DETERMINATION OF MICRO AND MACRO FACTORS AFFECTING CASH DIVIDEND PAYOUT POLICIES BY PANEL DATA ANALYSIS: A RESEARCH ON BIST 100 INDEX

Purpose - It was aimed to determine the micro and macro factors affecting the dividend policies of firms. Firms in Borsa Istanbul 100 Index, whose shares are traded on a regular basis and which are not active in the financial sector have been analyzed. Methodology - Relationship between the dividend policies of firms and micro and macro factors have been analyzed using the panel data method. And We used the White's cross section coefficient covariance method in order to account for heteroscedasticity effects. Findings - A statistically significant and positive relationship was observed between payout ratio and return on assets, financial leverage and market value. Significant and negative relationship was observed between payout ratio and assets structure, growth opportunity, firm size and inflation rate. There was no significant relationship between payout ratio and liquidity ratio, gold price and interest rate. Conclusion - These findings support bird in the hand, tax effect, signal and agency theories