Purpose:\udThe purpose of this paper is to investigate the impact of regulations, reforms and legal environment on dividend policy in a different institutional setting. Particularly, it examines the firm-level cash dividend behaviour of publicly listed firms in Turkey in the post-2003 period, since there were major economic and structural reforms as well as significant regulatory changes of dividend payout rules imposed by the supervisory bodies.\ud\udDesign/methodology/approach:\udThe paper focuses on a recent large panel data set of 264 Istanbul Stock Exchange (ISE)-listed firms over a ten-year period 2003-2012. First, it employs a modified specification of Lintner’s (1956) partial adjustment model for analysis regarding target payout ratio and dividend smoothing. Second, it performs a logit model for analysis in identifying the link between financial characteristics and the likelihood of paying dividends.\ud\udFindings:\udThe results show that ISE firms now follow the same determinants as suggested by Lintner. They, indeed, have long-term payout ratios and adjust their cash dividends by a moderate level of smoothing, and therefore adopt stable dividend policies (although less stable policies compared to their counterparts in the developed US market) as a signalling mechanism over the period 2003-2012. Moreover, the results also report that ownership structure concentration affects the target payout ratio and dividend smoothing in the Turkish market. In addition, the results further show that more profitable, more mature and larger sized ISE firms are more likely to pay cash dividends, whereas ISE firms with higher investment opportunities and more debt are less likely to distribute cash dividends in the post-2003 period.\ud\udOriginality/value:\udTo the best of authors’ knowledge, this paper is the first major research that examines the implications of reforms and regulations on cash dividend payments and dividend smoothing over time in Turkey during its market integration process in the post-2003 period.
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机译：目的：本文旨在研究不同制度背景下的法规，改革和法律环境对股利政策的影响。特别是，它检查了2003年后时期土耳其公开上市公司的公司一级现金股利行为，因为监管机构对股利支付规则进行了重大的经济和结构改革以及重大的监管变更。 \ ud设计/方法/方法：\ ud本文重点研究了2003-2012年十年期间264家在伊斯坦布尔证券交易所（ISE）上市的公司的最新大型面板数据集。首先，它采用了Lintner（1956）的部分调整模型的修改后的规范来分析目标支出比率和股利平滑。其次，它执行logit模型进行分析，以识别财务特征和支付股息的可能性之间的联系。\ ud \ ud结果：\ ud结果表明，ISE公司现在遵循与Lintner建议相同的决定因素。实际上，他们具有长期派息比率，并通过适度的平滑调整其现金股利，因此采用稳定的股利政策（尽管与美国发达市场的同行相比，其稳定性较差）作为信号传递机制。 2003-2012。此外，结果还报告说，所有权结构的集中会影响土耳其市场的目标支付率和股利平滑。此外，结果还表明，利润更高，成熟度更高和规模更大的ISE公司更有可能支付现金股利，而投资机会更多且债务更多的ISE公司在2003年后时期不太可能分配现金股利。 \ ud \ ud原创性/价值：\ ud据作者所知，这是第一篇主要研究，探讨了改革和法规对土耳其在其市场整合过程中随着时间的推移对现金股息支付和股息平滑的影响-2003年期间。
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