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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.
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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 theorem, 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 hypothesis (Ross, 1977; Bhattacharya, 1979; Miller and Rock, 1985), and behavioral explanations (Shefrin and Statman, 1984; Shefrin and Thaler, 1988).

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