Dividend Payout Policy and Life Cycle Theory: An Empirical Evidence from Istanbul Stock Exchange Manufacturing Firms

Sibel Celik ()
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Sibel Celik: Dumlupinar University

Anadolu University Journal of Social Sciences, 2013, vol. 13, issue 2, 115-122

Abstract: The paper tests the validty of life cycle theory of dividends in the Turkey by using the dataset of 146 ISE listed manufacturing firms for the period 2006-2011 and employing the logit and probit models. As a result we find the evidence supporting the life cycle theory of dividends in Turkey. In addition to this, firms with high profitability and cash ratio tend to pay more dividends. The findings have important implications for investors.

Keywords: Dividend Payout Policy; Life Cycle Theory; Panel Logit; Panel Probit (search for similar items in EconPapers)
JEL-codes: G3 G30 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:and:journl:v:13:y:2013:i:2:p:115-122

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