Determinants of Dividend Smoothing: Empirical evidence from non-financial firms listed on Vietnam stock exchanges

• Autorzy: Tran Thanh Tat , Nguyen Dinh Van , Nguyen Yen Hai Thi

Identyfikatory

DOI

10.15439/2021KM91

• Języki publikacji: EN

Abstrakty

EN

This study considers the impact of different factors on the degree of dividend smoothing of non-financial firms listed in Vietnam during 2008 - 2018. We use two measures (Speed of Adjustment and Relative Volatility) to evaluate the degree of dividend smoothing. Using 2SLS estimation to solve endogenous issues in the model, we show that dividend smoothing is higher for firms with fragmented ownership structure, slim growth opportunities, large size, high-profit volatility and are in the highly competitive sector. We also contribute to the literature by the new finding that the firm age has a nonlinear relation (U-shaped) with the degree of dividend smoothing. Our results support the agency theory.

Słowa kluczowe

EN

dividend; speed of adjustment; relative volatility

PL

dywidenda; dostosowanie; zmienność

• Wydawca: Polskie Towarzystwo Informatyczne
• Czasopismo: Annals of Computer Science and Information Systems
• Rocznik: 2021
• Tom: Vol. 28
• Strony: 35--41
• Opis fizyczny: Bibliogr. 26 poz., wz., tab.

Twórcy

autor

Tran Thanh Tat

• School of Banking and Finance National Economics University, Vietnam Giai Phong Street, Hai Ba Trung District, Ha Noi, Viet Nam

autor

Nguyen Dinh Van

• International School Vietnam National University - Hanoi, Vietnam Xuan Thuy Street, Cau Giay District, Ha Noi, Viet Nam

autor

Nguyen Yen Hai Thi

• Faculty of Business Management Hanoi University of Industry, Viet Nam Cau Dien Street, North Tu Liem District, Ha Noi, Viet Nam

Bibliografia

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Uwagi

1. Preface

2. Session: International Conference on Research in Management and Technovation