The main decision areas of financial management include issues regarding financing, investment and dividend distribution. Today, maximizing the firm value, which is the main purpose of firm, taking into account both risk and time factors, is possible by making decisions that will maximize the wealth of the shareholders. It is extremely important for firms to adopt a dividend distribution policy that will not hinder growth but also meet shareholders' expectations. Although there are different theories about the effect of dividend distribution on firm value,  the two main theories on the subject are the view that dividend distribution, put forward by Modigliani and Miller, does not affect firm value, and the view that dividend distribution, advocated by Lintner and Gordon, has an impact on firm value However, due to the ever-changing dynamics of the market and economy, it is not possible to talk about an ideal dividend distribution policy for every firm.