메뉴 건너뛰기




Volumn 1, Issue 3, 2000, Pages 252-270

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

Author keywords

Dividend policy; Istanbul Stock Exchange; Regulations; Stability

Indexed keywords


EID: 0034638548     PISSN: 15660141     EISSN: None     Source Type: Journal    
DOI: 10.1016/S1566-0141(00)00011-X     Document Type: Article
Times cited : (75)

References (46)
  • 2
    • 84977708705 scopus 로고
    • Efficient signalling with dividends and investments
    • Ambarish, R., John, K., Williams, J., 1987. Efficient signalling with dividends and investments. J. Finance 32, 321-343.
    • (1987) J. Finance , vol.32 , pp. 321-343
    • Ambarish, R.1    John, K.2    Williams, J.3
  • 4
    • 85037787635 scopus 로고    scopus 로고
    • Symposium on the capital markets law (in Turkish), 15th anniversary
    • Dividend Distribution by Publicy Owned Joint Stock Corporations, Ankara, 17 January 1997, Rpt. in part 15. Yil Sempozyumu
    • Aytaç, Z., Dividend distribution by publicy owned joint stock corporations, Address to the Symposium on the capital markets law (in Turkish), 15th anniversary, Ankara, 17 January 1997, Rpt. in part 15. Yil Sempozyumu, AnkaraCapital Markets Board Publication No. 119, 1998, 135-194.
    • (1998) AnkaraCapital Markets Board Publication No. 119 , vol.119 , pp. 135-194
    • Aytaç, Z.1
  • 5
  • 7
    • 0011296488 scopus 로고    scopus 로고
    • Do changes in dividend signal the future or the past?
    • Benartzi, S., Michaely, R., Thaler, R., 1997. Do changes in dividend signal the future or the past? J. Finance 52, 1007-1034.
    • (1997) J. Finance , vol.52 , pp. 1007-1034
    • Benartzi, S.1    Michaely, R.2    Thaler, R.3
  • 8
    • 0000118836 scopus 로고
    • Imperfect information, dividend policy and 'the bird in the hand' fallacy
    • Bhattacharya, S., 1979. Imperfect information, dividend policy and 'the bird in the hand' fallacy. Bell J. Econ. 10, 259-270.
    • (1979) Bell J. Econ. , vol.10 , pp. 259-270
    • Bhattacharya, S.1
  • 9
    • 0002252012 scopus 로고    scopus 로고
    • Year 2000 and beyond: Thoughts on the Istanbul Stock Exchange
    • Birsen, O., 1999. Year 2000 and beyond: Thoughts on the Istanbul Stock Exchange. The Istanbul Stock Exchange (ISE) Rev. 3 (12), 47-50.
    • (1999) The Istanbul Stock Exchange (ISE) Rev. , vol.3 , Issue.12 , pp. 47-50
    • Birsen, O.1
  • 10
    • 0003064191 scopus 로고
    • The dividend puzzle
    • Black, F., 1976. The dividend puzzle. J. Portfolio Manage. 2, 5-8.
    • (1976) J. Portfolio Manage , vol.2 , pp. 5-8
    • Black, F.1
  • 11
    • 0000075807 scopus 로고
    • The tax structure and corporate dividend policy
    • Brittain, J., 1964. The tax structure and corporate dividend policy. Am. Econ. Rev. 54, 272-287.
    • (1964) Am. Econ. Rev. , vol.54 , pp. 272-287
    • Brittain, J.1
  • 13
    • 84978579170 scopus 로고
    • Dividend policy revisited: Within- and out-of-sample tests
    • Chateau, J.D., 1979. Dividend policy revisited: Within- and out-of-sample tests. J. Bus. Finance Acc. 6, 355-372.
    • (1979) J. Bus. Finance Acc. , vol.6 , pp. 355-372
    • Chateau, J.D.1
  • 14
    • 84977712208 scopus 로고
    • Dividend policy and financial distress: An empirical investigation of troubled NYSE firms
    • DeAngelo, H., DeAngelo, L., 1990. Dividend policy and financial distress: An empirical investigation of troubled NYSE firms. J. Finance 45, 1415-1431.
    • (1990) J. Finance , vol.45 , pp. 1415-1431
    • Deangelo, H.1    Deangelo, L.2
  • 15
    • 0038371974 scopus 로고    scopus 로고
    • Dividends, asymmetric information, and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and US firms
    • Dewenter, K.L., Warther, V.A., 1998. Dividends, asymmetric information, and agency conflicts: Evidence from a comparison of the dividend policies of Japanese and US firms. J. Finance 53, 879-904.
