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 Dividend policy and stock price: evidence from Vietnam
Tác giả hoặc Nhóm tác giả: Dinh Bao Ngoc, Nguyen Chi Cuong
Nơi đăng: Afro-Asian Journal of Finance and Accounting; Số: 11 (5);Từ->đến trang: 672-690;Năm: 2021
Lĩnh vực: Kinh tế; Loại: Bài báo khoa học; Thể loại: Quốc tế
TÓM TẮT
We investigate the impact of dividend policy on the stock price in Vietnam. Firstly, in order to quantify the immediate effects of dividend policy, 1,738 observations of dividend-related events from 403 listed companies during the period 2008 to 2015 are chosen and the event study methodology is used to estimate abnormal returns around the announcement date and the ex-dividend date. Secondly, in order to quantify the long-run impact of dividend policy, panel data derived from 108 listed companies (809 observations) is analysed by using fixed effect model (FEM) and random effect model (REM). Our results show that the effect of dividend announcement on the stock price is positive around the announcement date. For the long-term impact, the results indicate a significantly negative relationship between payout ratio (PAYOUT), dividend per share (DPS) and stock price volatility, and a positive relationship between …
ABSTRACT
We investigate the impact of dividend policy on the stock price in Vietnam. Firstly, in order to quantify the immediate effects of dividend policy, 1,738 observations of dividend-related events from 403 listed companies during the period 2008 to 2015 are chosen and the event study methodology is used to estimate abnormal returns around the announcement date and the ex-dividend date. Secondly, in order to quantify the long-run impact of dividend policy, panel data derived from 108 listed companies (809 observations) is analysed by using fixed effect model (FEM) and random effect model (REM). Our results show that the effect of dividend announcement on the stock price is positive around the announcement date. For the long-term impact, the results indicate a significantly negative relationship between payout ratio (PAYOUT), dividend per share (DPS) and stock price volatility, and a positive relationship between …
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