Abstract
This research is conducted to investigate the impact levels of dividend policy on stock prices variation in the case of the stock exchange of an emerging country − Vietnam. Data were collected from 248 listed fims on the Vietnamese stock market for the period from 2014 to 2017. By employing ordinary least squares (OLS) and quantile regression (QR), we found that there is a negative relationship between dividend policy and variation of stock prices. Some variables including income variation, long term liabilities and growth have positive relationships with stock price variation whereas fim size has no impact on it. We also found that fims using low dividend yields inflence stock prices variation in a clearer way. The results of this study are important for management in emerging countries, and in this case Vietnam, to have a proper dividend policy because dividend policy is crucial information for stakeholders to make economic decisions.
Keywords
Dividend policy, quantile regression, variation of stock prices, Vietnam.
Publisher
Kinh Tế Quốc Dân???dc.relation.reference???
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Allen, D.E. and Rachim, V.S. (1996), ‘Dividend policy and stock price volatility: Australian evidence’, Applied fiancial economics, 6(2), 175-188. Asghar, M., Shah, S.Z.A., Hamid, K. and Suleman, M.T. (2011), ‘Impact of dividend policy on stock price risk: Empirical evidence from equity market of Pakistan’, Far East Journal of Psychology and Business, 4(1), 45-52. Baskin, J. (1989), ‘Dividend policy and the volatility of common stocks’, The Journal of Portfolio Management, 15(3), 19-25. Black, F. and Scholes, M. (1974), ‘The effcts of dividend yield and dividend policy&#...See More
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