RESEARCHING THE EFFECT OF COUNTRY CREDIT DEFAULT SWAP PREMIUMS ON DIVIDEND POLICIES OF COMPANIES WITH PANEL DATA ANALYSIS METHOD: AN EMPIRICAL STUDY IN BIST DIVIDEND 25 INDEX

Ali Necmettin Can; Melek Acar

Article Details

RESEARCHING THE EFFECT OF COUNTRY CREDIT DEFAULT SWAP PREMIUMS ON DIVIDEND POLICIES OF COMPANIES WITH PANEL DATA ANALYSIS METHOD: AN EMPIRICAL STUDY IN BIST DIVIDEND 25 INDEX

Authors:

Ali Necmettin Can | Melek Acar

Publisher:

Erciyes University

Main Topics:

Finans

Journal:

Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Issue 69, pp.171-178

Document Type:

Article

Publication Date:

12/2024

Document Language:

Turkish

Document ID (Org No.):

2001336211

pISSN:

1301-3688

Keywords:

Abstract:

 In recent years, credit default swaps have become one of the main factors of the economy. In this study, which was prepared in accordance with research and publication ethics, the effect of country credit default swap premiums on dividend policies is investigated by using the panel data analysis method. Companies included in the BIST Dividend 25 Index in the 2010-2022 period were counted. In order to evaluate the main hypothesis, the annual dividend data of these companies between 2010 and 2022 and Turkeys five-year credit default swap premium data were taken into consideration. In addition, it is expected to affect the dividend distribution policies of companies like return on equity, return on assets, investment opportunities, firm size, firm indebtedness, inflation rate, exchange rate and GDP growth rate are also included in the study. Cross-sectional dependence was evaluated by Pesarans CD, Breusch-Pagan and Breusch-Pagan scaled tests, and the stationarity of the series was evaluated using CADF unit root test. Breusch-GodfreyWooldridge and Durbin-Watson tests were used to test the autocorrelation assumption, and Studentized Breusch-Pagan test was used to test the variable variance assumption. As a result, negative correlation was found between credit default swaps and dividend policies of companies.

 In recent years, credit default swaps have become one of the main factors of the economy. In this study, which was prepared in accordance with research and publication ethics, the effect of country credit default swap premiums on dividend policies is investigated by using the panel data analysis method. Companies included in the BIST Dividend 25 Index in the 2010-2022 period were counted. In order to evaluate the main hypothesis, the annual dividend data of these companies between 2010 and 2022 and Turkeys five-year credit default swap premium data were taken into consideration. In addition, it is expected to affect the dividend distribution policies of companies like return on equity, return on assets, investment opportunities, firm size, firm indebtedness, inflation rate, exchange rate and GDP growth rate are also included in the study. Cross-sectional dependence was evaluated by Pesarans CD, Breusch-Pagan and Breusch-Pagan scaled tests, and the stationarity of the series was evaluated using CADF unit root test. Breusch-GodfreyWooldridge and Durbin-Watson tests were used to test the autocorrelation assumption, and Studentized Breusch-Pagan test was used to test the variable variance assumption. As a result, negative correlation was found between credit default swaps and dividend policies of companies.

 In recent years, credit default swaps have become one of the main factors of the economy. In this study, which was prepared in accordance with research and publication ethics, the effect of country credit default swap premiums on dividend policies is investigated by using the panel data analysis method. Companies included in the BIST Dividend 25 Index in the 2010-2022 period were counted. In order to evaluate the main hypothesis, the annual dividend data of these companies between 2010 and 2022 and Turkeys five-year credit default swap premium data were taken into consideration. In addition, it is expected to affect the dividend distribution policies of companies like return on equity, return on assets, investment opportunities, firm size, firm indebtedness, inflation rate, exchange rate and GDP growth rate are also included in the study. Cross-sectional dependence was evaluated by Pesarans CD, Breusch-Pagan and Breusch-Pagan scaled tests, and the stationarity of the series was evaluated using CADF unit root test. Breusch-GodfreyWooldridge and Durbin-Watson tests were used to test the autocorrelation assumption, and Studentized Breusch-Pagan test was used to test the variable variance assumption. As a result, negative correlation was found between credit default swaps and dividend policies of companies.

