The impact of dividend policy on stock price volatility: empirical evidence from developing countries. Case of Türkiye: 2017-2019


  • Julian Saraci, ACCA



This research paper endeavors to investigate the impact of dividend policy on stock price volatility from the listed companies on Türkiye Stock Exchange. A sample of 30 companies from six major sectors of TSE based upon the consistent dividend paying behavior has been selected for the period of 2017 – 2019. The descriptive statistics, correlation analysis and multiple regression analysis is used for data analysis. The study has used panel data for analysis. Dividend policy is denoted by two main variables i.e. dividend payout and dividend yield. The study has also included some control variables such as size of firm, asset growth, debt level and earning
volatility to identify their impact on stock prices. The study has found a significant negative relationship between dividend yield and stock price volatility and an insignificant relationship between dividend payout and stock price volatility. The study has also found a
significant negative relationship between size and volatility, an insignificant negative relationship between earning volatility and market volatility and a significant positive relationship between asset growth and volatility. The findings from this research paper are expected to contribute to the literature of dividend policy by providing empirical evidence from Türkiye Stock Market. The findings from this study also intended to provide useful guidance to individual investors, institutional investors, corporate managers and other potential groups in Türkiye.


Dividend policy, stock market volatility, dividend payout, dividend yield, asset growth, debt level, earning volatility.


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Author Biography

Julian Saraci, ACCA

Lecturer, Faculty of Economy, Canadian Institute of Technology (CIT), Tirana, Albania


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How to Cite

Saraci, J. (2023). The impact of dividend policy on stock price volatility: empirical evidence from developing countries. Case of Türkiye: 2017-2019. CRJ, 1(1), 51–54.