Dividend policy and stock price volatility: Empirical evidence from Viet Nam

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Dividend policy and stock price volatility: Empirical evidence from Viet Nam

By Ho Nhat Thy (VNP 23)

Supervisor: Dr. Vu Viet Quang

Abstract

The study investigates the impact of dividend policy which is measured by dividend yield and dividend payout ratio on stock price volatility of companies listed on the Vietnam stock market with various industries, including financial and non-financial sectors. The study uses the multivariable regression for panel data such as Pooled OLS, Fixed Effects and Random Effects model and then test to see which model is appropriate to examine this relationship. A sample data of 105 companies listed on the HOSE and the HNX was selected over a period of 8 years, from 2010 to 2017 satisfying the conditions that these companies are eligible for a cash dividend payment of at least one year between 2010 and 2017. The results of the study showed that there is a clear positive relationship between the company dividend yield and stock price volatility. However, the study did not find any relationship between dividend payout ratio and stock price volatility.

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Ho Nhat Thy_VNP23_2018.pdf

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