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THE STATE BANK OF VIETNAM MINISTRY OF EDUCATION AND TRAINING BANKING UNIVERSITY AT HO CHI MINH CITY PHAM NGUYEN HANH DETERMINANTS OF DIVIDEND PAYOUT POLICY – THE CASE OF LISTED RETAIL COMPANIES IN VIE[.]
THE STATE BANK OF VIETNAM MINISTRY OF EDUCATION AND TRAINING BANKING UNIVERSITY AT HO CHI MINH CITY PHAM NGUYEN HANH DETERMINANTS OF DIVIDEND PAYOUT POLICY – THE CASE OF LISTED RETAIL COMPANIES IN VIETNAM GRADUATION THESIS FINANCE AND BANKING CODE: 7340201 ADVISED by PhD DUONG THI THUY AN HO CHI MINH CITY, 2021 PHAM NGUYEN HANH DETERMINANTS OF DIVIDEND PAYOUT POLICY – THE CASE OF LISTED RETAIL COMPANIES IN VIETNAM GRADUATION THESIS FINANCE AND BANKING CODE: 7340201 ADVISED by PhD DUONG THI THUY AN HO CHI MINH CITY, 2021 i DETERMINANTS OF DIVIDEND PAYOUT POLICY – THE CASE OF LISTED RETAIL COMPANIES IN VIETNAM Approved by: Advisor Approved by: Committee PhD Duong Thi Thuy An Thesis Committee DECLARATION I indicate that the thesis "Determinants of dividend payout policy – the case of listed retail companies in Vietnam" is the result of my independent studies Except for the references to other research works mentioned in the thesis, the thesis conclusions are genuine and have never been published in any other research work ACKNOWLEDGEMENT During my thesis period, I received a lot of support and encouragement from the lot of people Without their valuable feedback, support, counsel, and advice, this thesis would not have been completed First and foremost, I would like to express my appreciation to my advisor – PhD Duong Thi Thuy An – Lecturer at Banking University of Ho Chi Minh City , for her sincere and unreserved support, valuable guidance, and recommendation Thanks for her efforts and extensive knowledge to make my research a reality; her suggestions, guidance, and advice are always admired and greatly contribute to the thesis' success I would also like to express my gratitude to the professors and lecturers at the University of Banking for their support during my studies The experience and skills that I've gained have benefited me in completing this thesis Last but not least, my family has been the most supportive Words fail me whenever it comes to expressing my gratitude for my parents' unending affection To all of the above, as well as so many others, I simply want to convey my gratefulness for all of your encouragement, support, and love ABSTRACT This thesis researches the factors affecting the dividend payout policy of retail companies listed on the Ho Chi Minh City Stock Exchange (HOSE) and the Ha Noi Stock Exchange (HNX) in the period 2011-2020 The author has collected a dataset of 21 retail companies listed on HOSE and HNX The thesis also assessed the influence of factors on the dividend payout policy of retail companies listed on HOSE and HNX during the research period Research data is tabular data and multivariable linear regression model in three ways: Pooled OLS, FEM and REM The author ran each model in turn and used the necessary tests to choose the most suitable model The author analyzes the results of the most suitable model and based on the research results, the author finds that the factors: liquidity (LIQ) has a positive relationship with dividend payout policy The remaining variables such as revenue growth rate (GROW), earnings per share (EPS), and firm size (SIZE) have a negative relationship with dividend payout policy and the