Halka Açık Şirketlerde Kar Dağıtım Politikalarını Etkileyen Faktörler Üzerine Bir Araştırma1 (An Research on Factors Affecting Profit Distribution Policies in Public Open Companies)

Abstract

Purpose – The aim of this study is to determine the policies in the profit distribution policy declaration of the manufacturing companies included in the BIST 100 Index and to examine the factors affecting these policies. Design/methodology/approach – In this study, the most preferred 5 dividend distribution policies are determined by examining the 3-year profit distribution policy declarations of 32 manufacturing companies included in the BIST 100 Index between 2015-2017. Correlation and regression analysis are used to determine whether there is an effect on profit distribution policies of 7 financial factors that are frequently used as a result of literature review. Findings – As a result of the analysis, 5 most preferred policies of 32 companies and 7 factors frequently used in literature were determined. These policies and the influencing factors were determined as follows; On business size policy; the profitability ratio, net sales (ln) ratio, net profit margin and earnings per share ratio are effective on the liquidity-based policy of the enterprise; net profit margin and earnings per share are effective on the policy based on the profitability of the enterprise, net sales (ln) and earnings per share are effective, the debt-based policy is effective on the return on equity and financing ratio, based on new investment plans It was concluded that no determined factors on policy were effective. Discussion – With the globalization, the competitive environment increases and companies form profit distribution policies in order to realize their assets and growth. Companies in Turkey, particularly since 2014 constitute the basis of its financial structure of the Capital Markets Board issued by the dividend policy Dividend Notification. Determining the profit distribution policies and factors affecting the policies of manufacturing enterprises registered in Borsa Istanbul 100 Index is expected to provide useful information to public companies and their stakeholders in formulating profit distribution policies and making decisions about the future of the company.