 Son yıllarda, kredi temerrüt takasları ekonominin ana faktörlerinden biri haline gelmiştir. Araştırma ve yayın etiğine uyularak hazırlanan bu çalışmada, ülke kredi temerrüt takası primlerinin şirketler için hayati önem taşıyan temettü politikaları üzerindeki etkisini panel veri analizi yöntemini kullanarak araştırılmaktadır. Araştırmaya 2010-2022 döneminde BİST Temettü 25 Endeksinde yer alan şirketler dahil edilmiştir. Ana hipotezin değerlendirilebilmesi için söz konusu firmaların 2010 - 2022 yılı arasındaki yıllık temettü verileri ile Türkiyenin beş yıllık kredi temerrüt takası prim verileri dikkate alınmıştır. Ayrıca, şirketlerin temettü dağıtım politikalarını etkilemesi beklenen; öz kaynak kârlılığı, aktif kârlılığı, yatırım fırsatları, firma büyüklüğü, firma borçluluğu, enflasyon oranı, döviz kuru ve GSYİHdeki büyüme oranı da araştırmaya dâhil edilmiştir. Çalışmada yatay kesit bağımlılığı Pesarans CD, Breusch-Pagan ve Breusch-Pagan scaled testleri ile serilerin durağanlığı ise, CADF birim kök testi kullanılarak değerlendirilmiştir. Otokorelasyon varsayımının sınanması için Breusch-GodfreyWooldridge ve Durbin-Watson testleri, değişen varyans varsayımının testi için ise, Studentized Breusch-Pagan testi kullanılmıştır. Sonuç olarak beklendiği gibi, kredi temerrüt takasları ile hisse senetleri Borsa İstanbulda işlem gören şirketlerin temettü politikaları arasında negatif yönlü bir ilişki bulunmuştur.

Article Details

RESEARCHING THE EFFECT OF COUNTRY CREDIT DEFAULT SWAP PREMIUMS ON DIVIDEND POLICIES OF COMPANIES WITH PANEL DATA ANALYSIS METHOD: AN EMPIRICAL STUDY IN BIST DIVIDEND 25 INDEX

Authors:

Ali Necmettin Can | Melek Acar

Publisher:

Erciyes University

Main Topics:

Finans

Journal:

Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Issue 69, pp.171-178

Document Type:

Article

Publication Date:

12/2024

Document Language:

Turkish

Document ID (Org No.):

2001336211

pISSN:

1301-3688

CDS

BİST

dividend.CDS

BİST

temettü.

Issues

Article Details

RESEARCHING THE EFFECT OF COUNTRY CREDIT DEFAULT SWAP PREMIUMS ON DIVIDEND POLICIES OF COMPANIES WITH PANEL DATA ANALYSIS METHOD: AN EMPIRICAL STUDY IN BIST DIVIDEND 25 INDEX

Authors: Ali Necmettin Can | Melek Acar

Publisher: Erciyes University

Main Topics: Finans

Journal: Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Issue 69, pp.171-178

Document Type: Article

Publication Date: 12/2024

Document Language: Turkish

Document ID (Org No.): 2001336211

pISSN: 1301-3688

CDS

BİST

dividend.CDS

BİST

temettü.

Issues

Authors:

Ali Necmettin Can | Melek Acar

Publisher:

Erciyes University

Main Topics:

Finans

Journal:

Erciyes Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi Issue 69, pp.171-178

Document Type:

Article

Publication Date:

12/2024

Document Language:

Turkish

Document ID (Org No.):

2001336211

pISSN:

1301-3688