EFFECTS OF OWNERSHIP STRUCTURE ON SIGNAL THEORY

Authors : Esra Akpınar Kılınç

Pages : 736-748

Doi:10.25287/ohuiibf.1637647

View : 72 | Download : 66

Publication Date : 2025-04-30

Article Type : Research Paper

Abstract :The ownership structure of a company is of paramount importance to shareholders, managers and the board of directors. This multidimensional concept, which encompasses the identity of shareholders, the size of shareholdings and the governance structure, is subject to a variety of variables. The dividend distribution decision process conveys information to investors regarding the amount of dividends to be paid and future cash flows. The study further postulates that the signalling theory employed by companies is influenced by the aforementioned ownership structure. To address this postulation, a research study was conducted with the objective of investigating the impact of ownership structure on the signalling theory. The study employs a comprehensive data set, encompassing the manufacturing sector and the BIST 100 index between 2017 and 2021, to analyse the impact of the free float ratio on dividend changes. Additionally, it undertakes a detailed panel data regression analysis for companies that pay dividends and have a free float rate above a specified threshold. The findings indicate that ownership structure exerts a negative influence on dividend fluctuations. Conversely, fluctuations in market capitalisation and net profit have been observed to exert a substantial influence on the alteration in the dividend.
Keywords : Sahiplik Yapısı, Sinyal Teorisi, Temettü Değişimi