Determinants of Dividend Payout Policy: A Case of Nonfinancial Listed Companies in Vietnam

This research examines the determinants that affect the dividend payout ratio of 156 listed companies in the Vietnamese security market during 2009 and 2014.

Tác giả:      Do Thi Van Trang

In trong:     Chuyên san Kinh tế và Kinh doanh

Số:             Tập 32, Số 5, 2016, tr. 12-22

Ngôn ngữ:  Tiếng Anh

Từ khóa:     Payout policy, dividend payout ratio, fixed effect model, random effect model

Tóm tắt:     This research examines the determinants that affect the dividend payout ratio of 156 listed companies in the Vietnamese security market during 2009 and 2014. This study considered the influences of ten independent variables including free cash flow, sales growth, company size, financial leverage, profitability and liquidity. The empirical results show that there are three factors having a significant relationship with the dividend payout ratio. Both the return on equity and the financial leverage variables are statistically and negatively significant with the dividend payout ratio; earnings per share are not clearly significant with the dividend payout ratio. Moreover, in the effect on the dividend payout ratio of the different industry sectors, the storage and food industry has a significant relationship with dividend payout ratio and three industries including the agricultural-forestry-fishery industry; mining industry; manufacturing industry statistically have dividend payout ratios higher than other industries.

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  Ban biên tập

Trưởng ban:


PGS.TS. Nguyễn Hồng Sơn


Phó trưởng ban:


TS. Nguyễn Anh Thu


Thành viên:


TS. Regina M. Abrami

PGS.TS. Christopher Gan

GS.TS. Matsui Yoshiki

PGS.TS. Lê Bộ Lĩnh

PGS.TSKH. Võ Đại Lược

PGS.TS. Phùng Xuân Nhạ

GS. James Riedle

GS. TS. Takakuwa Soemon

GS.TSKH. Nguyễn Quang Thái

TS. Nguyễn Đức Thành

TS. Võ Trí Thành

GS.TS. Trần Văn Thọ

PGS.TS Phạm Văn Dũng

 
 
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