Dividend Policy, Financial Leverage and Ownership Structure: Empirical Evidence from Vietnam
Main Article Content
Abstract
We examine the impact of leverage and state and foreign ownership structure on dividend payout policy of non-financial listed firms on both Ho Chi Minh and Hanoi Stock Exchange of Vietnam from 2010-2015. Our results suggest that firm with high level of debt tend to pay less dividend due to their financial constrain. Moreover, dividends are used as a signal of good performance to investors. Thus, firms tend to keep stable dividend policy over time. In addition, firms with higher portion of shares owned by the government are more likely to pay out more dividends. Meanwhile, foreign investors are found to have power in monitoring managers so they do not have to use dividend policy as the tool to reduce the free cash flow problem
Article Details
Keywords
Dividend payout, financial leverage, ownership structure
References
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3. Agrawal, A & Jayaraman, N 1994, ‘The dividend policies of all-equity firms: a direct test of the free cash flow theory’, Manag. Decis. Econ. 15, pp. 139-148.
4. Agrawal, A & Jayaraman, N 1994, ‘The dividend policies of all-equity firms: A direct test of the free cash flow theory’, Managerial and Decision Economics 15, pp. 139148.
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6. Al-Kuwari, D 2009, ‘Determinants of the Dividend policy in Emerging Stock Exchanges: The Case of GCC countries’, Global Economy & Finance Journal, pp. 38-63.
7. Alli, L, Qayyum, KA & Ramirez, GG 1993, ‘Determinants of corporate dividend policy: a factorial analysis’, Financ. Rev., pp. 523-547.
8. Al-Malkawi, HN 2007, ‘Determinant of Corporate Dividend Policy in Jordan’, Journal of Economic and Administrative Since 23, pp. 44-71.
9. Al-Twaijry, A 2007, ‘Dividend policy and payout ratio: Evidence from Kuala Lumpur stock exchange’, J. Risk Financ., pp. 349-363.
10. Anil, K & Kapoor, S 2008, ‘Determinants of dividend payout ratios - a study of Indian information technology sector’, Int. Resour. J. Financ. Econ. 15, pp. 1-9.
11. Ayub, M 2005, ‘Corporate Governance and Dividend Policy’, Pakistan Economic and Social Review, pp. 115-128.
12. Baker, HK, Dutta, S & Saadi, S 2008, ‘How managers of financial versus non-financial firms view dividends: the Canadian evidence’, Glob. Financ. 19, pp. 171-186.
13. Baker, HK & Jabbouri, I 2016, ‘How Moroccan managers view dividend policy’, Manag. Financ.
14. Baker, HK & Powell, GE 2012, ‘Dividend policy in Indonesia: Survey evidence from executives’, J.Asia Bus. Stud., pp. 79-92.
15. Baker, HK, Saadi, S, Dutta, S & Gandhi, D 2007, ‘The perception of dividends by Canadian managers: New survey evidence’, Int. J. Manag. Financ. 3, pp. 70-91.
16. Baker, HK, Singleton, JC & Veit, ET 2011, ‘Survey Research in Corporate Finance’, Oxford University Press.
17. Baker, HK, Veit, ET & Powell, GE 2001, ‘Factors influencing dividend policy decisions of Nasdag Firms’, Financ. Rev. 36, pp. 19-38.
18. Behr, P & Guttler, A 2007, ‘Credit rish assessment and relationship lending: an empirical analysis of German small and medium-sized enterprises’, J. Small. Bus. Manag. 45, pp. 194-213.
19. Bhat, R & Pandey, IM 1994, ‘Dividend decision: A study of managers’ perceptions’, Decision 21, pp. 67-86.
20. Black, FS 1974, ‘The effects of dividend yield and dividend policy on common stock prices and returns’, Journal Financial Econ. 1, pp. 1-22.
21. Black, F 1976, ‘The dividend puzzle’, Journal Port. Manag. 2, pp. 5-84.
22. Chateau, J 1979, ‘Dividend policy revisited: Within- and out-of-sample tests’, Journal of Business Finance and Accounting 6, pp. 355-372.
23. Crutchley, C & Hansen, R 1989, ‘A test of the agency theory of managerial ownership, corporate leverage and corporate dividends’, Financ. Manag. 18, pp. 36-46.
