Factorization of composite polynomials over finite fields

Dividend policy is a significant concern of corporate finance. Even though there is an extensive amount of research about determinants of the companies’ dividend policy, there is still no uniform result. This study investigates the determinants of dividends policy of 118 industrial companies listed in the Istanbul stock exchange for a period of 8 years from 2003 to 2010. The paper was basically modeled to examine the effects of profitability, growth opportunities, firm size, financial leverage, free floating rate, tax, investment, liquidity, board independence, free cash flow and operational risk on the cash dividend payout decisions of firms listed in industrial sector, using the panel regression analysis method. The study provides evidence that taxes, profitability, growth opportunities, firm size, leverage and liquidity are the most important considerations of dividend payout decisions for Turkish firms. It is found that only leverage has a negative effect on the dividend policy.