Direct and indirect effects of cash dividend policies on firms' capital accumulation in selected developed markets

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dc.authorid0000-0001-8744-631Xen_US
dc.contributor.authorÇayır, Mustafa
dc.contributor.authorNasuh Oğuzhan, Altay
dc.date.accessioned2021-12-23T12:34:52Z
dc.date.available2021-12-23T12:34:52Z
dc.date.issued2021
dc.departmentAÇÜ, Uygulamalı Bilimler Yüksekokulu, Bankacılık ve Finans Bölümüen_US
dc.description.abstractThe effects of cash dividend policies on the capital accumulation of non-bank firms operating in The United States (S&P 500), The United Kingdom (FTSE 100), Japan (Nikkei 225), and France (CAC 40) have been investigated in this study. The dataset used in the study consists of annual observations between 2010 and 2015. Also, the data were retrieved from the Thomson Reuters database. The system in GMM is employed in the econometric estimations in this paper. “Total effect” of cash dividend policies on capital accumulation has been bisected as “direct” and “indirect” effects. In this study, we call the effect of the cash dividend policies on investments via financial and liquidity constraints as “direct effect” and the effect of the policies on the accumulation via market value and business reputation as “indirect effect”. Obtained results show that the indirect effect is positive, whereas the direct effect is negative. However , the magnitude of the direct effect is larger than that of the indirect. Therefore , the total effect of cash dividend policies on the accumulation of capital and investments is negative. The fact that movements in stock prices of firms have an effect on the capital accumulation has shown that the financial markets could affect real economic variables. Also, the results that the cash dividend policies positively affect the market value of firms are mounting evidence to the validity of Signalling and Information Content Approach and Bird in Hand Theory. .
dc.identifier.citationÇayır, M., & Altay, N. O. (2021). Direct and Indirect Effects of Cash Dividend Policies on Firms’ Capital Accumulation in Selected Developed Markets. Istanbul Business Research, 50(2), 235-254.en_US
dc.identifier.doi10.26650/ibr.2021.50.884183
dc.identifier.endpage254en_US
dc.identifier.issue2en_US
dc.identifier.startpage235en_US
dc.identifier.urihttps://hdl.handle.net/11494/3620
dc.identifier.volume50en_US
dc.identifier.wosqualityN/A
dc.indekslendigikaynakWeb of Science
dc.institutionauthorÇayır, Mustafa
dc.language.isoenen_US
dc.publisherIstanbul Univen_US
dc.relation.ispartofIstanbul Business Research
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/openAccessen_US
dc.subjectCapital Accumulationen_US
dc.subjectDividend Payoutsen_US
dc.subjectFinancial Constraintsen_US
dc.subjectMarket Value of Firmsen_US
dc.subjectSystem in GMMen_US
dc.titleDirect and indirect effects of cash dividend policies on firms' capital accumulation in selected developed marketsen_US
dc.typeArticle

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