(LUẬN văn THẠC sĩ) determinats of dividend policy case study , listed companies on hochiminh stock exchange

MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY o0o - KHƯU CẨM TÚ DETERMINANTS OF DIVIDEND POLICY CASE STUDY: LISTED COMPANIES ON HOCHIMINH STOCK EXCHANGE MASTER THESIS Ho Chi Minh City - 2011 TIEU LUAN MOI download : skknchat@gmail.com MINISTRY OF EDUCATION AND TRAINING UNIVERSITY OF ECONOMICS HOCHIMINH CITY o0o - KHƯU CẨM TÚ DETERMINANTS OF DIVIDEND POLICY CASE STUDY: LISTED COMPANIES ON HOCHIMINH STOCK EXCHANGE MAJOR: BANKING AND FINANCE MAJOR CODE : 60.31.12 MASTER THESIS INSTRUCTOR : DOCTOR TRẦN PHƯƠNG NGỌC THẢO Ho Chi Minh City - 2011 TIEU LUAN MOI download : skknchat@gmail.com ACKNOWLEDGEMENT First and foremost I would like to thank my supervisor, Doctor Tran Phuong Ngoc Thao for her guidance and support In addition I would also like to express my gratitude to Doctor Vo Xuan Vinh for his valuable feedback on the problems of the study Special thanks also go to all of my lecturers at Banking and Finance Faculty, University of Economics Hochiminh City for their teaching and guidance during my Master of Banking and Finance course I also wish to thank my friends in Dong A Securities, Au Viet Securities, Thang Long Securities and China Trust Bank for their great support Finally, my greatest thanks would go to my family including my parents, my husband and my baby who are the greatest encouragement for me to overcome all difficulties in my life i TIEU LUAN MOI download : skknchat@gmail.com ABSTRACT This thesis aims to add empirical evidence to the corporate finance literature by looking at firms’ dividend policy in the context of Hochiminh Stock Exchange (HOSE) of Vietnam as an emerging market The thesis consists of five chapters After an introductory chapter, the study reviews the existing literature on the dividend policy controversy with an emphasis on the recent empirical works The following third chapter provides the research methodology for the study The study applies panel data procedures, random effects logistic regression, random effects generalized least square (GLS) regression and multinomial logistic regression to estimate and test the determinants of dividend policy of l09 firms listed on HOSE While the main findings of this study which are consistent with theory are reported in the fourth chapter, there are new major insights that represent the special case of emerging markets in general and Vietnam in particular These main insights, as well as the main conclusions of the study, are summarized in Chapter 5, including some limitations and recommendations for future research Our findings is that many of the factors that are found to be significant in the determination of dividend policy of the firms listed on HOSE are the same as those found in developed capital markets such as profitability, firm size and tangibility Besides, we find that the listed firms on HOSE fail to pay dividend only because of making loss or too small profit in business operation, not because of having investment opportunities in the future We also find some evidence to support the life cycle theory Our findings suggest that firms with greater investment, as measured by growth rate of sales are more likely to prefer paying stock dividends to cash dividends Keywords: Dividend policy, Vietnam, HOSE ii TIEU LUAN MOI download : skknchat@gmail.com CONTENTS Acknowledgement i Abstract ii Contents iii List of Figures vi List of Tables vii Abbreviations ix CHAPTER 1: INTRODUCTION 1.1 Introduction 1.2 The usefulness of the research 1.3 Research objectives 1.4 Research methodology 1.5 The structure of the research CHAPTER 2: LITERATURE