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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| Format: | Article |
| Language: | English |
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Dalat University
2019-03-01
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| Series: | Tạp chí Khoa học Đại học Đà Lạt |
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| Online Access: | http://tckh.dlu.edu.vn/index.php/tckhdhdl/article/view/529 |
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| author | Hoàng Mai Phương Nguyễn Thanh Hồng Ân |
| author_facet | Hoàng Mai Phương Nguyễn Thanh Hồng Ân |
| author_sort | Hoàng Mai Phương |
| collection | DOAJ |
| 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 | Article |
| id | doaj-art-1d1f401788eb42eeaba72d4d21cb9ae3 |
| institution | Kabale University |
| issn | 0866-787X 0866-787X |
| language | English |
| publishDate | 2019-03-01 |
| publisher | Dalat University |
| record_format | Article |
| series | Tạp chí Khoa học Đại học Đà Lạt |
| spelling | doaj-art-1d1f401788eb42eeaba72d4d21cb9ae32025-02-02T20:43:05ZengDalat UniversityTạp chí Khoa học Đại học Đà Lạt0866-787X0866-787X2019-03-0191708710.37569/DalatUniversity.9.1.529(2019)273IMPACT OF DIVIDEND POLICY ON MARKET PRICE OF VIETNAMESE LISTED COMPANIES FROM 2010 TO 2017Hoàng Mai Phương0Nguyễn Thanh Hồng Ân1Khoa Kinh tế & Quản trị Kinh doanh, Trường Đại học Đà LạtKhoa Kinh tế & Quản trị Kinh doanh, Trường Đại học Đà LạtUsing 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.http://tckh.dlu.edu.vn/index.php/tckhdhdl/article/view/529chính sách cổ tứcdòng tiền tự dogiá trị thị trườnglý thuyết đại diệnviệt nam. |
| spellingShingle | Hoàng Mai Phương Nguyễn Thanh Hồng Ân IMPACT OF DIVIDEND POLICY ON MARKET PRICE OF VIETNAMESE LISTED COMPANIES FROM 2010 TO 2017 Tạp chí Khoa học Đại học Đà Lạt chính sách cổ tức dòng tiền tự do giá trị thị trường lý thuyết đại diện việt nam. |
| title | 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_short | 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 |
| topic | chính sách cổ tức dòng tiền tự do giá trị thị trường lý thuyết đại diện việt nam. |
| url | http://tckh.dlu.edu.vn/index.php/tckhdhdl/article/view/529 |
| work_keys_str_mv | AT hoangmaiphuong impactofdividendpolicyonmarketpriceofvietnameselistedcompaniesfrom2010to2017 AT nguyenthanhhongan impactofdividendpolicyonmarketpriceofvietnameselistedcompaniesfrom2010to2017 |