Determinants of dividend policy in BRICS-T countries

Authors : Ömer Serkan Gülal, Levent Çıtak

Pages : 706-733

Doi:10.30783/nevsosbilen.1614679

View : 106 | Download : 89

Publication Date : 2025-06-27

Article Type : Research Paper

Abstract :This study investigates the drivers that influence dividend policies in BRICS-T countries, including Brazil, Russia, India, China, South Africa, and Turkey as a potential new member to BRICS, from 2008 to 2018. By employing the Driscoll-Kraay panel data estimator, paper examines the effects of variables including profitability, risk, growth opportunities, leverage, size, and liquidity on dividend policies at firm level. The sample comprises 296 non-financial sector companies chosen from the BRICS-T economies. The findings show that firm profitability and firm size have a positive effect on dividend payout, while debt level, firm risk and growth opportunities have a negative effect on dividend payouts. These results confirm the signal effect and the life cycle theory for the specified markets. The study aims to fill the gap in the literature. about the drivers of dividend policy and provides a framework for how firm and market characteristics shape dividend decisions in the BRICS-T countries. Furthermore, we highlight the importance of firm-specific dynamics in understanding dividend behavior, providing insights for policymakers and investors operating in these emerging economies.
Keywords : Kâr Payı Dağıtım Politikası, BRICS-T, Panel Veri Analizi

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