M.A. Thesis:

Divorce Policy, Gender Diversity and Ownership Induced Using Gmm Estimates

endogenous relationship), gender diversity and dividend policy has been investigated. Since the ownership structures are exogenous and are not randomly chosen by investors, Common regression causes bias in the coefficients. GMM technique, is to control the endogeneity and to assess effects that ownership variables have on the behavior of dividend. For this purpose, data of 111 firms were used in the period 2012 to 2017. In this study, the effect of ownership variable on dividend policy was estimated as exogenous once and endogenous once again. For the statistical analysis, the results were analyzed via Software R by using ordinary panel data. In both methods, the simple logistic regression and logistic panel model was fitted and Akaike's information criterion (AIC) were used for comparing the methods. It was observed that the p-value of concentrated institutional investors (INS) and concentrated corporate investors (CORP) is less than 0.05, so these two variables have a significant effect on the variable dividend policy. Although the gender variable did not have any significant effect on dividend policy.

Keywords: Keywords: Dividend Policy, the Endogeneity of Ownership, Institutional Ownership, Corporate Ownership, Gender Diversity, GMM (Generalized Method of Moments).).