variables of financial leverage (LEV) and profitability (ROA) are not statistically significant in this research model CONTENTS LIST OF CHART i LIST OF TABLE i LIST OF PICTURE i LIST OF ACRONYMS ii CHAPTER 1: OVERVIEW 1.1 INTRODUCTION 1.2 1.1.1 Research background 1.1.2 Research issue and the urgency of the topic AIM OF STUDY AND RESEARCH QUESTIONS 1.2.1 Aim of study 1.2.2 Research question 1.3 OBJECT AND SCOPE OF THE STUDY 1.3.1 Object of study 1.3.2 Scope of study 1.4 RESEARCH METHOD 1.5 CONTRIBUTION OF THE RESEARCH 1.6 PROPOSED THESIS STRUCTURE CONCLUSION CHAPTER CHAPTER 2: THEORETICAL FOUNDATION AND REVIEW OF FACTORS AFFECTING DIVIDEND PAYOUT POLICY LITERATURE 2.1 THEORETICAL FOUNDATION FOR DIVIDEND PAYOUT POLICY.8 2.1.1 Overview of dividend and dividend payout policy 2.1.2 Dividend payout policies 12 2.1.3 Theoretical foundation of the research 15 2.2 LITERATURE REVIEW 16 CONCLUSION CHAPTER 22 CHAPTER 3: RESEARCH DESIGN AND DATA 23 3.1 RESEARCH DESIGN 23 3.1.1 Research model 23 3.1.2 Hypothesis and representative variables for the study 24 3.1.3 Methodology 27 3.2 DATA 29 CONCLUSION CHAPTER 31 CHAPTER 4: RESULTS OF THE RESEARCH 32 4.1 DESCRIPTIVE STATISTICS 32 4.2 CORRELATION ANALYSIS AND COLLINEARITY DIAGNOSTICS 39 4.3 REGRESSION RESULT 40 4.3.1 Model selection 40 4.3.2 Regression result of Random effect model (REM) 41 4.3.3 Testing and fixing defects of the REM model 42 4.3.4 Result discussion 43 CONCLUSION CHAPTER 47 CHAPTER 5: CONCLUSION, RECOMMENDATIONS AND LIMITATION OF THE RESEARCH 48 5.1 CONCLUSION: 48 5.2 RECOMMENDATIONS 49 5.3 LIMITATION 51 REFERENCE 53 APPENDIX 58 APPENDIX 1: DESCRIPTIVE STATISTIC 58 APPENDIX 2: COLLINEARITY DIAGNOSTICS 58 APPENDIX 3: CORRELATION 58 APPENDIX 4: RESULT Of POOLED OLS 59 APPENDIX 5: RESULT OF REM 59 APPENDIX 6: RESULT OF FEM 60 APPENDIX 7: HAUSMAN TEST 60 APPENDIX 8: WOOLDRIDGE TEST 61 APPENDIX 9: BREUSCH AND PAGAN LAGRANGIAN TEST 61 APPENDIX 10: FGLS REGRESSION 61 APPENDIX 11: LIST OF RETAIL COMPANIES IN THE STUDY 62 APPENDIX 12: DATA 63 i LIST OF CHART Chart 4.1 Number of retail companies by dividend payout ratio over the years 33 Chart 4.2 Revenue growth rate of 21 retail firms from 2011-2020 .34 chart 4.3 Average value of 21 retail firms's size from 2011-2020 36 Chart 4.4 Average value of 21 retail firms’s EPS from 2011-2020 .36 Chart 4.5 Average value of 21 retail firms’s curent ratio from 2011-2020 37 Chart 4.6 Average value of 21 retail firms’s ROA from 2011-2020 38 Chart 4.7 Average value of 21 retail firms’s leverage from 2011-2020 38 LIST OF TABLE Table 4.1: Descriptive statistics 32 Table 4.2 Revenue growth rate of 21 retail companies from 2011-2020 .34 Table 4.3 Correlation matrix between variables 39 Table 4.4 Regression result of REM 41 Table 4.5 Regression result by FGLS 43 LIST OF PICTURE Picture 2.1 Dividend payment process diagram 11 ... during the application of the study topic ? ?Determinants of dividend payout policy – the case of listed retail companies in Vietnam? ??: What factors influence retail companies'' dividend payout policy. .. indicate that the thesis "Determinants of dividend payout policy – the case of listed retail companies in Vietnam" is the result of my independent studies Except for the references to other research... topic "Determinants of dividend payout policy – the case of listed retail companies in Vietnam " as the focus of the research 1.2 AIM OF STUDY AND RESEARCH QUESTIONS 1.2.1 Aim of study The study''s