24. DeAngelo, H, DeAngelo, L & Skinner, DJ 1996, ‘Reversal of fortune: Dividend signalling and the disappearance of sustained earnings growth’, Journal of Financial Economics 40, pp. 341-371.
25. DeAngelo, H, DeAngelo, L & Skinner, D 2004, ‘Are dividends disappearing? Dividend concentration and the consolidation of earnings’, J. Financ. Econ. 72, pp. 425-456.
26. DeAngelo, H, DeAngelo, L & Stulz, RM 2006, ‘Dividend policy and the earned/ contributed capital mix: A test of the life-cycle theory’, Journal of Financial economics 81, pp. 227-254.
27. Deshmukh, S 2003, ‘Dividend initiations and asymmetric information: a hazard model’, Financ. Rev 38, pp. 351-368.
28. Easterbrook, FH 1984, ‘Two agency-cost explanations of dividends’, American Economic Review, pp. 650-659.
29. Eddy, A & Seifert, B 1988, ‘Firm size and dividend announcements’, Journal Financ. Res., pp. 295-302.
30. Faccio, M, Lang, LHP & Young, L 2001, ‘Dividends and expropriation’, Am. Econ. Rev. 91, pp. 54-78.
31. Fama, EF & French, K 2000, ‘Forecasting profitability and earnings’, J. Financ. 55, pp. 389-406.
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33. Farrelly, GE, Baker, KH & Edelman, RB 1986, ‘Corporate dividends: views of policy makers’, Akron Bus. Econ. Rev., pp. 62-74.
34. Fleming, G, Heaney, R & McCosker, R 2005, ‘Agency costs and ownership structure in Australia’, Pac. Basin Financ. J, pp. 29-52.
35. Frankfurter, GM & Wood Jr., BG 2002, ‘Dividend policy theories and their empirical tests’, Int. Rev. Financ. Anal., pp. 111-138.
36. Glen, J, Karmokolias, Y, Miller, R & Shah, S 1995, ‘Dividend policy and behavior in emerging markets’, IFC Discussion Paper no 26.
37. Gordon, MJ 1963, ‘Optimal Investment and Financing Policy’, Journal of Finance 18, pp. 264-272.
38. Gustav & Gairatjon 2008, ‘Determinants of dividend payout ratio - a study of Swedish Large and medium caps’, University of Umea.
39. Hafeez, A & Attiya, YJ 2012, ‘The determinants of dividend policy in Pakistan’, Munich Personal Repec Archive Paper.
40. Holder, M, Langrehr, F & Hexter, J 1998, ‘Dividend Policy Determinants: An investigation of the Influences of Stakeholder theory’, Financial Management 27, pp. 73-82.
41. Imad, J 2016, ‘Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets’, Research in International Business and Finance 37, pp. 283-298.
42. Jakob, SH & Johannes, R 2008, ‘Dividend determinants in Denmark Management Working Paper’, University of Aarhus, Denmark.
43. Jensen, M & Meckling, W 1976, ‘Theory of firm: managerial behaviour, agency cost, and ownership structure’, Journal of Financial Economics 3, pp. 305-360.
44. Jensen, MC & Meckling, WH 1986, ‘Agency cost of free cash flows corporate finance and takeovers’, Am. Econ. Rev., pp. 323-329.
45. Jensen, G, Solberg, D & Zorn, T 1992, ‘Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies’, Journal of Financial and Quantitative Analysis 27, pp. 263-274.
46. Jeong, J 2013, ‘Determinants of dividend smoothing in emerging market: The case of Korea’, Emerging Market Review 17, pp. 76-88.
47. Jian, Z & Khoa, CP 2014, ‘Market efficiency in emerging stock markets: A case study of the Vietnamese stock market’, IOSR Journal of Business and Management 16, pp. 61-73.
48. Kania, SL & Bacon, FW 2005, ‘What factors motivate the corporate dividend decision’, ASBBS E J., pp. 97-107.
49. Kato, KH, Loewenstein, U & Tsay, W 2002, ‘Dividend policy, cash flow,and investment in Japan’, Pac.-Basin Finance. J., pp. 443-473
50. La Porta, R, Lopez-de-Silanes, F, Shleifer, A & Vishny, R 2000, ‘Investor Protection and Corporate governance’, J. Financ. Econ. 58, pp. 3-27.
