文章基本信息

标题：Dividend policy and share price volatility: empirical evidence from Vietnam
本地全文：下载
作者：Thanh Hieu Nguyen ; Huu Anh Nguyen ; Quang Chung Tran 等
期刊名称：Accounting
印刷版ISSN：2369-7393
电子版ISSN：2369-7407
出版年度：2019
卷号：6
期号：2
页码：67-78
DOI：10.5267/j.ac.2019.12.006
出版社：Growing Science
摘要：This paper was conducted to examine the relationship between dividend policy and share price volatility of companies listed on Hochiminh Stock Exchange (HOSE) in Vietnam. Data set used in this research was compiled from financial statements of 260 listed firms on HOSE from 2009 to 2018. Three statistical approaches employed to address econometrics issues as well as to improve the accuracy of the regression coefficients like fixed effects model (FEM), random effects model (REM) and general method of movement (GMM). Based on the results from GMM, the association between share price volatility and dividend yield, dividend payout ratio has been explored. The findings show a positive relationship between dividend yield and stock price volatilities and a negative relationship between dividend payout ratio and stock price volatility. In addition, it is found that a ﬁrm’s growth rate, leverage and earnings volatility had positive influences on share price volatility while firm’s size had negative effect on share price volatility.
关键词：Dividend; Firm; Growth rate; Investor; Manager; Volatility