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

Tran Thanh Tat, Nguyen Dinh Van, Nguyen Yen Hai Thi

Annals of Computer Science and Information Systems

2021

Vol. 28

35--41

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.