REVIEW 2.1 Introduction 2.2 Dividend theories and concerned empirical studies 2.3 Empirical studies on the determinants of dividend policy 2.3.1 Profitability 2.3.2 Firm size 2.3.3 Financial leverage 10 2.3.4 Growth opportunities 10 2.3.5 Asset tangibility 11 iii TIEU LUAN MOI download : skknchat@gmail.com 2.3.6 Business risk 11 2.4 Conclusion 12 CHAPTER 3: RESEARCH METHODOLOGY 3.1 Introduction 13 3.2 Data specifications 13 3.2.1 Research sample description 13 3.2.2 Explanatory variables 15 3.2.2.1 Variables those vary both across firms and time 15 3.2.2.1.1 Return on assets (ROA) .15 3.2.2.1.2 Firm size .16 3.2.2.1.3 Financial leverage .16 3.2.2.1.4 Growth opportunities 17 3.2.2.1.5 Asset tangibility 17 3.2.2.2 Variables that vary only across firms 18 3.2.2.2.1 Business risk (Beta) 18 3.2.2.2.2 Industry dummies 18 3.2.3 Dependent variables – Dividend policy 18 3.3 Empirical model specifications .19 3.3.1 Model 19 3.3.2 Model 20 3.3.3 Model 21 iv TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange CHAPTER 4: DATA ANALYSIS AND FINDINGS 4.1 Introduction .23 4.2 Descriptive statistics 23 4.3 Correlation matrix of explanatory variables .26 4.4 Results of Model 27 4.5 Results of Model 30 4.6 Results of Model 34 4.7 Robustness tests .38 CHAPTER 5: CONCLUSION 5.1 Introduction .41 5.2 Conclusion .41 5.3 The implications of the research 42 5.4 Limitations and recommendations for future research 44 References 46 Appendix A – Regression results of models .51 Appendix B – List of 109 non-financial firms, classified industries and beta 58 Appendix C – The Dividend Time Lines of 109 firms on HOSE 2007-2009 62 Appendix D – Explanatory Variables calculated from Financial Statements 74 v TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange LIST OF FIGURES Figure 1.1 Research methodology Figure 1.2 The structure of the research Figure 3.1 Outline of chapter 13 Figure 3.2 Summary of research data collection 15 vi TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange YEAR 2008 (1) Current Short-term and Owner's Retained short-term Long-term Liability Long-term debt Equity earnings assets (Million asset (Million (Million VND) (Million VND) (Million VND) (Million VND) VND) VND) Total asset (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 49,460 386,164 0.058 26.680 0.111 0.128 0.108 94,204 392,257 0.182 26.695 0.581 0.240 0.693 614,016 406,844 1,164,260 0.015 27.783 0.466 0.349 0.594 38,805 458,584 84,668 953,074 0.034 27.583 0.256 0.089 1.418 1,585,463 340,915 1,739,899 604,136 2,659,846 0.037 28.609 0.398 0.227 0.039 111,738 491,683 20,869 402,269 173,676 606,168 0.034 27.130 0.184 0.287 0.199 110,900 267,295 331,060 -43,276 277,754 281,993 598,525 -0.072 27.118 0.447 0.471 0.232 46,611 7,404 7,619 123,024 14,272 59,150 65,994 131,616 0.354 25.603 0.058 0.501 0.039 820,964 95,923 76,899 77,655 480,230 52,448 341,933 217,557 566,011 0.169 27.062 0.137 0.384 0.207 BT6 844,179 36,119 238,013 321,407 317,579 30,695 416,004 87,408 650,291 0.056 27.201 0.494 0.134 0.224 11 CII 229,046 132,780 230,450 1,147,465 781,681 142,429 144,221 632,147 2,011,311 0.066 28.330 0.571 0.314 0.291 12 CLC 923,690 49,140 213,060 213,216 157,089 21,231 302,659 68,694 371,353 0.132 26.640 0.574 0.185 0.135 13 COM 3,071,595 19,453 32,912 39,378 288,894 8,946 231,462 98,553 330,015 0.059 26.522 0.119 0.299 0.471 14 CYC 268,936 13,175 171,854 213,356 117,257 25,997 179,229 141,998 330,613 0.040 26.524 0.645 0.429 0.649 15 DCC 471,686 11,709 150,026 170,050 191,302 1,991 227,541 12,895 362,568 0.032 26.616 0.469 0.036 0.256 16 DCT 197,011 37,693 38,204 52,870 297,168 20,716 158,123 66,899 353,658 0.107 26.592 0.149 0.189 0.251 17 DHA 158,732 