Relationship between ownership concentration and dividend policy : Evidence from listed companies in HOSE
Abstract
The main purpose of this research is to study the relationship between
ownership concentration and dividend policy in term of cash dividend of listed
companies in HOSE.
The sample consisted of 154 listed firms in HOSE in two years 2011 and
2012. The sample was divided into 5 groups of ownership concentration in order to
achieve the different relation of ownership concentration types with dividend policy.
Pooled OLS, random effect model and Tobit model were used to test the hypotheses.
The results show that ownership concentration has negative and significant
relationship with dividend policy in general. Different types of ownership
concentration have different impact on dividend policy.