51. Lai, TPN 2015, ‘Corporate Finance and State Ownership in Vietnam: Capital Structure, Investment behavior and Profitability of Listed Companies’, Thesis, Hitotsubashi University, Tokyo.
52. Lang, LH & Litzenberger, RH 1989, ‘Dividend annoucements: Cash flow signalling vs. free cash flow hypothesis?’, Journal of Financial Economics 24, pp. 181-191.
53. Leithner, S & Zimmermann, H 1993, ‘Market value and aggregate dividends: A reappraisal of recent tests, and evidence from European markets’, Swiss Journal of Economics and Statistic, pp. 99-122.
54. Lintner, J 1956, ‘Distribution of Incomes of Corporations among Dividends, Retained Earnings and Taxes’, American Economic Review, pp. 97-113.
55. Lintner, J 1962, ‘Dividends, Earnings, Leverage, Stock Prices and Suppy of Capital to Corporations’, The Review of Economics and Statistics 64, pp. 243-269.
56. Lloyd, W, Jahera, J & Page, D 1985, ‘Agency costs and dividend payout ratios’, Q. J. Bus. Econ. 24, pp. 19-29.
57. Ly, TH & Bay, DT 2015, ‘Cấu trúc sở hữu và chính sách cổ tức của các doanh nghiệp niêm yết: Bằng chứng tại Việt Nam’, Nghiên cứu và Trao đổi, pp. 72-78.
58. Manos, R 2002, ‘Dividend Policy and Agency Theory: Evidence on Indian Firms’, Working Paper, University of Manchester, Manchester.
59. Miller, MH & Modigliani, F 1961, ‘Dividend policy, Growth, and the Valuation of shares’, Journal of Business 34, pp. 411-433.
60. Mollah, S, Keasey, K & Short, H 2002, ‘The influence of Agency Costs on Dividend Policy in an Emerging Market: Evidence from the Dhaka Stock Exchange’, Working Paper, Bath University.
61. Newton, H 2003, ‘Testing for serial correlation in linear panel-data models’, The Stata Journal, vol 3, pp. 168-177.
62. Ngoc, DB & Cuong, NC 2014, ‘Các nhân tố ảnh hưởng đến chính sách cổ tức của các doanh nghiệp niêm yết trên thị trường chứng khoán Việt Nam’, Phát Triển Kinh Tế 290, pp. 42-60.
63. Nikkei company 2015, ‘Vietnam opens its stock market further’, Business Department, Nikkei Asian Review, Tokyo.
64. Pandey, I 2001, ‘Corporat Dividend Policy and Behaviour: The Malaysian Experience’, Working Paper, Indian Institute of Management, Ahmadabad.
65. Partington, GH 1983, ‘Why firms use payout target: a comparative study of dividend policies’, In: Paper presented at AAANZ Conference, Brisbane.
66. Ranti 2013, ‘Determinants of dividend policy - a study of selected listed firm in Nigeria’, Manager - Change and leadership.
67. Redding, L 1997, ‘Firm Size and Dividend Payouts’, Journal of Financial Intermediation 6, pp. 224-248.
68. Sawicki, J 2005, ‘An investigation into the dividend of the firms in east asia’, Working Paper, Nanyang technological University, Singapore.
69. Sawicki, J 2008, ‘Corporate governance and dividend policy in Southeast Asia: pre- and post- crisis’, Eur. J. Financ., pp. 211-230.
70. Talat, A 2010, ‘Ownership Structure and Cash flows as determinants of Corporate Dividend Policy in Pakistan’, International Business Research, pp. 210-221.
71. Tran, TTN 2011, ‘Toward practical and effective solutions for Vietnam stock market’s asymmetric information problem’, Thesis, Waseda University, Tokyo.
72. Wang, M, Gao, S & Guo, G 2002, ‘Dividend policy of China’s listed companies’, Working paper.
73. Watts, R 1973, ‘The information content of dividend’, Journal of Business 46, pp. 191-211.
74. Woolridge, JM 2002, ‘Econometric analysis of cross section and panel data’, The MIT press.
2. Afza, T & Hammad, M 2011, ‘Do mature companies pay more dividends? Evidence from Pakistani stock market’, Mediterr. J. Soc. Sci. 2, pp. 2-2.