37,413 19,533 21,235 278,916 37,413 126,742 115,824 298,546 0.125 26.422 0.071 0.388 0.566 18 DHG 1,485,464 129,995 367,464 382,658 701,139 62,247 783,527 209,485 1,081,782 0.120 27.710 0.354 0.194 0.170 19 DIC 661,003 13,325 206,275 216,693 95,434 15,784 146,805 68,577 323,159 0.041 26.501 0.671 0.212 0.116 20 DMC 937,761 62,805 135,461 137,101 471,092 47,522 344,665 186,379 612,929 0.102 27.142 0.224 0.304 0.156 21 DPM 6,475,368 1,385,292 438,629 450,947 4,687,778 777,342 2,692,502 1,899,295 5,192,372 0.267 29.278 0.087 0.366 0.713 22 DPR 728,795 234,044 321,102 361,160 645,351 119,112 277,211 550,683 1,045,096 0.224 27.675 0.346 0.527 0.036 23 DRC 1,290,518 51,789 303,161 398,490 216,686 54,087 429,046 179,166 614,519 0.084 27.144 0.648 0.292 0.103 24 DTT 112,290 5,803 5,180 5,200 100,367 3,393 62,623 42,063 105,303 0.055 25.380 0.049 0.399 1.047 25 FMC 1,017,312 12,151 180,811 181,331 152,752 12,155 213,217 80,909 335,120 0.036 26.538 0.541 0.241 0.018 NO CODE ABT 473,428 22,586 43,038 43,038 342,493 -2,199 167,781 ACL 649,135 71,460 187,777 228,069 136,028 37,075 285,615 AGF 1,966,449 16,913 542,026 542,756 618,206 16,839 ALP 1,301,531 32,397 238,814 244,408 662,171 ANV 3,319,203 97,746 981,960 1,058,370 BBC 544,419 20,851 101,122 BHS 790,088 -43,276 BMC 107,216 BMP 10 Net Revenue Net Profit (Million VND) (Million VND) 78 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange YEAR 2008 (2) Current Short-term and Owner's Retained short-term Long-term Liability Long-term debt Equity earnings assets (Million asset (Million (Million VND) (Million VND) (Million VND) (Million VND) VND) VND) Total asset (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 960,726 6,124,834 0.172 29.443 0.527 0.157 0.214 94,271 374,824 0.082 26.650 0.160 0.252 0.018 92,677 78,536 185,955 0.092 25.949 0.394 0.422 0.192 280,665 1,004,368 1,625,769 4,140,928 0.029 29.052 0.427 0.393 0.632 153,594 7,631 103,039 82,817 193,545 0.039 25.989 0.192 0.428 0.199 239,081 411,734 -76,484 281,375 251,096 673,968 -0.100 27.236 0.355 0.373 0.501 107,642 155,018 12,584 215,441 20,993 265,977 0.048 26.307 0.405 0.079 -0.256 74,221 74,958 100,534 5,080 130,296 45,819 181,412 0.072 25.924 0.413 0.253 0.318 462,769 573,103 532,844 3,889 799,202 251,082 1,163,293 0.007 27.782 0.493 0.216 0.528 332,711 440,316 122,950 7,065 534,775 25,868 564,904 0.060 27.060 0.779 0.046 0.199 43,150 525,666 526,352 286,784 21,925 584,975 198,329 814,076 0.053 27.425 0.647 0.244 0.530 8,364,805 859,410 1,256,331 1,294,098 4,070,661 415,743 3,849,009 1,265,421 5,639,375 0.152 29.361 0.229 0.224 0.482 289,976 88,025 62,017 65,634 315,054 102,676 148,650 88,037 387,653 0.227 26.683 0.169 0.227 -0.020 NO CODE 26 FPT 16,381,840 1,051,047 3,222,180 3,227,109 2,373,483 798,009 4,658,263 27 GIL 457,347 30,761 58,846 60,156 312,319 32,793 271,745 28 GMC 424,291 17,121 72,798 73,232 110,078 81 29 GMD 1,912,925 118,827 688,818 1,769,192 2,229,087 30 GTA 160,225 7,631 37,071 37,100 31 HAP 318,681 -67,410 163,567 32 HAS 113,156 12,724 106,734 33 HAX 623,644 13,038 34 HBC 695,985 8,249 35 HDC 299,374 33,894 36 HMC 4,284,503 37 HPG 38 HRC Net Revenue Net Profit (Million VND) (Million VND) 39 HSI 633,655 19,878 743,511 744,054 125,237 4,894 776,325 90,661 869,330 0.023 27.491 0.856 0.104 -0.035 40 HT1 2,536,787 77,597 1,674,731 4,672,476 979,195 77,597 1,696,701 3,737,961 5,647,893 0.014 29.362 0.827 0.662 0.157 41 HTV 86,179 4,213 7,581 7,697 182,956 5,621 146,293 32,211 191,565 0.022 25.978 0.040 0.168 0.133 42 ICF 457,042 14,109 234,085 245,940 169,171 10,269 261,088 73,974 416,849 0.034 26.756 0.590 0.177 0.401 43 IFS 842,253 -266,903 986,015 1,017,437 143,599 -220,665 173,763 931,010 1,179,267 -0.226 27.796 0.863 0.789 0.167 44 IMP 561,844 58,266 78,649 80,581 512,573 44,106 398,184 131,977 596,411 0.098 27.114 0.135 0.221 0.244 45 ITA 1,057,633 296,708 699,489 1,084,049 4,588,037 701,522 1,578,867 171,740 5,701,548 0.052 29.372 0.190 0.030 0.143 46 KDC 1,455,768 -60,602 663,885 835,926 2,075,923 -147,004 1,474,434 749,092 2,983,410 -0.020 28.724 0.280 0.251 0.183 47 KHA 228,809 38,428 118,496 122,772 222,203 19,225 271,272 28,006 346,795 0.111 26.572 0.354 0.081 2.058 48 KHP 842,616 44,711 136,154 562,884 233,127 34,480 232,670 499,623 798,289 0.056 27.406 0.705 0.626 0.110 49 L10 327,839 22,180 226,882 240,799 113,993 16,542 267,857 51,216 355,418 0.062 26.597 0.678 0.144 0.593 50 LAF 564,471 4,002 126,664 127,008 89,974 4,581 166,233 28,514 217,119 0.018 26.104 0.585 0.131 -0.099 51 LBM 131,370 12,585 49,305 93,392 66,337 6,282 89,519 74,387 167,810 0.075 25.846 0.557 0.443 0.652 52 LGC 89,639 13,764 55,798 200,798 138,190 4,278 96,725 242,505 339,558 0.041 26.551 0.591 0.714 0.578 53 MCP 207,654 18,377 35,414 81,280 122,750 13,100 115,473 88,323 204,786 0.090 26.045 0.397 0.431 0.252 79 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange YEAR 2008 (3) Current Short-term and Owner's Retained short-term Long-term Liability Long-term debt Equity earnings assets (Million asset (Million (Million VND) (Million VND) (Million VND) (Million VND) VND) VND) Total asset (Million VND) ROA FIRM SIZE DEBT TANG 77,035 323,902 0.030 26.504 0.600 0.238 0.156 208,574 391,766 0.000 26.694 0.561 0.532 -0.051 294,179 2,266,905 -0.017 28.449 0.564 0.130 0.220 21,709 144,377 0.113 25.696 0.354 0.150 -0.167 210,993 211,668 585,346 0.002 27.095 0.628 0.362 0.228 183,597 15,876 203,271 0.139 26.038 0.288 0.078 0.527 941,331 6,488 965,940 0.064 27.596 0.731 0.007 -0.176 75,935 505,935 0.154 26.950 0.386 0.150 0.254 293,470 1,597,737 0.055 28.100 0.636 0.184 0.961 242,024 748,538 0.003 27.341 0.320 0.323 0.129 110,170 69,437 180,765 0.033 25.920 0.502 0.384 0.093 3,519 200,710 51,595 290,159 0.012 26.394 0.582 0.178 0.269 3,431,986 -127,460 4,738,664 5,502,036 10,797,310 -0.020 30.010 0.682 0.510 0.020 6,051,085 2,071,197 312,906 2,065,295 6,272,698 8,632,863 0.105 29.787 0.701 0.727 0.362 2,403,076 4,288,975 748,068 67,130 2,501,666 3,328,261 5,875,051 0.014 29.402 0.730 0.567 1.315 48,906 433,826 477,979 405,279 55,353 616,689 205,203 895,160 0.055 27.520 0.534 0.229 0.064 1,154,393 -153,827 403,533 508,969 2,087,168 -155,188 1,118,978 45,352 2,608,254 -0.059 28.590 0.195 0.017 0.181 RIC 148,313 6,696 155,008 171,855 771,974 21,287 296,427 556,541 943,829 0.007 27.573 0.182 0.590 -0.069 72 SAM 1,296,385 -59,520 75,021 75,378 2,277,839 -6,342 1,207,403 189,938 2,358,363 -0.025 28.489 0.032 0.081 -0.236 73 SAV 502,883 13,976 272,823 285,204 287,969 14,079 488,744 65,816 575,777 0.024 27.079 0.495 0.114 0.215 74 SC5 832,659 34,985 762,217 1,021,980 185,242 31,601 1,097,670 50,277 1,215,258 0.029 27.826 0.841 0.041 0.078 75 SCD 272,143 25,546 43,929 44,324 126,203 4,575 115,197 32,892 170,997 0.149 25.865 0.259 0.192 0.139 76 SFC 1,204,484 16,721 50,046 50,215 84,278 13,221 36,893 90,708 135,097 0.124 25.629 0.372 0.671 0.503 77 SFI 121,277 37,526 148,604 148,788 133,418 60,219 143,446 102,638 290,460 0.129 26.395 0.512 0.353 0.232 78 SJD 240,447 35,437 253,026 768,290 370,911 35,437 28,789 1,069,539 1,140,170 0.031 27.762 0.674 0.938 -0.005 NO CODE 54 MCV 147,456 9,662 168,278 194,290 129,612 12,768 200,238 55 MHC 229,888 81 139,295 219,939 168,348 80 158,458 56 MPC 2,876,384 -38,097 1,064,563 1,278,740 918,333 -29,534 1,640,547 57 NAV 176,913 16,303 51,071 51,071 92,562 6,050 87,295 58 NKD 689,338 979 342,602 367,687 214,594 