Impact of dividend policy on market price of Vietnamese listed companies from 2010 to 2017

Using a sample of 133 listed firms on the Hochiminh Stock Exchange for the period from 2010 to 2017, this research finds evidence indicating that dividend policy does not affect a firm’s value. A robust test with a dynamic model using the System-GMM method confirms the results. The research results...

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Những tác giả chính: Hoàng, Mai Phương, Nguyễn, Thanh Hồng Ân
Định dạng: Journal article
Ngôn ngữ:Vietnamese
Được phát hành: 2022
Những chủ đề:
Truy cập trực tuyến:http://scholar.dlu.edu.vn/handle/123456789/907
https://doi.org/10.37569/DalatUniversity.9.1.529(2019)
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Miêu tả
Tóm tắt:Using a sample of 133 listed firms on the Hochiminh Stock Exchange for the period from 2010 to 2017, this research finds evidence indicating that dividend policy does not affect a firm’s value. A robust test with a dynamic model using the System-GMM method confirms the results. The research results support the hypothesis that in less-developed financial markets, such as those in Vietnam, positive effects of paying dividends, as suggested by existing theories in finance, tend to be neutralized by the costs that firms have to endure due to insufficient cash. This might partially explain why dividend policy does not affect a firm’s value in Vietnam.