study examines the effect of cash dividends on stock returns in the Turkish stock market. Dividend yields of companies in industry, services and technology sectors between 2001 and 2007 have been analyzed with multiple regression method.Firstly, the companies were identified according to their payments and nonpayments of dividends. grouped whether they pay dividends or not. Then the firms that have paid dividends were spilited into portfolios according to their dividend yields and then to their market size. The companies thet have not paid dividends were spilited into portfolios according to their market size. Finally, the portfolios were used to calculate and to compare average monthly returns of the componies.The results of the analysis have shown that the portfolias with high dividend yield have higher returns, and market value size and seasonal effect variables do not have significant effects on return.