The effects of dividend policies on stock prices of firms have been investigated in this study. The dataset used in the study consists of annual observations between 2010 and 2015 of 1117 non-bank firms selected from S&P 500, FTSE 100, Nikkei 225, CAC 40, SSEC, BOVESPA, NSEI and BIST 100 indexes. According to the results that are estimated by System in GMM, increase in the cash dividend payout ratio of the firms affect their stock prices as positive. Thus, it might be said that obtained results from the paper support Signalling and the Information Content Approach and Bird in Hand Theory. On the other side, there isnt enough evidence for validation of Irrelevance Theory.
Key words: Cash Dividend Policies, Stock Performance, System in GMM, Dividend Theories, Non-Bank Firms. JEL Codes: G32, G35, C33.
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