35,986 59 NSC 214,397 28,345 57,869 58,498 144,119 19,586 60 NTL 371,307 61,812 706,235 706,514 256,648 88,063 61 PAC 1,241,205 77,771 194,061 195,527 306,225 40,993 396,812 62 PET 5,286,383 88,342 1,006,312 1,016,816 569,551 81,748 1,293,964 63 PGC 1,688,226 1,911 146,448 239,247 497,638 1,257 337,247 64 PJT 800,683 6,052 90,521 90,769 89,802 6,052 65 PNC 272,431 3,618 155,883 168,944 121,948 66 PPC 3,881,915 -212,784 1,006,054 7,361,025 67 PVD 3,728,746 902,864 3,934,636 68 PVT 1,109,074 84,001 69 RAL 837,445 70 REE 71 Net Revenue Net Profit (Million VND) (Million VND) SALES GROWTH 79 SJS 314,149 118,884 312,403 442,660 1,145,681 84,176 219,144 1,031,797 1,591,150 0.075 28.095 0.278 0.648 -0.556 80 SMC 4,213,814 72,081 461,272 490,016 258,198 71,422 549,159 122,385 751,261 0.096 27.345 0.652 0.163 0.405 81 SSC 202,103 30,321 25,620 30,359 138,318 9,342 115,599 49,956 169,575 0.179 25.857 0.179 0.295 0.297 80 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange YEAR 2008 (4) NO CODE Net Revenue Net Profit (Million VND) (Million VND) Current Short-term and Owner's Retained short-term Long-term Liability Long-term debt Equity earnings assets (Million asset (Million (Million VND) (Million VND) (Million VND) (Million VND) VND) VND) Total asset (Million VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 0.350 82 ST8 806,781 54,042 85,616 85,730 147,753 45,980 149,202 86,952 264,076 0.205 26.300 0.325 0.329 83 TAC 2,959,678 11,838 299,227 377,704 306,855 45,553 405,554 275,710 686,965 0.017 27.256 0.550 0.401 0.159 84 TCM 1,023,284 5,036 628,333 930,152 335,895 -454 511,570 725,563 1,307,860 0.004 27.899 0.711 0.555 -0.032 85 TCR 1,076,089 36,898 377,959 553,207 602,345 127,257 576,452 570,014 1,155,552 0.032 27.776 0.479 0.493 -0.060 86 TDH 599,528 212,040 200,874 411,688 986,950 153,112 703,520 76,629 1,432,980 0.148 27.991 0.287 0.053 2.180 87 TMS 174,843 27,377 24,216 30,715 222,567 57,987 44,184 162,461 258,077 0.106 26.277 0.119 0.630 0.293 88 TNA 707,747 14,371 103,953 106,817 97,058 13,154 187,528 12,608 203,850 0.070 26.041 0.524 0.062 0.504 89 TNC 181,765 8,393 44,088 44,395 218,732 6,223 123,539 108,169 266,031 0.032 26.307 0.167 0.407 0.097 90 TPC 455,072 -61,614 63,750 66,240 262,540 -59,192 213,670 56,222 328,780 -0.187 26.519 0.201 0.171 0.568 91 TRC 549,115 198,220 123,313 156,206 478,841 69,482 209,649 316,922 660,673 0.300 27.217 0.236 0.480 0.116 92 TRI 580,595 -144,989 241,994 322,366 -5,321 -140,838 177,831 71,361 325,819 -0.445 26.510 0.989 0.219 0.509 93 TS4 180,523 10,208 39,532 87,201 157,886 7,100 91,624 151,485 244,655 0.042 26.223 0.356 0.619 0.044 94 TSC 2,726,817 67,826 703,501 703,606 172,963 51,104 794,215 84,406 879,014 0.077 27.502 0.800 0.096 0.884 95 TTP 1,041,292 67,119 66,060 66,243 413,514 40,414 368,982 113,249 484,380 0.139 26.906 0.137 0.234 0.219 96 TYA 1,183,672 -108,005 441,273 462,050 198,555 -101,327 415,870 230,847 660,606 -0.163 27.216 0.699 0.349 -0.139 97 UIC 685,260 19,596 296,680 315,427 123,251 11,596 353,443 56,584 438,426 0.045 26.806 0.719 0.129 0.342 98 VFC 447,802 11,929 50,511 65,111 273,924 15,053 235,280 65,318 338,974 0.035 26.549 0.192 0.193 -0.247 99 VHC 2,442,360 82,245 586,911 799,898 388,819 88,223 697,635 499,579 1,215,170 0.068 27.826 0.658 0.411 0.713 100 VIC 239,180 125,995 1,102,096 4,399,063 1,497,934 394,067 2,403,503 2,257,962 6,021,566 0.021 29.426 0.731 0.375 0.327 101 VID 555,085 25,233 179,232 230,579 271,133 25,229 340,952 126,308 502,077 0.050 26.942 0.459 0.252 0.260 102 VIP 1,256,641 75,873 173,405 666,344 782,679 62,346 396,755 969,938 1,458,066 0.052 28.008 0.457 0.665 0.196 103 VIS 1,734,247 134,376 349,789 634,490 272,249 115,796 