Family involvement, corporate governance and dividends in Turkey

dc.contributor.authorSener, Pinar
dc.contributor.authorAkben Selçuk, Elif
dc.date.accessioned2019-06-28T11:11:46Z
dc.date.available2019-06-28T11:11:46Z
dc.date.issued2019
dc.departmentFakülteler, İşletme Fakültesi, İşletme Bölümüen_US
dc.description.abstractPurpose: The purpose of this paper is to investigate the relationship between dividends and family involvement as well as corporate governance characteristics among Turkish public firms. Design/methodology/approach: Using panel data on Turkish firms listed on the Borsa Istanbul 100 index for 2006–2014 three models are estimated. For the first two models where the dependent variables are the dividend payout ratio and dividend yield respectively tobit regressions are run. The last model which employs a dividend dummy as the dependent variable is estimated with logistic regression. Findings: There is a positive and concave relationship between family ownership and dividends. The existence of a family chairman reduces dividends. There is a positive association between board size and dividends and this relationship is weaker for firms with higher levels of family ownership. Finally the ratio of independent directors on the board is negatively associated with dividends. Practical implications: The findings imply that firms with substantial family ownership and active family participation in management are more likely to send a negative signal to minority shareholders by paying lower dividends. In addition minority shareholders should pay attention to the board structure of firms in which they invest. Originality/value: This study is one of the few to analyze the nonlinear relationship between family ownership and dividend payments as well as the role of family management in a developing country. Second it investigates the role of board characteristics in explaining dividend payment decisions. © 2019 Emerald Publishing Limited.en_US]
dc.identifier.citation8
dc.identifier.doi10.1108/MF-01-2018-0011en_US
dc.identifier.endpage621
dc.identifier.issn0307-4358en_US
dc.identifier.issn0307-4358
dc.identifier.issue5
dc.identifier.scopus2-s2.0-85063903610en_US
dc.identifier.scopusqualityQ2
dc.identifier.startpage602en_US
dc.identifier.urihttps://hdl.handle.net/20.500.12469/1693
dc.identifier.urihttps://doi.org/10.1108/MF-01-2018-0011
dc.identifier.volume45en_US
dc.identifier.wosWOS:000469413700002en_US
dc.identifier.wosqualityN/A
dc.institutionauthorAkben Selçuk, Elifen_US
dc.language.isoenen_US
dc.publisherEmerald Group Publishing Limiteden_US
dc.relation.journalManagerial Financeen_US
dc.relation.publicationcategoryMakale - Uluslararası Hakemli Dergi - Kurum Öğretim Elemanıen_US
dc.rightsinfo:eu-repo/semantics/closedAccessen_US
dc.subjectDividend payouten_US
dc.subjectFamily involvementen_US
dc.subjectFirm-level governanceen_US
dc.subjectType 2 agency problemen_US
dc.titleFamily involvement, corporate governance and dividends in Turkeyen_US
dc.typeArticleen_US
dspace.entity.typePublication

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