3. Agrawal, A & Jayaraman, N 1994, ‘The dividend policies of all-equity firms: a direct test of the free cash flow theory’, Manag. Decis. Econ. 15, pp. 139-148.
4. Agrawal, A & Jayaraman, N 1994, ‘The dividend policies of all-equity firms: A direct test of the free cash flow theory’, Managerial and Decision Economics 15, pp. 139148.
5. Agrawal, A & Knoeber, CR 1996, ‘Firm performance and mechanisms to control agency problems between managers and shareholders’, J. Financ. Quant. Anal., pp. 377-397.
6. Al-Kuwari, D 2009, ‘Determinants of the Dividend policy in Emerging Stock Exchanges: The Case of GCC countries’, Global Economy & Finance Journal, pp. 38-63.
7. Alli, L, Qayyum, KA & Ramirez, GG 1993, ‘Determinants of corporate dividend policy: a factorial analysis’, Financ. Rev., pp. 523-547.
8. Al-Malkawi, HN 2007, ‘Determinant of Corporate Dividend Policy in Jordan’, Journal of Economic and Administrative Since 23, pp. 44-71.
9. Al-Twaijry, A 2007, ‘Dividend policy and payout ratio: Evidence from Kuala Lumpur stock exchange’, J. Risk Financ., pp. 349-363.
10. Anil, K & Kapoor, S 2008, ‘Determinants of dividend payout ratios - a study of Indian information technology sector’, Int. Resour. J. Financ. Econ. 15, pp. 1-9.
11. Ayub, M 2005, ‘Corporate Governance and Dividend Policy’, Pakistan Economic and Social Review, pp. 115-128.
12. Baker, HK, Dutta, S & Saadi, S 2008, ‘How managers of financial versus non-financial firms view dividends: the Canadian evidence’, Glob. Financ. 19, pp. 171-186.
13. Baker, HK & Jabbouri, I 2016, ‘How Moroccan managers view dividend policy’, Manag. Financ.
14. Baker, HK & Powell, GE 2012, ‘Dividend policy in Indonesia: Survey evidence from executives’, J.Asia Bus. Stud., pp. 79-92.
15. Baker, HK, Saadi, S, Dutta, S & Gandhi, D 2007, ‘The perception of dividends by Canadian managers: New survey evidence’, Int. J. Manag. Financ. 3, pp. 70-91.
16. Baker, HK, Singleton, JC & Veit, ET 2011, ‘Survey Research in Corporate Finance’, Oxford University Press.
17. Baker, HK, Veit, ET & Powell, GE 2001, ‘Factors influencing dividend policy decisions of Nasdag Firms’, Financ. Rev. 36, pp. 19-38.
18. Behr, P & Guttler, A 2007, ‘Credit rish assessment and relationship lending: an empirical analysis of German small and medium-sized enterprises’, J. Small. Bus. Manag. 45, pp. 194-213.
19. Bhat, R & Pandey, IM 1994, ‘Dividend decision: A study of managers’ perceptions’, Decision 21, pp. 67-86.
20. Black, FS 1974, ‘The effects of dividend yield and dividend policy on common stock prices and returns’, Journal Financial Econ. 1, pp. 1-22.
21. Black, F 1976, ‘The dividend puzzle’, Journal Port. Manag. 2, pp. 5-84.
22. Chateau, J 1979, ‘Dividend policy revisited: Within- and out-of-sample tests’, Journal of Business Finance and Accounting 6, pp. 355-372.
23. Crutchley, C & Hansen, R 1989, ‘A test of the agency theory of managerial ownership, corporate leverage and corporate dividends’, Financ. Manag. 18, pp. 36-46.
24. DeAngelo, H, DeAngelo, L & Skinner, DJ 1996, ‘Reversal of fortune: Dividend signalling and the disappearance of sustained earnings growth’, Journal of Financial Economics 40, pp. 341-371.
