Instability in the dividend policy of the Istanbul Stock Exchange (ISE) corporations: evidence from an emerging market

2000 ◽  
Vol 1 (3) ◽  
pp. 252-270 ◽  
Author(s):  
Cahit Adaoglu
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Emerging Market ◽  
Istanbul Stock Exchange

scholarly journals A Survey of Managerial Perspective on Corporate Dividend Policy

2015 ◽  
Vol 4 (2) ◽  
pp. 1-19 ◽  
Author(s):  
Narman Kuzucu
Keyword(s):  
Dividend Policy ◽  
Stock Exchange ◽  
Emerging Market ◽  
Survey Method ◽  
Share Repurchases ◽  
Future Earnings ◽  
Listed Firms ◽  
Financial Firms ◽  
Istanbul Stock Exchange ◽  
The U.S

This research paper examines the corporate dividend payout behaviors of non-financial firms from Istanbul Stock Exchange (Borsa Istanbul). Survey method is conducted to investigate managerial views on corporate dividend policy. The study investigates whether the evidence in Turkish stock market on dividend policy is similar to the European and the U.S. firms’ results which are reported earlier by other studies, and moreover in what extent Lintner’s (1956) findings on dividends is supported by today’s listed firms in an emerging market. The financial managers from 38 firms out of 216 non-financial companies responded the survey. The results show that there is a significant positive relationship between cash dividends and earnings. Earnings are viewed as the most important factor in dividend decision like in European and the U.S. firms. Sustainable change in earnings, stability and level of future earnings, and the desire to distribute a proportion of earnings to shareholders are the common determinants of dividend policy. The majority of the respondents reports that they target dividends. Dividend yield is the most common measure for dividend targeting. Share repurchases are not viewed as alternative to dividend payouts unlike the U.S. firms. The study finds supporting evidences for bird-in-the-hand and signaling hypotheses, and Lintner’s model.

scholarly journals Impact of managerial ownership on capital structure: a survey of Turkish firms

2008 ◽  
Vol 5 (2) ◽  
pp. 8-14
Author(s):  
Özgür Arslan
Keyword(s):  
Capital Structure ◽  
Stock Exchange ◽  
Emerging Market ◽  
Debt Maturity ◽  
Managerial Ownership ◽  
Insider Ownership ◽  
Istanbul Stock Exchange ◽  
Dividend Smoothing ◽  
The Relationship ◽  
Considerable Support

This paper investigates the relationship between insider ownership and capital structure decisions made by managers for an emerging market. Therefore, we survey managers of 103 firms listed in the Istanbul Stock Exchange (ISE). Our findings lend considerable support to our expectation that leverage, debt maturity and dividend issues reduce ability of managers to divert resources from value maximisation. However the same monitoring and disciplining tax is not observed for stock issues. Also, our findings document that managers of firms listed in the ISE do not opt to dividend smoothing policy. Finally, the results are in line with our expectation that, the more willing are the managers to reduce asymmetric information between them and shareholders, the higher their ownership level in firms.

scholarly journals Stock mechanics: Predicting recession in S&P500, DJIA and NASDAQ

Open Physics ◽  
2006 ◽  
Vol 4 (1) ◽  
Author(s):  
Çağlar Tuncay
Keyword(s):  
Power Law ◽  
Stock Exchange ◽  
Emerging Market ◽  
Original Method ◽  
Istanbul Stock Exchange

AbstractProposed in this paper is an original method assuming potential and kinetic energies for prices and for the conservation of their sum that has been developed for forecasting exchanges. Connections with a power law are shown. Semiempirical applications on the S&P500, DJIA, and NASDAQ predict a forthcoming recession in them. An emerging market, the Istanbul Stock Exchange index ISE-100 is found harboring a potential to continue to rise.

scholarly journals Impacting Factors of Dividend Policy in Indonesian Banking Sector

