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

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:
Agency theory
Dividend policy
Free cash flow
Vietnam
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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Thư viện lưu trữ: Thư viện Trường Đại học Đà Lạt
id oai:scholar.dlu.edu.vn:123456789-907
record_format dspace
institution Thư viện Trường Đại học Đà Lạt
collection Thư viện số
language Vietnamese
topic Agency theory
Dividend policy
Free cash flow
Vietnam
spellingShingle Agency theory
Dividend policy
Free cash flow
Vietnam
Hoàng, Mai Phương
Nguyễn, Thanh Hồng Ân
Impact of dividend policy on market price of Vietnamese listed companies from 2010 to 2017
description 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.
format Journal article
author Hoàng, Mai Phương
Nguyễn, Thanh Hồng Ân
author_facet Hoàng, Mai Phương
Nguyễn, Thanh Hồng Ân
author_sort Hoàng, Mai Phương
title Impact of dividend policy on market price of Vietnamese listed companies from 2010 to 2017
title_short Impact of dividend policy on market price of Vietnamese listed companies from 2010 to 2017
title_full Impact of dividend policy on market price of Vietnamese listed companies from 2010 to 2017
title_fullStr Impact of dividend policy on market price of Vietnamese listed companies from 2010 to 2017
title_full_unstemmed Impact of dividend policy on market price of Vietnamese listed companies from 2010 to 2017
title_sort impact of dividend policy on market price of vietnamese listed companies from 2010 to 2017
publishDate 2022
url http://scholar.dlu.edu.vn/handle/123456789/907
https://doi.org/10.37569/DalatUniversity.9.1.529(2019)
_version_ 1768305889568096256
spelling oai:scholar.dlu.edu.vn:123456789-9072022-09-14T08:50:59Z Impact of dividend policy on market price of Vietnamese listed companies from 2010 to 2017 Hoàng, Mai Phương Nguyễn, Thanh Hồng Ân Agency theory Dividend policy Free cash flow Vietnam 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. 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