25. DeAngelo, H, DeAngelo, L & Skinner, D 2004, ‘Are dividends disappearing? Dividend concentration and the consolidation of earnings’, J. Financ. Econ. 72, pp. 425-456.
26. DeAngelo, H, DeAngelo, L & Stulz, RM 2006, ‘Dividend policy and the earned/ contributed capital mix: A test of the life-cycle theory’, Journal of Financial economics 81, pp. 227-254.
27. Deshmukh, S 2003, ‘Dividend initiations and asymmetric information: a hazard model’, Financ. Rev 38, pp. 351-368.
28. Easterbrook, FH 1984, ‘Two agency-cost explanations of dividends’, American Economic Review, pp. 650-659.
29. Eddy, A & Seifert, B 1988, ‘Firm size and dividend announcements’, Journal Financ. Res., pp. 295-302.
30. Faccio, M, Lang, LHP & Young, L 2001, ‘Dividends and expropriation’, Am. Econ. Rev. 91, pp. 54-78.
31. Fama, EF & French, K 2000, ‘Forecasting profitability and earnings’, J. Financ. 55, pp. 389-406.
32. Fama, FE & French, KR 2001, ‘Disappearing Dividends: Changing firm characteristics or lower propensity to pay?’, Journal of Financial Economics 60, pp. 3-43.
33. Farrelly, GE, Baker, KH & Edelman, RB 1986, ‘Corporate dividends: views of policy makers’, Akron Bus. Econ. Rev., pp. 62-74.
34. Fleming, G, Heaney, R & McCosker, R 2005, ‘Agency costs and ownership structure in Australia’, Pac. Basin Financ. J, pp. 29-52.
35. Frankfurter, GM & Wood Jr., BG 2002, ‘Dividend policy theories and their empirical tests’, Int. Rev. Financ. Anal., pp. 111-138.
36. Glen, J, Karmokolias, Y, Miller, R & Shah, S 1995, ‘Dividend policy and behavior in emerging markets’, IFC Discussion Paper no 26.
37. Gordon, MJ 1963, ‘Optimal Investment and Financing Policy’, Journal of Finance 18, pp. 264-272.
38. Gustav & Gairatjon 2008, ‘Determinants of dividend payout ratio - a study of Swedish Large and medium caps’, University of Umea.
39. Hafeez, A & Attiya, YJ 2012, ‘The determinants of dividend policy in Pakistan’, Munich Personal Repec Archive Paper.
40. Holder, M, Langrehr, F & Hexter, J 1998, ‘Dividend Policy Determinants: An investigation of the Influences of Stakeholder theory’, Financial Management 27, pp. 73-82.
41. Imad, J 2016, ‘Determinants of corporate dividend policy in emerging markets: Evidence from MENA stock markets’, Research in International Business and Finance 37, pp. 283-298.
42. Jakob, SH & Johannes, R 2008, ‘Dividend determinants in Denmark Management Working Paper’, University of Aarhus, Denmark.
43. Jensen, M & Meckling, W 1976, ‘Theory of firm: managerial behaviour, agency cost, and ownership structure’, Journal of Financial Economics 3, pp. 305-360.
44. Jensen, MC & Meckling, WH 1986, ‘Agency cost of free cash flows corporate finance and takeovers’, Am. Econ. Rev., pp. 323-329.
45. Jensen, G, Solberg, D & Zorn, T 1992, ‘Simultaneous Determination of Insider Ownership, Debt, and Dividend Policies’, Journal of Financial and Quantitative Analysis 27, pp. 263-274.
46. Jeong, J 2013, ‘Determinants of dividend smoothing in emerging market: The case of Korea’, Emerging Market Review 17, pp. 76-88.
47. Jian, Z & Khoa, CP 2014, ‘Market efficiency in emerging stock markets: A case study of the Vietnamese stock market’, IOSR Journal of Business and Management 16, pp. 61-73.
48. Kania, SL & Bacon, FW 2005, ‘What factors motivate the corporate dividend decision’, ASBBS E J., pp. 97-107.
49. Kato, KH, Loewenstein, U & Tsay, W 2002, ‘Dividend policy, cash flow,and investment in Japan’, Pac.-Basin Finance. J., pp. 443-473
50. La Porta, R, Lopez-de-Silanes, F, Shleifer, A & Vishny, R 2000, ‘Investor Protection and Corporate governance’, J. Financ. Econ. 58, pp. 3-27.
