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 Impacts of cash dividend policy on stock price volatility
Tác giả hoặc Nhóm tác giả: Dinh Bao Ngoc, Nguyen Chi Cuong
Nơi đăng: Proceedings of 11th Annual London Business Research Conference 25 - 26 July 2016, Imperial College, London, UK ISBN: 978-1-925488-11-1; Số: 1;Từ->đến trang: 1-9;Năm: 2016
Lĩnh vực: Kinh tế; Loại: Báo cáo; Thể loại: Quốc tế
TÓM TẮT
We analyze the influence of cash dividend policy on the stock price volatility of the firms in Vietnam. In order to achieve this goal, panel data derived from financial statements of 95 listed companies in Vietnam during the period from 2008 to 2014 (665 observations) is analyzed by using two estimation models which are Fixed Effect Model (FEM) and Random Effect Model (REM). The results of regression models provide an evidence of a significantly negative relationship between dividend per share (DPS) and stock price volatility and a positive relationship between dividend yield (DY) and stock price volatility of the companies. In addition, our study also shows that the internal factors, such as profitability (ROA), growth rate and firm size affect the stock price volatility of the companies.
ABSTRACT
We analyze the influence of cash dividend policy on the stock price volatility of the firms in Vietnam. In order to achieve this goal, panel data derived from financial statements of 95 listed companies in Vietnam during the period from 2008 to 2014 (665 observations) is analyzed by using two estimation models which are Fixed Effect Model (FEM) and Random Effect Model (REM). The results of regression models provide an evidence of a significantly negative relationship between dividend per share (DPS) and stock price volatility and a positive relationship between dividend yield (DY) and stock price volatility of the companies. In addition, our study also shows that the internal factors, such as profitability (ROA), growth rate and firm size affect the stock price volatility of the companies.
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