KAR PAYI DAĞITIM DUYURULARININ HİSSE SENEDİ PİYASA FİYATINA ETKİSİ: BİST 100’DE AMPİRİK BİR ÇALIŞMA
EFFECTS OF DIVIDEND DISTRIBUTION ANNOUNCEMENTS ON THE MARKET PRICE OF SHARES: EMPIRICAL STUDY IN BIST 100

Summary/Abstract: The aim of this study is to examine the effect of dividend announcements on market prices of stocks. 279 announcements between 2014 and 2016 belonging to the companies traded in the BIST 100 Index are used as the data set. In the study, event study is used. While the results of the study differ according to the market model and capital asset pricing model, the announcements made by the company that declare that they will not distribute dividends as there is no distributable profit and that declare that they will not distribute dividends, even though there are distributable profits cause a negative abnormal return on stock prices. Although there is a similar negative impact on companies reporting that they will distribute cash dividends, it has been found that the negative abnormal return for these companies is higher.

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