    • (1998) J. Finance , vol.53 , pp. 879-904
    • Dewenter, K.L.1    Warther, V.A.2
  • 16
    • 0001413464 scopus 로고
    • Two agency-cost explanations of dividends
    • Easterbrook, F.H., 1984. Two agency-cost explanations of dividends. Am. Econ. Rev. 74, 650-659.
    • (1984) Am. Econ. Rev. , vol.74 , pp. 650-659
    • Easterbrook, F.H.1
  • 17
    • 0000692893 scopus 로고
    • The empirical relationship between the dividend and investment decisions of the firm
    • Fama, E.F., 1974. The empirical relationship between the dividend and investment decisions of the firm. Am. Econ. Rev. 64, 304-318.
    • (1974) Am. Econ. Rev. , vol.64 , pp. 304-318
    • Fama, E.F.1
  • 18
    • 84880736337 scopus 로고
    • Dividend policy: An empirical analysis
    • Fama, E.F., Babiak, H., 1968. Dividend policy: An empirical analysis. J. Am. Stat. Assoc. 63, 1132-1161.
    • (1968) J. Am. Stat. Assoc. , vol.63 , pp. 1132-1161
    • Fama, E.F.1    Babiak, H.2
  • 19
    • 0032382780 scopus 로고    scopus 로고
    • Optimal financing contracts: Debt versus outside equity
    • Fluck, Z., 1998. Optimal financing contracts: Debt versus outside equity. Rev. Financ. Stud. 11, 383-418.
    • (1998) Rev. Financ. Stud. , vol.11 , pp. 383-418
    • Fluck, Z.1
  • 20
    • 0033440942 scopus 로고    scopus 로고
    • The dynamics of the management-shareholder conflict
    • Fluck, Z., 1999. The dynamics of the management-shareholder conflict. Rev. Financ. Stud. 12, 347-377.
    • (1999) Rev. Financ. Stud. , vol.12 , pp. 347-377
    • Fluck, Z.1
  • 24
    • 0002104547 scopus 로고
    • Wealth redistributions or changes in firm value: An analysis of returns to bondholders and the stockholders around dividend announcements
    • Handjinicolaou, G., Kalay, A., 1984. Wealth redistributions or changes in firm value: An analysis of returns to bondholders and the stockholders around dividend announcements. J. Financ. Econ. 13, 35-63.
    • (1984) J. Financ. Econ. , vol.13 , pp. 35-63
    • Handjinicolaou, G.1    Kalay, A.2
  • 25
    • 84960599817 scopus 로고
    • A theory of debt based on inalienability of human capital
    • Hart, O., Moore, J., 1994. A theory of debt based on inalienability of human capital. Q. J. Econ. 109, 841-880.
    • (1994) Q. J. Econ. , vol.109 , pp. 841-880
    • Hart, O.1    Moore, J.2
  • 26
    • 0001066475 scopus 로고
    • Agency costs of free cash flow, corporate finance, and takeovers
    • Jensen, M.C., 1986. Agency costs of free cash flow, corporate finance, and takeovers. Am. Econ. Rev. 76, 323-329.
    • (1986) Am. Econ. Rev. , vol.76 , pp. 323-329
    • Jensen, M.C.1
  • 27
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and ownership structure
    • Jensen, M.C., Meckling, W.H., 1976. Theory of the firm: Managerial behavior, agency costs, and ownership structure. J. Financ. Econ. 3, 305-360.
    • (1976) J. Financ. Econ. , vol.3 , pp. 305-360
    • Jensen, M.C.1    Meckling, W.H.2
  • 28
    • 84944836061 scopus 로고
    • Dividends, dilution, and taxes: A signaling equilibrium
    • John, K., Williams, J., 1985. Dividends, dilution, and taxes: A signaling equilibrium. J. Finance 40, 1053-1070.
    • (1985) J. Finance , vol.40 , pp. 1053-1070
    • John, K.1    Williams, J.2
  • 29
    • 21844514033 scopus 로고
    • The ex-dividend-day bahavior of stock prices: The case of Japan
    • Kato, K., Loewenstein, U., 1995. The ex-dividend-day bahavior of stock prices: The case of Japan. Rev. Financ. Stud. 8, 817-847.
    • (1995) Rev. Financ. Stud. , vol.8 , pp. 817-847
    • Kato, K.1    Loewenstein, U.2
  • 31
    • 0000243013 scopus 로고
    • Dividend announcements: Cash flow signaling vs. free cash flow hypothesis