417,643 144,977 907,031 0.148 27.533 0.700 0.160 0.181 104 VNE 368,912 -558 682,064 1,653,847 311,142 -2,134 1,082,162 795,497 2,031,308 0.000 28.340 0.814 0.392 -0.357 105 VNM 8,208,982 1,248,698 972,502 1,154,432 4,761,913 803,037 3,187,605 1,936,923 5,966,959 0.209 29.417 0.193 0.325 0.235 106 VPK 190,285 3,978 69,658 101,714 88,379 53,696 105,162 159,904 0.025 25.798 0.636 0.658 0.157 107 VSH 483,680 370,945 115,838 340,833 2,141,120 309,637 993,926 1,478,057 2,483,250 0.149 28.541 0.137 0.595 0.307 108 VTB 216,214 24,501 54,471 62,062 200,305 25,175 188,991 34,118 262,969 0.093 26.295 0.236 0.130 -0.578 109 VTO 753,110 35,993 529,866 2,633,289 779,020 34,993 149,082 3,204,796 3,412,791 0.011 28.859 0.772 0.939 0.036 81 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange YEAR 2009 (1) Short-term and Long-term debt (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) 96,549 96,549 432,689 19,035 375,425 52,484 403,805 436,191 171,160 67,630 450,549 147,944 574,738 582,972 623,520 14,245 663,861 50,248 460,046 469,918 657,196 27,584 -127,710 670,691 726,672 1,454,765 211,206 57,293 157,211 213,556 521,579 47,049 1,189,448 120,087 331,847 456,207 425,466 BMC 87,302 21,618 20,564 31,532 BMP 1,143,154 249,919 145,788 10 BT6 788,205 76,522 345,849 NO CODE ABT 543,919 90,934 ACL 720,137 47,603 AGF 1,334,298 14,445 ALP 1,077,215 ANV 1,859,351 BBC 626,954 BHS Net Revenue Net Profit (Million VND) (Million VND) Current Liability (Million VND) Long-term Total asset asset (Million (Million VND) VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 537,004 0.169 27.009 0.180 0.098 0.149 613,944 0.078 27.143 0.710 0.241 0.109 399,049 1,209,944 0.012 27.822 0.482 0.330 -0.321 632,304 112,756 1,195,620 0.042 27.810 0.393 0.094 -0.172 1,270,483 608,590 2,200,098 -0.058 28.420 0.330 0.277 -0.440 341,516 366,591 736,809 0.078 27.326 0.290 0.498 0.152 52,983 532,632 263,750 884,740 0.136 27.509 0.516 0.298 0.505 120,195 72,242 57,042 151,936 0.142 25.747 0.208 0.375 -0.186 146,826 671,905 156,474 550,257 265,581 824,250 0.303 27.438 0.178 0.322 0.392 396,168 393,102 91,477 452,723 172,149 830,959 0.092 27.446 0.477 0.207 -0.066 -0.116 11 CII 202,590 316,248 215,274 1,281,281 1,206,582 372,979 414,254 655,468 2,504,297 0.126 28.549 0.512 0.262 12 CLC 1,149,968 50,756 277,392 277,569 190,878 43,771 405,019 44,398 469,667 0.108 26.875 0.591 0.095 0.245 13 COM 2,821,220 63,224 118,878 124,297 343,004 64,951 347,878 122,704 470,582 0.134 26.877 0.264 0.261 -0.082 14 CYC 259,645 2,132 198,451 228,943 119,382 28,099 205,530 129,695 348,325 0.006 26.576 0.657 0.372 -0.035 15 DCC 404,267 21,113 139,529 160,950 200,186 10,688 200,504 14,026 362,561 0.058 26.616 0.444 0.039 -0.143 16 DCT 313,524 33,297 166,937 403,807 311,774 36,330 116,837 489,418 720,317 0.046 27.303 0.561 0.679 0.591 17 DHA 192,607 67,901 26,800 28,591 320,243 67,901 137,545 153,290 348,285 0.195 26.576 0.082 0.440 0.213 18 DHG 1,746,022 362,340 481,916 496,158 1,010,376 330,992 1,212,468 237,015 1,521,973 0.238 28.051 0.326 0.156 0.175 19 DIC 724,967 18,596 279,369 279,633 126,991 17,479 293,111 29,872 407,760 0.046 26.734 0.686 0.073 0.097 20 DMC 1,067,897 76,362 192,917 208,065 497,253 62,008 404,658 222,070 709,970 0.108 27.288 0.293 0.313 0.139 21 DPM 6,630,061 1,351,284 565,622 794,323 5,487,904 1,228,173 3,866,941 1,723,753 6,351,202 0.213 29.480 0.125 0.271 0.024 22 DPR 648,310 210,756 329,548 361,302 828,712 210,756 392,512 566,920 1,246,311 0.169 27.851 0.290 0.455 -0.110 23 DRC 1,815,041 393,275 183,213 226,561 557,253 376,068 546,820 233,420 785,049 0.501 27.389 0.289 0.297 0.406 24 DTT 71,838 1,212 10,047 10,047 115,124 1,212 62,671 60,782 125,221 0.010 25.553 