İmalat Sanayi ve Finansal Sektörde Temettü Dağıtımlarının Kısa Dönemli Fiyat Etkisi: BİST Uygulaması (Araştırma Makalesi)

In this study, the short term price effect of the cash dividend distributions made to the share holders was investigated by using the event study method for manufacturing and financial sector companies registered to Istanbul Stock Exchange. For this purpose, 1.307 dividend announcements, between the years 2006-2018, were examined. It was analyzed whether there were abnormal returns in stock prices in the 3-day event window covering dividend distribution announcements. It was seen positive and negative abnormal return respectively in the dividend increase and decrease announcements. Similarly, it was seen positive and negative abnormal return in the announcements with respectively high and low dividend yield announcements. In addition, as a result of the panel regression analysis, a positive relationship was found between the dividend yield/dividend Exchange variable and abnormal return variable in the event window.The results is more robust fo big firms than small firms and for manufacturing firms than financial firms. These findings confirm he positive price effect of dividend announcements forIstanbul Stock Exchange companies in both the manufacturing and the financial industry.