2021 ◽  
Vol 5 (3) ◽  
Author(s):  
Dicky Mikhael Kosasih ◽  
Febiyana Aditya ◽  
Nabila Rachma
Keyword(s):  
Dividend Policy ◽  
Banking Sector ◽  
Stock Exchange ◽  
Emerging Market ◽  
Secondary Data ◽  
Specific Factor ◽  
Scientific Papers ◽  
Impacting Factors ◽  
Specific Factors ◽  
Data Documentation

ABSTRACT. Further research is needed on the implementation of dividend policy in emerging market.  This phenomenon exists as there is no “one-size-fits-all” dividend policy evaluation factor that is applicable in every business sector. This study explores firms’ specific factors with the variables of corporate governance, firm size, and firm profitability along with economical phenomenon factor with the variable of inflation towards dividend policy at once. The data documentation techniques is secondary data collection from The Indonesia Stock Exchange, Bank Indonesia, journals, articles, and scientific papers. The data collected was coded and analyzed using SPSS (Statistical Package for Social Sciences). The result shows that dividend policy is affected by both internal (firm-specific factor) and external (economical phenomenon) stimuli. However, it is deduced from the tests results that there is a stronger impact arise from the internal factor; in comparison to the otherwise.

scholarly journals Extreme Value Volatility Estimators and Realized Volatility of Istanbul Stock Exchange: Evidence from Emerging Market

2016 ◽  
Vol 8 (8) ◽  
pp. 71 ◽  
Author(s):  
Hakki Ozturk ◽  
Umit Erol ◽  
Asli Yuksel
Keyword(s):  
Stock Exchange ◽  
Emerging Market ◽  
Realized Volatility ◽  
Extreme Value ◽  
Short Term ◽  
Forecasting Models ◽  
Major Index ◽  
Istanbul Stock Exchange ◽  
Forecasting Performance ◽  
The One

<p>This paper evaluates the forecasting performance of alternative models for the one-day ahead forecasts of BIST-30 index (Istanbul Stock Exchange- Borsa Istanbul major index that contains 30 blue-chip stocks) volatility. Realized volatility is used as the relevant benchmark for the evaluation of forecasts. We document evidence, which shows that realized volatility is a less noisy estimator than the daily square benchmark explaining more of the variation in the volatility. In addition; the benefit of using extreme value estimators as volatility proxies are discussed. It is empirically demonstrated that the extreme value estimators are 5 to 8 times more efficient than historical volatility measures. The use of extreme value estimators with simple forecasting models provide better short-term forecasts than the GARCH based volatility forecasts due to higher efficiency of extreme value estimators.</p>

scholarly journals Extreme Value Volatility Estimators and Realized Volatility of Istanbul Stock Exchange: Evidence from Emerging Market

2016 ◽  
Vol 8 (8) ◽  
pp. 73
Author(s):  
Hakki Ozturk ◽  
Umit Erol ◽  
Asli Yuksel
Keyword(s):  
Stock Exchange ◽  
Emerging Market ◽  
Realized Volatility ◽  
Extreme Value ◽  
Short Term ◽  
Forecasting Models ◽  
Major Index ◽  
Istanbul Stock Exchange ◽  
Forecasting Performance ◽  
The One

<p>This paper evaluates the forecasting performance of alternative models for the one-day ahead forecasts of BIST-30 index (Istanbul Stock Exchange- Borsa Istanbul major index that contains 30 blue-chip stocks) volatility. Realized volatility is used as the relevant benchmark for the evaluation of forecasts. We document evidence, which shows that realized volatility is a less noisy estimator than the daily square benchmark explaining more of the variation in the volatility. In addition; the benefit of using extreme value estimators as volatility proxies are discussed. It is empirically demonstrated that the extreme value estimators are 5 to 8 times more efficient than historical volatility measures. The use of extreme value estimators with simple forecasting models provide better short-term forecasts than the GARCH based volatility forecasts due to higher efficiency of extreme value estimators.</p>

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