0.080 0.485 -0.360 25 FMC 940,084 13,962 470,808 471,368 150,001 13,967 505,691 86,035 623,407 0.022 27.158 0.756 0.138 -0.076 82 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange YEAR 2009 (2) Current Liability (Million VND) Short-term and Long-term debt (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) 1,405,874 4,765,833 6,677,493 2,999,501 1,391,088 7,678,505 1,638,512 56,239 97,350 98,659 337,956 63,440 305,211 124,952 353,993 34,795 88,277 88,717 124,237 10,724 119,951 GMD 1,774,449 333,924 801,100 1,849,484 2,470,626 527,023 GTA 286,363 9,206 62,954 63,026 152,959 9,206 HAP 285,538 46,393 145,455 203,403 461,686 NO CODE 26 FPT 18,404,026 27 GIL 562,616 28 GMC 29 30 31 Net Revenue Net Profit (Million VND) (Million VND) Long-term Total asset asset (Million (Million VND) VND) ROA FIRM SIZE DEBT TANG SALES GROWTH 10,395,415 0.135 29.972 0.642 0.158 0.123 439,845 0.128 26.810 0.224 0.284 0.230 71,361 210,928 0.165 26.075 0.421 0.338 -0.166 1,073,084 1,784,574 4,511,256 0.074 29.138 0.410 0.396 -0.072 134,758 75,379 218,816 0.042 26.111 0.288 0.344 0.787 -29,423 278,150 257,195 691,876 0.067 27.263 0.294 0.372 -0.104 32 HAS 84,678 7,185 85,798 86,620 151,431 3,467 198,022 22,131 241,043 0.030 26.208 0.359 0.092 -0.252 33 HAX 1,301,059 14,553 115,611 116,320 111,848 7,382 180,281 47,896 233,693 0.062 26.177 0.498 0.205 1.086 34 HBC 1,763,456 49,175 700,533 718,615 575,507 38,917 874,372 357,696 1,355,935 0.036 27.936 0.530 0.264 1.534 35 HDC 304,686 77,325 457,755 580,680 197,577 45,089 682,193 54,434 782,922 0.099 27.386 0.742 0.070 0.018 36 HMC 2,808,438 27,529 569,953 618,779 304,906 31,504 629,799 254,644 924,339 0.030 27.552 0.669 0.275 -0.345 37 HPG 8,123,395 1,270,707 4,565,113 5,104,607 4,825,091 1,154,639 5,407,841 3,065,312 10,243,240 0.124 29.958 0.498 0.299 -0.029 38 HRC 202,645 65,456 56,899 67,689 360,838 127,126 106,552 98,429 436,749 0.150 26.803 0.155 0.225 -0.301 39 HSI 899,665 16,030 627,247 627,757 131,271 16,042 676,629 81,275 759,579 0.021 27.356 0.826 0.107 0.420 40 HT1 2,816,843 160,613 1,339,938 6,096,890 1,170,973 157,113 888,199 6,137,306 7,265,214 0.022 29.614 0.839 0.845 0.110 41 HTV 97,161 23,614 18,413 18,490 199,906 23,574 172,289 31,606 218,451 0.108 26.110 0.085 0.145 0.127 42 ICF 443,229 28,895 169,756 176,011 188,736 17,393 199,806 80,147 367,194 0.079 26.629 0.479 0.218 -0.030 43 IFS 997,615 -27,733 444,455 600,313 114,731 -259,064 162,144 415,352 715,044 -0.039 27.296 0.840 0.581 0.184 44 IMP 660,076 65,707 177,375 188,183 537,730 57,707 527,191 152,338 731,469 0.090 27.318 0.257 0.208 0.175 45 ITA 1,203,087 429,225 985,326 2,180,900 5,048,097 614,822 3,234,995 196,345 7,228,533 0.059 29.609 0.302 0.027 0.138 46 KDC 1,529,355 522,943 1,632,683 1,767,440 2,413,130 290,986 2,510,074 656,085 4,247,601 0.123 29.077 0.416 0.154 0.051 47 KHA 178,493 47,299 90,809 94,194 280,901 27,969 273,022 24,069 383,334 0.123 26.672 0.246 0.063 -0.220 48 KHP 1,026,034 50,333 291,694 588,939 255,544 34,757 351,719 428,698 848,670 0.059 27.467 0.694 0.505 0.218 49 L10 480,847 23,976 313,787 363,283 124,956 18,159 334,360 126,014 489,016 0.049 26.916 0.743 0.258 0.467 50 LAF 528,405 21,465 109,388 109,851 106,249 16,594 155,113 29,508 215,358 0.100 26.096 0.510 0.137 -0.064 51 LBM 152,029 10,412 44,185 68,132 121,023 7,433 93,764 97,301 197,975 0.053 26.011 0.344 0.491 0.157 52 LGC 152,766 28,779 102,822 260,973 151,911 13,623 69,800 332,885 414,540 0.069 26.750 0.630 0.803 0.704 53 MCP 197,800 12,215 43,168 79,395 122,310 7,308 124,026 76,678 201,979 0.060 26.031 0.393 0.380 -0.047 83 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange YEAR 2009 (3) Current Liability (Million VND) Short-term