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首页> 外文期刊>Ege Academic Review >Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?
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Corporate Payout Policy in Turkey: Does Market Power Affect the Dividend Payout?

机译：土耳其的企业支付政策：市场权力是否会影响股息支付？

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摘要

The primary purpose of this paper is to explore the relationship between corporate dividend-payout policy and the competition in the product market for the listed companies in Turkey using a panel data of non-financial firms over the period 2007 to 2015. Turkey is an emerging market classified as a French-civil-law country with weak protection of investors. Using Turkish firms, we analyze the effect of competition on dividend-payout policy, under weak investor protection. Our results indicate that competition measured by the Herfindahl-Hirschman Index and 5-firm concentration ratio significantly affects dividend payout. Our findings show that competition in the industry negatively influences the dividend payout. The results demonstrate that in highly competitive industries, Turkish firms pay lower dividends than the firms in concentrated industries to remain competitive in the market. Moreover, large profitable firms with lower investment opportunities and lower tangible assets distribute higher dividends to their shareholders in Turkey.
机译：本文的主要目的是探讨公司股息 - 支付政策与2007年至2015年期间的非金融公司的小组数据在土耳其的上市公司的产品市场之间的关系。土耳其是一个新兴的市场被归类为法国 - 民族国家，投资者保护薄弱。使用土耳其公司，我们在弱势投资者保护下分析了竞争对股息薪水政策的影响。我们的结果表明，Herfindahl-Hirschman指数和5件浓度浓度比测量的竞争会显着影响股息支付。我们的调查结果表明，该行业的竞争负面影响股息支付。结果表明，在竞争激烈的行业中，土耳其公司支付比集中行业的公司在市场上持竞争力的股息。此外，较低的投资机会和较低有形资产的大型有利可图企业将在土耳其股东分发更高的股息。

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