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Determinants of Target Dividend Payout Ratio: A Panel Autoregressive Distributed Lag Analysis

Kartal Demirgüneþ
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Kartal Demirgüneþ: Department of Business Administration, Faculty of Economics and Administrative Sciences, Ahi Evran University, Turkey.

International Journal of Economics and Financial Issues, 2015, vol. 5, issue 2, 418-426

Abstract: The aim of this study is to find out the determinants of target dividend payout ratio (TDPR) of BIST - listed firms operating in the non-metallic products (cement) manufacturing industry in the period of 2002-2012. Through this aim, the short and long-run effects of factors related to profitability, liquidity, growth, risk, market expectations and taxation on TDPR is analyzed via panel autoregressive distributed lag analysis methodology. Empirical findings indicate that in the long-run, factors related to profitability, growth and corporate taxation significantly affect TDPR negatively; while factors related to risk and market expectations have statistically significant and positive effects on TDPR. Additionally, in the short-run only profitability seems to have statistically significant and positive effect on the dependent variable.

Keywords: Target Dividend Payout Ratio; Dividend Payout Policy; Panel Autoregressive Distributed Lag Analysis (search for similar items in EconPapers)
JEL-codes: C33 G35 L61 (search for similar items in EconPapers)
Date: 2015
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