and Long-term debt (Million VND) Owner's Equity (Million VND) Retained earnings (Million VND) short-term assets (Million VND) 8,444 185,890 267,999 -32,496 207,745 285,693 132,334 8,441 275,842 61,797 132,556 -32,423 121,633 236,304 242,864 848,012 11,750 67,274 1,087,949 1,075,522 105,216 1,403,001 67,274 93,735 6,045 115,012 767,652 79,644 269,639 33,351 300,585 334,684 263,802 85,194 73,669 74,298 169,461 28,739 NTL 1,379,554 530,403 566,618 613,668 555,862 61 PAC 1,304,783 147,756 230,126 254,078 62 PET 7,374,988 113,691 2,186,460 63 PGC 1,655,460 70,529 326,224 64 PJT 338,017 7,934 29,529 65 PNC 292,629 3,473 153,352 66 PPC 4,420,950 892,014 901,350 67 PVD 4,096,780 817,661 68 PVT 1,928,913 69 RAL 70 NO CODE 54 MCV 153,388 55 MHC 173,552 56 MPC 3,093,505 57 NAV 143,132 58 NKD 59 NSC 60 Net Revenue Net Profit (Million VND) (Million VND) Long-term Total asset asset (Million (Million VND) VND) SALES GROWTH ROA FIRM SIZE DEBT TANG 400,333 0.021 26.716 0.669 0.154 0.040 420,228 -0.077 26.764 0.680 0.562 -0.245 427,070 2,222,371 0.109 28.430 0.490 0.192 0.075 34,888 161,585 0.073 25.808 0.416 0.216 -0.191 272,558 205,934 599,059 0.133 27.119 0.559 0.344 0.114 202,159 39,701 246,942 0.135 26.232 0.301 0.161 0.258 384,277 1,142,565 11,980 1,171,436 0.453 27.789 0.524 0.010 2.715 404,848 100,885 506,630 137,399 669,892 0.221 27.230 0.379 0.205 0.051 2,237,623 735,660 107,527 2,754,895 309,372 3,093,732 0.037 28.760 0.723 0.100 0.395 443,898 545,030 48,386 524,314 273,038 1,004,076 0.070 27.635 0.442 0.272 -0.019 42,760 97,369 7,934 75,235 64,293 140,204 0.057 25.666 0.305 0.459 -0.578 170,544 142,079 3,140 212,415 58,681 311,244 0.011 26.464 0.548 0.189 0.074 7,424,075 4,317,000 757,554 5,099,163 4,452,376 11,743,843 0.076 30.094 0.632 0.379 0.139 2,495,123 8,123,017 4,225,407 397,324 2,564,985 9,420,069 12,368,345 0.066 30.146 0.657 0.762 0.099 -16,832 1,554,402 4,250,724 1,436,906 46,427 1,558,832 4,620,979 6,387,614 -0.003 29.485 0.665 0.723 0.739 1,050,814 36,445 573,956 618,725 413,513 61,510 712,662 261,836 1,049,313 0.035 27.679 0.590 0.250 0.255 REE 1,174,211 433,802 791,109 893,842 2,462,172 217,368 1,408,237 89,629 3,381,946 0.128 28.849 0.264 0.027 0.017 71 RIC 179,155 35,767 166,517 227,838 848,903 57,803 279,965 691,028 1,076,741 0.033 27.705 0.212 0.642 0.208 72 SAM 426,411 232,254 182,232 182,508 2,461,868 125,273 1,200,588 408,080 2,667,619 0.087 28.612 0.068 0.153 -0.671 73 SAV 403,359 14,603 279,620 287,416 277,640 4,032 512,470 60,566 585,547 0.025 27.096 0.491 0.103 -0.198 74 SC5 1,140,747 37,611 1,055,733 1,169,987 235,402 36,849 1,275,696 46,333 1,417,722 0.027 27.980 0.825 0.033 0.370 75 SCD 310,946 34,790 51,158 51,741 142,739 10,739 134,423 33,050 195,651 0.178 26.000 0.264 0.169 0.143 76 SFC 1,108,476 44,478 108,530 109,421 132,609 34,999 71,269 64,515 242,584 0.183 26.215 0.451 0.266 -0.080 77 SFI 124,389 35,171 152,126 152,274 162,809 42,103 161,621 103,983 326,360 0.108 26.511 0.467 0.319 0.026 78 SJD 281,377 111,620 279,503 608,276 455,421 111,472 41,038 987,795 1,065,034 0.105 27.694 0.571 0.927 0.170 79 SJS 1,114,884 705,150 728,999 1,229,420 1,764,517 992,172 1,708,988 2,998,502 0.235 28.729 0.410 0.570 2.549 80 SMC 5,263,667 73,061 1,214,264 1,249,008 309,173 64,533 1,264,877 204,822 1,563,124 0.047 28.078 0.799 0.131 0.249 81 SSC 258,130 50,634 54,478 58,240 172,683 26,162 173,819 52,624 232,893 0.217 26.174 0.250 0.226 0.277 84 TIEU LUAN MOI download : skknchat@gmail.com (LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study listed.companies.on.hochiminh.stock.exchange(LUAN.van.THAC.si).determinats.of.dividend.policy.case.study 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