| dc.description.abstract | The purpose of this study is to investigate the relationship between the dividend policy and firm value. I collect the sample data of 162 non-financial listed companies in Ho Chi Minh Stock Exchange for 9 consecutive years from 2009-2017. Using F-test and Hausman test to run 3 models: Fixed effect model, Random effect model and Pooled OLS model in order to choose the most suitable one. After running these tests, FEM is the most suitable model.
The study found out that cash dividend policy has the negative impact on business value. In particular, dividend payout ratio negatively effects on firm value, controlled variables such as: size, growth and profitability positively impact on business value. However, there is no relationship between leverage and corporate value, so leverage affects not much on firm value and is not statistically significant. So, the empirical of my study claim that dividend policy has negative impact on firm value.
The study recommends that manager of listed firms should develop effective dividend payout policies to ensure that their firms pay out dividends to enhance the value of the companies in the emerging market in Vietnam. | en_US |
