Purpose

The purpose of this paper is to empirically analyse the propensity to pay dividends and investigate whether the catering theory is valid in an emerging market.

Design/methodology/approach

The sample of this study comprises listed firms on the stock market of Turkey, Borsa Istanbul, with 2,438 observations during the period 1999–2015. In line with previous studies in the literature, appropriate control variables are used that may have an impact on Turkish firms' dividend policy. Control variables are examined in the likelihood of paying dividends by using Fama–Macbeth (1973) style cross-sectional logistic regressions. In addition, the linkage between the dividend premium and the propensity to pay is revealed to test the validity of the catering theory.

Findings

The findings of the study confirm the tenets of the catering theory for Turkey. When a positive dividend premium exists, that is when investors demand dividend, firms cater them and distribute dividend; on the contrary, when there is no demand, firms prefer not to pay. The effect of catering incentives on the dividend policy provides useful information for managers because the catering theory claims that investors' demand for dividends has an impact on the valuation of firms.

Originality/value

In the aftermath of the 2001 financial crisis, Turkey implemented far-reaching reforms and policy initiatives to improve the efficiency of capital markets and to overcome the obstacles sourcing from their culture and civil law origin. With the adoption of these major economic and structural reforms, as a civil law origin country, Turkey has managed to ameliorate the protection of investors as in common law countries. Ferris et al. (2009) state that the catering theory is applicable to firms in common law countries but not in civil law countries. In addition, prior research is not so extensive regarding the impact of catering incentives on the dividend policy of firms in emerging markets. The results of the analyses suggest that the catering theory is valid for Turkey as a civil law origin emerging country, and to the best of authors' knowledge, this study is the first to test the catering theory in the Turkish capital markets.

中文翻译：

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餐饮奖励对分红政策的影响：来自土耳其公司的证据

目的

本文的目的是实证分析支付股息的倾向，并调查餐饮理论在新兴市场中是否有效。

设计/方法/方法

本研究的样本包括土耳其证券交易所伊斯坦布尔证券交易所的上市公司，在 1999 年至 2015 年期间进行了 2,438 次观察。与文献中先前的研究一致，使用了可能对土耳其公司的股息政策产生影响的适当控制变量。通过使用 Fama–Macbeth (1973) 风格的横截面逻辑回归，在支付股息的可能性中检查控制变量。此外，还揭示了股息溢价与支付倾向之间的联系，以检验餐饮理论的有效性。

发现

研究结果证实了土耳其餐饮理论的原则。当存在正的股息溢价时，即当投资者要求股息时，公司迎合他们并分配股息；相反，当没有需求时，企业宁愿不支付。餐饮激励对股利政策的影响为管理者提供了有用的信息，因为餐饮理论声称投资者对股利的需求会影响公司的估值。

原创性/价值

在 2001 年金融危机之后，土耳其实施了影响深远的改革和政策举措，以提高资本市场的效率并克服源自其文化和民法渊源的障碍。随着这些重大经济和结构改革的实施，作为大陆法系国家，土耳其已设法像普通法国家一样改善对投资者的保护。费里斯等人。(2009) 指出餐饮理论适用于英美法系国家的公司，但不适用于大陆法系国家的公司。此外，先前关于餐饮激励对新兴市场公司股息政策的影响的研究并不广泛。分析结果表明，餐饮理论对土耳其作为一个民法起源的新兴国家是有效的，据作者所知，本研究是首次在土耳其资本市场上测试餐饮理论。