Show Less

Current Approaches in Social Sciences

Edited By Rasim Yilmaz, Günther Löschnigg, Hasan Arslan and Mehmet Ali Icbay

Current Approaches in Social Sciences is a collection of research papers on a wide range of social issues written by researchers from several different institutions. The book will appeal to educators, researchers, social students and teachers of all subjects and of all levels, who wish to develop personally and professionally. It will also be useful to all those who interact, one way or another, with both students and teachers in a social context.

Prices

Show Summary Details
Restricted access

A Survey of Managerial Perspective on Corporate Dividend Policy:Evidence from Turkish Listed Firms (Narman Kuzucu)

Extract

Narman Kuzucu*1 A Survey of Managerial Perspective on Corporate Dividend Policy: Evidence from Turkish Listed Firms 1. Introduction Dividends and dividend policy have been among the key research areas in finance theory. Starting from the Modigliani and Miller’s “MM” (1961) irrelevancy theo- rem, dividends have been a controversial issue. The assumptions of irrelevancy model inspired the other models, which seek to explain dividends, such as tax- effect hypothesis (Brennan, 1970), clientele effects (Elton and Gruber, 1970; Miller and Scholes, 1978), agency costs (Jensen and Meckling, 1976), signaling hypoth- esis (Ross, 1977; Bhattacharya, 1979; Miller and Rock, 1985), and behavioral ex- planations (Shefrin and Statman, 1984; Shefrin and Thaler, 1988). Recently, researches on dividends have been focused on corporate payout behaviors more than the relevancy of dividends for a couple of decades. Fama and French (2001), DeAngelo, DeAngelo and Skinner (2004), Baker and Wurgler (2004) investigated whether dividends disappeared, reappeared or concentrated and how the firm specific characters affect dividend behaviors. Baker, Farrelly and Edelman (1985), Baker and Powell (2000), Da Silva, Goergen and Renneboog (2004), Brav, Graham, Harvey and Michaely (2005), Bancel, Bhattacharyya and Mittoo (2005), and Denis and Osobov (2008) examined the determinants of dividend payout policy, particularly using surveys on managerial perspectives. Those researches emphasized on the cross-country, legal system and other spe- cific characteristics of firms on dividend decisions. Dong, Robinson and Veld (2005), Grinstein and Michaely (2005), and Graham and Kumar (2006) focused on investors’ preferences on dividends. They examined the effect of clienteles, retail...

You are not authenticated to view the full text of this chapter or article.

This site requires a subscription or purchase to access the full text of books or journals.

Do you have any questions? Contact us.

Or login to access all content.