51. Lai, TPN 2015, ‘Corporate Finance and State Ownership in Vietnam: Capital Structure, Investment behavior and Profitability of Listed Companies’, Thesis, Hitotsubashi University, Tokyo.
52. Lang, LH & Litzenberger, RH 1989, ‘Dividend annoucements: Cash flow signalling vs. free cash flow hypothesis?’, Journal of Financial Economics 24, pp. 181-191.
53. Leithner, S & Zimmermann, H 1993, ‘Market value and aggregate dividends: A reappraisal of recent tests, and evidence from European markets’, Swiss Journal of Economics and Statistic, pp. 99-122.
54. Lintner, J 1956, ‘Distribution of Incomes of Corporations among Dividends, Retained Earnings and Taxes’, American Economic Review, pp. 97-113.
55. Lintner, J 1962, ‘Dividends, Earnings, Leverage, Stock Prices and Suppy of Capital to Corporations’, The Review of Economics and Statistics 64, pp. 243-269.
56. Lloyd, W, Jahera, J & Page, D 1985, ‘Agency costs and dividend payout ratios’, Q. J. Bus. Econ. 24, pp. 19-29.
57. Ly, TH & Bay, DT 2015, ‘Cấu trúc sở hữu và chính sách cổ tức của các doanh nghiệp niêm yết: Bằng chứng tại Việt Nam’, Nghiên cứu và Trao đổi, pp. 72-78.
58. Manos, R 2002, ‘Dividend Policy and Agency Theory: Evidence on Indian Firms’, Working Paper, University of Manchester, Manchester.
59. Miller, MH & Modigliani, F 1961, ‘Dividend policy, Growth, and the Valuation of shares’, Journal of Business 34, pp. 411-433.
60. Mollah, S, Keasey, K & Short, H 2002, ‘The influence of Agency Costs on Dividend Policy in an Emerging Market: Evidence from the Dhaka Stock Exchange’, Working Paper, Bath University.
61. Newton, H 2003, ‘Testing for serial correlation in linear panel-data models’, The Stata Journal, vol 3, pp. 168-177.
62. Ngoc, DB & Cuong, NC 2014, ‘Các nhân tố ảnh hưởng đến chính sách cổ tức của các doanh nghiệp niêm yết trên thị trường chứng khoán Việt Nam’, Phát Triển Kinh Tế 290, pp. 42-60.
63. Nikkei company 2015, ‘Vietnam opens its stock market further’, Business Department, Nikkei Asian Review, Tokyo.
64. Pandey, I 2001, ‘Corporat Dividend Policy and Behaviour: The Malaysian Experience’, Working Paper, Indian Institute of Management, Ahmadabad.
65. Partington, GH 1983, ‘Why firms use payout target: a comparative study of dividend policies’, In: Paper presented at AAANZ Conference, Brisbane.
66. Ranti 2013, ‘Determinants of dividend policy - a study of selected listed firm in Nigeria’, Manager - Change and leadership.
67. Redding, L 1997, ‘Firm Size and Dividend Payouts’, Journal of Financial Intermediation 6, pp. 224-248.
68. Sawicki, J 2005, ‘An investigation into the dividend of the firms in east asia’, Working Paper, Nanyang technological University, Singapore.
69. Sawicki, J 2008, ‘Corporate governance and dividend policy in Southeast Asia: pre- and post- crisis’, Eur. J. Financ., pp. 211-230.
70. Talat, A 2010, ‘Ownership Structure and Cash flows as determinants of Corporate Dividend Policy in Pakistan’, International Business Research, pp. 210-221.
71. Tran, TTN 2011, ‘Toward practical and effective solutions for Vietnam stock market’s asymmetric information problem’, Thesis, Waseda University, Tokyo.
72. Wang, M, Gao, S & Guo, G 2002, ‘Dividend policy of China’s listed companies’, Working paper.
73. Watts, R 1973, ‘The information content of dividend’, Journal of Business 46, pp. 191-211.
74. Woolridge, JM 2002, ‘Econometric analysis of cross section and panel data’, The MIT press.