Temettü politikaları
Dividend policy
- Tez No: 74086
- Danışmanlar: YRD. DOÇ. DR. SAADET TANTAN
- Tez Türü: Yüksek Lisans
- Konular: İşletme, Business Administration
- Anahtar Kelimeler: Belirtilmemiş.
- Yıl: 1998
- Dil: Türkçe
- Üniversite: Marmara Üniversitesi
- Enstitü: Bankacılık ve Sigortacılık Enstitüsü
- Ana Bilim Dalı: Sermaye Piyasası ve Borsa Ana Bilim Dalı
- Bilim Dalı: Belirtilmemiş.
- Sayfa Sayısı: 79
Özet
Özet yok.
Özet (Çeviri)
- 68 - SUMMARY Dividend policy determines the division of the net profit between payments to shareholders and reinvestment in the firm. It constitutes an integral part of a firm's financing policy as the dividends paid in cash decrease the amount of profits retained. Today, dividend policies effect the firm's market values and health of shareholders differently. If a firm cannot obtain necessary friends from the capital market, high dividend rates lead to less profits retained and therefore, to a reduced growth rate. On the other hand, shareholders may prefer the profit be retained due to the expenses to accrue in connection with the increased income tax and capital. From the firm's standpoint, retained earnings represent a less-costly capital resource. Growth rate and investment opportunities are other factors to be considered in this connection. Firms enjoying higher growth rates apply lower dividend pay-out ratios. Another factor affecting retained earnings is the influences of alternative capital resources which has a strong relationship with the development level of that country's capital markets. For a firm able to obtain resources from capital markets, dividend payment takes the form of a financial decision. Provisions of relevant laws allow distribution of dividends out of net profits and capital reserves allocated for this purpose. Liquidity position of a firm can effect the dividend policy. Using the profits in re payment of heavy debt burdens can reasonably be preferred to distribution of dividends. The expected rate of return on assets determines the relative attractiveness of payign out earnings in the form of dividends to shareholders or using them in the present firm. A firm that has relatively stable earnings is more likely to pay out a higher percentage of its earnings than is a firm with fluctuating earnings.- 69 - The more rapidly a firm is growing, the greater its needs for financing the asset expansion. Therefore, firms aiming at growing are more likely to use their net profits for re-investment rather than dividend pay-outs. And a well-established firm is likely to have a higher dividend pay-out rate than is a new and/or small firm. Tax position of shareholders is one of the most important factors effecting the dividend policy. For example, a company held by a few taxpayers in high income tax bracket is likely to pay a relatively low dividend. The owners prefer taking their income in the form of capital gains rather than as dividends which are subject to higher personal income tax rates. However, the shareholders of a large, widely held company may prefer a high divident pay-out. Results of the studies examined under this paper have revealed that the companies commonly adopt more stable dividend distribution policies. The shareholders preferring dividends or capital gains plays an important role in making decisions on dividend payments. Today, investors may satisfy with relatively less dividends keeping in mind that incomes not distributed as dividends but re-invested in the company's capital probably create greater incomes and capital gains in the future. Differentiated income taxes imposed on dividends and capital gains constitute another important factor effecting the decisions of shareholders on dividends. High dividend distribution rates do increase the prices of share certificates. Such findings can be supported by the investors preferring to receive higher dividend payments. Dividends can be distributed either in cash, which is the common practice, or in the form of share certificates. Distribution of dividends in the form of share certificates is realized by giving non-par shares to the existing shareholders consisting of the whole or partial capital increased. This method has some advantages such as the opportunity to distribute dividends without causing any corporate funds outflow. Increasing the number of share certificates by reducing the nominal value of such shares is one of the measures taken by the companies in order to facilitate exchanging of share certificates. Stock splitting is another practice implemented when becomes necessary in this connection. However, this method is better used in parrallel with capital increase.- 70 - Repurchasing of share certificates by a company is another alternative to dividend payment. Decreasing the number of share certificates in circulation increases the income per share provided that net profit of the compay is not adversely effected. In Turkey, distribution of dividends in cash is the most common practice which is regulated by both the Turkish Commercial Code and Capital Market Law. In companies subject to Turkish commercial Code, a first dividend is distributed equal to 5% of the paid-up capital, if a profit is achieved and the General Assembly makes a decision for the same. The authority to decide for further dividend distribution rests with the General Assembly. On the other hand, in case of companies subject to Capital Market Law, total amount of first dividend cannot be less than half of the profit available for distribution to be calculated by deducting the taxes, etc. from net profits of the period, if any, for the publicly-held joint stock companies. It has been observed that 13% of the companies quoted in Istanbul Stock Exchange have distributed dividends in the form of non-par shares in 1995 which has been 21% in 1996 and 20% in 1997. Within the Turkish context, laws in force do not allow a joint-stock company to distribute dividends indirectly by purchasing its own share certificates. As stated herein, policies for distribution of dividends and related standards in the developing countries significantly differ from the practices adopted in the developed countries where dividend distribution ratio is given importance rather than the amount of dividends paid. Managers of the entities in developed countries concentrate on dividend distribution policies to a higher extent which are supported by the goverments' interventions aimed at protection of the creditors and rights of minorities. Finally, it can be said that it is quite difficult to generalize the priorities of investors about dividend policies. Although it seems that tax-based hypothesis should be more dominant on other factors, results of the studies indicate that the tax concept is not being so effective on dividend policies alone. Briefly saying, the investors may waive from receiving today's dividends for the sale of the future potential for growth-and more benefits, of course.
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