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Dividend Payout Policy and Life Cycle Theory: An Empirical Evidence from Istanbul Stock Exchange Manufacturing Firms

Author

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  • Sibel Celik

    (Dumlupinar University)

Abstract

The paper tests the validty of life cycle theory of dividends in the Turkey by using the dataset of 146 ISE listed manufacturing firms for the period 2006-2011 and employing the logit and probit models. As a result we find the evidence supporting the life cycle theory of dividends in Turkey. In addition to this, firms with high profitability and cash ratio tend to pay more dividends. The findings have important implications for investors.

Suggested Citation

  • Sibel Celik, 2013. "Dividend Payout Policy and Life Cycle Theory: An Empirical Evidence from Istanbul Stock Exchange Manufacturing Firms," Anadolu University Journal of Social Sciences, Anadolu University, vol. 13(2), pages 115-122, June.
    • Handle: RePEc:and:journl:v:13:y:2013:i:2:p:115-122
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    File URL: http://www.anadolu.edu.tr/arastirma/hakemli_dergiler/sosyal_bilimler/pdf/2013_2/2013-02-09.pdf
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    More about this item

    Keywords

    Dividend Payout Policy; Life Cycle Theory; Panel Logit; Panel Probit;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • G3 - Financial Economics - - Corporate Finance and Governance

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