Abstract
In this study, we want to investigate whether having a high dividend yield has a catalyst effect on stock prices during the COVID-19 turmoil period. 164 manufacturing firms in Borsa Istanbul are classified as firms with high and low dividend yield according to their last five-years’ (2015-2019) averages. The analysis results show that the stock returns of firms with high dividend yield are less impacted in this COVID-19 crash. Likewise, firms with a high frequency of dividend payouts are less affected than those who do not. This study reveals that firms with high dividend yield are regarded as safe havens by investors in this crash caused by COVID-19.
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