Factors Influencing the Dividend Policy of Vietnamese Enterprises

Hung, Dang Ngoc; Ha, Nguyen Viet; Binh, Dang Thai

doi:10.5296/ajfa.v10i2.13651

Cited by 8 publications

(9 citation statements)

References 15 publications

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“…In addition, the ROE of the listed firm on HOSE from 2014 to 2020 has meaningless statistical significance. This result is inconsistent with several previous research, such as Hung et al (2018).…”

Section: Resultscontrasting

confidence: 99%

“…Firm size (SIZE) at the significance of 5%, the result shows that the larger firms tend to pay dividends more than the smaller firms. This finding has similar to the previous publication by Hejazi andMoshtaghin (2014), andHuong et al (2015), Hung et al (2018), Hoang (2021.…”

Section: Resultssupporting

confidence: 93%

“…In Viet Nam, dividends have been attracting various researchers. They also find that the factors of firm size, earnings on equity, return on assets, and return on equity that impact on dividend policy by Ngoc and Cuong (2014), Loc and Tien (2015), Huong et al (2015), Hung et al (2018) and Hoang (2021). However, there are very few studies to determine the relationship between the free cash flow, the firm's life cycle, and dividend policy.…”

Section: Introductionmentioning

confidence: 94%

“…Return on assets (ROA): Firms with high profitability will generate high free cash flows. Therefore, they tend to pay dividends as Thanatawee (2011), Ngoc and Cuong (2014), Hung et al (2018). Hence, ROA will have a positive influence on dividend policy.…”

Section: Independent Variablementioning

confidence: 99%

See 3 more Smart Citations

The impact of the free cash flow and the firm’s life cycle on dividend policy: Evidence from Vietnam’s listed firms

Chau

2023

CTU J. of Inn. & Sus. Dev.

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The decision on dividend policy is one of the most important decisions in the financial sector which still has inconsistent results leading to various debates among researchers. This study aims to examine the impact of the factor of the free cash flow (FCF) and the firm’s life cycle (RE/TE) on the dividend payout ratio. A panel data of 110 listed firms from the period 2014 - 2020 on Ho Chi Minh stock exchange (HOSE) are used to test the hypothesis. The estimators used to analyze the data are fixed effect model (FEM), random effect model (REM), and then generalized method of moments (GMM) applied to remedy the common errors of panel data. The finding shows that firms in the growth stage will use the free cash flow to invest in a profitable project instead of paying dividends to shareholders. In the meantime, other firm characteristics such as firm size, return on assets, and debt have a positive impact on the dividend payout ratio.

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Section: Resultscontrasting

confidence: 99%

Section: Resultssupporting

confidence: 93%

Section: Introductionmentioning

confidence: 94%

Section: Independent Variablementioning

confidence: 99%

See 2 more Smart Citations

The impact of the free cash flow and the firm’s life cycle on dividend policy: Evidence from Vietnam’s listed firms

Chau

2023

CTU J. of Inn. & Sus. Dev.

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“…Kapasitas suatu bisnis untuk menghasilkan keuntungan sambil memanfaatkan sumber dayanya dikenal sebagai profitabilitas, dan rasio profitabilitas dapat digunakan untuk mengukur kemampuan ini. Sejumlah penelitian memperlihatkan bahwa profitabilitas memiliki dampak menguntungkan yang kuat terhadap kebijakan dividen, termasuk yang dilakukan Dang et al (2018), Al-Fasfus (2020, Angelia & Toni (2020), dan Sanjaya dkk. (2018).…”

Section: Pendahuluanunclassified

Pengaruh Profitabilitas, Ukuran Perusahaan, dan Kepemilikan Perusahaan terhadap Kebijakan Dividen pada Perusahaan BUMN

Hidayat,

I Gusti Ketut Agung Ulupui,

Hera Khairunnisa

2024

JAPA

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Examining and assessing the effects of company size, profitability, and institutional ownership on state-owned enterprises listed on the Indonesia Stock Exchange's dividend policy from 2018 to 2022 is the goal of this research. In this study, logistic regression analysis was utilized with the assistance of SPSS 29. Utilizing secondary data from corporate annual reports and financial reports that are available on each company's website as well as the IDX, this study is quantitative in nature. The study's population consists of the 24 state-owned companies that were listed on the Indonesian stock exchange between 2018 and 2022. In this study, 75 data samples from 15 businesses that complied with the criteria were used to implement purposeful sampling. The results of the study indicate that, at least in part, profitability has a considerable favorable influence on the dividend policy. The company's size has no discernible effect on the dividend policy. Institutional ownership has no appreciable effect on the dividend policy. The study's implication for the corporation is that it should maximise profits through improved performance, particularly when it comes to the utilisation of company assets. Investors might therefore infer from this that they can base their selections on profitability. This is due to the study's showing that dividend policy can be impacted by a company's profitability.

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Factors affecting the dividend policy of non-financial joint-stock companies in Ukraine

Rohov

Kolodiziev

Shulga

et al. 2020

Investment Management and Financial Innovations

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Dividend policy, as part of corporate governance, is largely dependent on the institutional environment in which companies operate. The study aims to determine factors affecting dividend policy in the conditions of the Ukrainian underdeveloped stock market, legal insecurity of minority shareholders, high cost and concentration of capital. For this purpose, hypotheses about the impact of a company’s financial state, size, business risk, and ownership structure on dividend payments were tested using a sample of 58 Ukrainian non-financial public joint-stock companies and applying Interactive tree classification techniques (C&amp;RT). The resulting classification model for predicting dividend decisions correctly classifies 92.86% of companies that paid dividends and 93.3% of companies that did not. The findings, based on the classification tree and importance scale, prove the hypothesis that companies in which individuals and institutional investors have a controlling interest are more likely to pay dividends than other non-state companies. The financial indicators accurately classify only those firms that do not pay dividends, and business risk does not affect classification accuracy at all. The paper substantiates the ways of using the study findings for economic regulation, protection of minority shareholders’ rights, and proliferation of modern corporate governance practices.

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Factors Influencing the Dividend Policy of Vietnamese Enterprises

Cited by 8 publications

References 15 publications

The impact of the free cash flow and the firm’s life cycle on dividend policy: Evidence from Vietnam’s listed firms

The impact of the free cash flow and the firm’s life cycle on dividend policy: Evidence from Vietnam’s listed firms

Pengaruh Profitabilitas, Ukuran Perusahaan, dan Kepemilikan Perusahaan terhadap Kebijakan Dividen pada Perusahaan BUMN

Factors affecting the dividend policy of non-financial joint-stock companies in Ukraine

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