| dc.description.abstract | Research objectives of the dissertation are to assess how the companies listed on Ho Chi Minh Stock exchange (HOSE) with large free cash flow use leverage and dividend policy as a control agency cost mechanism and test the impact of agency costs on the dividend policy. To test the related hypotheses, profitability, growth opportunities, leverage, risk, size and free cash flow are used to measure the level of agency costs in the company. This paper uses regression analysis and collect audited data of 96 companies listed on Ho Chi Minh stock exchange in the period from 2010 to 2014. The results showed that free cash flow has no statistical impact with dividend policy, and has a negative statistically significant effect with financial leverage. In addition, the regression results show a negative statistically significance impact of financial leverage, growth opportunities, size and risk to the dividend policy. Contemporaneously, the research result also indicates a positive statistically significant influence of profitability on dividend policy.
Keywords: Agency costs, free cash flow, leverage, Ho Chi Minh Stock exchange. | en_US |