    • Lang, L.H.P., Litzenberger, R., 1989. Dividend announcements: Cash flow signaling vs. free cash flow hypothesis. J. Financ. Econ. 24, 181-192.
    • (1989) J. Financ. Econ. , vol.24 , pp. 181-192
    • Lang, L.H.P.1    Litzenberger, R.2
  • 33
    • 0030116885 scopus 로고    scopus 로고
    • Taxes and dividends: The UK evidence
    • Lasfer, M., 1996. Taxes and dividends: The UK evidence. J. Banking Finance 20, 455-472.
    • (1996) J. Banking Finance , vol.20 , pp. 455-472
    • Lasfer, M.1
  • 34
    • 0002252016 scopus 로고
    • Market value and aggregate dividends: A reappraisal of recent tests, and evidence from european markets
    • Leithner, S., Zimmermann, H., 1993. Market value and aggregate dividends: A reappraisal of recent tests, and evidence from european markets. Swiss J. Econ. Stat. 129, 99-119.
    • (1993) Swiss J. Econ. Stat. , vol.129 , pp. 99-119
    • Leithner, S.1    Zimmermann, H.2
  • 35
    • 0002744905 scopus 로고
    • Distribution of incomes of corporations among dividends, retained earnings, and taxes
    • Lintner, J., 1956. Distribution of incomes of corporations among dividends, retained earnings, and taxes. Am. Econ. Rev. 46, 97-133.
    • (1956) Am. Econ. Rev. , vol.46 , pp. 97-133
    • Lintner, J.1
  • 36
    • 84972482292 scopus 로고
    • Dividend, investment and financing decisions: Empirical evidence on french firms
    • McDonald, J., Jacquillant, B., Nussenbaum, M., 1975. Dividend, investment and financing decisions: Empirical evidence on french firms. J. Financ. Quant. Anal. 10, 741-755.
    • (1975) J. Financ. Quant. Anal. , vol.10 , pp. 741-755
    • McDonald, J.1    Jacquillant, B.2    Nussenbaum, M.3
  • 38
    • 0001905555 scopus 로고
    • Industry influence on dividend policy
    • Michel, A., 1979. Industry influence on dividend policy. Financ. Manage. 8, 22-26.
    • (1979) Financ. Manage , vol.8 , pp. 22-26
    • Michel, A.1
  • 39
    • 0001699517 scopus 로고
    • Dividend policy, growth, and the valuation of shares
    • Miller, M., Modigliani, F., 1961. Dividend policy, growth, and the valuation of shares. J. Bus. 34, 411-433.
    • (1961) J. Bus. , vol.34 , pp. 411-433
    • Miller, M.1    Modigliani, F.2
  • 40
    • 84939429904 scopus 로고
    • Dividend policy under asymmetric information
    • Miller, M., Rock, K., 1985. Dividend policy under asymmetric information. J. Finance 40, 1031-1051.
    • (1985) J. Finance , vol.40 , pp. 1031-1051
    • Miller, M.1    Rock, K.2
  • 41
    • 49449125071 scopus 로고
    • Determinants of corporate borrowing
    • Myers, S.C., 1977. Determinants of corporate borrowing. J. Financ. Econ. 5, 147-175.
    • (1977) J. Financ. Econ. , vol.5 , pp. 147-175
    • Myers, S.C.1
  • 43
    • 84987564637 scopus 로고
    • The interactions between the investment, financing, and dividend decisions of major US firms
    • Pruitt, S.W., Gitman, L.J., 1991. The interactions between the investment, financing, and dividend decisions of major US firms. Financ. Rev. 26, 409-430.
    • (1991) Financ. Rev. , vol.26 , pp. 409-430
    • Pruitt, S.W.1    Gitman, L.J.2
  • 45
    • 0002389134 scopus 로고    scopus 로고
    • ISE market indicators and global capital markets
    • The Istanbul Stock Exchange (ISE) Review, 1999, ISE market indicators and global capital markets, 3 (11), 53-68.
    • (1999) The Istanbul Stock Exchange (ISE) Review , vol.3 , Issue.11 , pp. 53-68
  • 46
    • 0003366384 scopus 로고    scopus 로고
    • Dynamic capital structure under managerial entrenchment
    • Zwiebel, J., 1996. Dynamic capital structure under managerial entrenchment. Am. Econ. Rev. 86, 1197-1215.
    • (1996) Am. Econ. Rev. , vol.86 , pp. 1197-1215
    • Zwiebel, J.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.