Businesses prefer to share a portion of their profits with their shareholders in the form of dividend payments. However, there are several factors specific to the business and macroeconomic factors that affect the dividend distribution policies of businesses. These factors seriously affect the dividend distribution policies of businesses. Determining how and from which factors a business's dividend payments change over the years is a critical issue for businesses and shareholders. The purpose of this study is to investigate whether changes in interest rates affect the dividend distribution of the company. The purpose of this study is to investigate whether changes in interest rates have an effect on the dividend distribution of the company. In this context, panel data regression analysis and the Granger causality test were conducted with the quarterly financial data of 40 companies traded in the BIST (Borsa Istanbul) dividend index and making regular dividend payments between 2017-2024. Within the scope of the analysis, the dividend distribution rate was included as the dependent variable, and the variables of interest rate, leverage ratio, liquidity ratio, growth rate of assets, return on assets, return on equity and growth rate of net sales were included in the analysis as independent variables. When we look at the empirical findings of the study, there is a statistically positive and significant relationship between the interest rate and the dividend distribution rate. In case of an increase in interest rates, there is also an increase in the dividends paid to the shareholders of the companies. The relationship between the variables of liquidity ratio, leverage ratio, growth rate of assets and growth rate of net sales and the dividend distribution rate was found to be statistically negative and significant at 1% significance level. When the Granger causality analysis findings are examined, there is a significant and strong bidirectional causality relationship between the interest rate, asset growth rate and leverage ratio variables and the dividend distribution ratio variable.