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 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 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 ii 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 iii 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 iv 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 v CONTENTS LIST OF CHART .i LIST OF TABLE i LIST OF PICTURE i LIST OF ACRONYMS ii CHAPTER 1: OVERVIEW 1.1 INTRODUCTION 1.1.1 Research background 1.1.2 Research issue and the urgency of the topic .1 1.2 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 LITERATURE REVIEW OF FACTORS AFFECTING DIVIDEND PAYOUT POLICY 2.1 THEORETICAL FOUNDATION FOR DIVIDEND PAYOUT POLICY 2.1.1 Overview of dividend and dividend payout policy 2.1.2 Dividend payout policies 12 vi 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 vii 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 57 Viet Capital Securities (2016), Các số ngành bán lẻ Việt Nam, available from [10 August 2021] 58 APPENDIX APPENDIX 1: DESCRIPTIVE STATISTIC APPENDIX 2: COLLINEARITY DIAGNOSTICS APPENDIX 3: CORRELATION 59 APPENDIX 4: RESULT Of POOLED OLS APPENDIX 5: RESULT OF REM 60 APPENDIX 6: RESULT OF FEM APPENDIX 7: HAUSMAN TEST 61 APPENDIX 8: WOOLDRIDGE TEST APPENDIX 9: BREUSCH AND PAGAN LAGRANGIAN TEST APPENDIX 10: FGLS REGRESSION 62 APPENDIX 11: LIST OF RETAIL COMPANIES IN THE STUDY No Abbreviation Company's name BDB Binh Dinh Book & Equipment Joint Stock Company BED Danang Books & School Equipment Joint Stock Company BSC Ben Thanh Service Joint Stock Company BST Binh Thuan Book And Equiptment Joint Stock Company BTT Ben Thanh Trading & Service Joint Stock Company CCI Cu Chi Commercial & Industrial Developing Investment Joint Stock Company CMV Ca Mau Trading Joint Stock Company COM Materials - Petroleum Joint Stock Company EBS Educational Book Joint Stock Company In Hanoi City 10 HTC HocMon Trade Joint Stock Company 11 NAV Nam Viet Joint Stock Company 12 PET Petrovietnam General Services Joint Stock Company Corporation 13 PNJ Phu Nhuan Jewelry Joint Stock Company 14 QST Quang Ninh Book & Educational Equipment Joint Stock Company 15 SED Phuong Nam Education Investment & Development Joint Stock Company 16 SFC SaiGon Fuel Joint Stock Company 17 SVC Saigon General Service Corporation 18 TLG Thien Long Group Corporation 19 TMC Thu Duc Trading & Import Export Joint Stock Company 20 TMX VICEM Cement Trading Joint Stock Company 21 TNA Thien Nam Trading Import Export Joint Stock Company 63 APPENDIX 12: DATA Reatil firm Year BDB 2011 0.81 (0.25) BDB 2012 0.73 BDB DPR ROA LEV 4.31 1.90 6% 0.60 0.0624 993 0.01 4.22 2.47 4% 0.37 0.0525 550 2013 0.84 0.43 4.21 2.79 2% 0.32 0.0542 357 BDB 2014 0.86 0.14 4.18 3.38 3% 0.25 0.0598 349 BDB 2015 0.97 (0.02) 4.18 3.65 4% 0.23 0.0668 517 BDB 2016 0.85 (0.23) 4.19 4.61 7% 0.18 0.0621 943 BDB 2017 1.09 0.02 4.18 4.82 5% 0.18 0.0681 641 BDB 2018 0.96 0.02 4.20 3.67 4% 0.25 0.0708 628 BDB 2019 0.80 0.15 4.23 3.38 6% 0.30 0.0702 871 BDB 2020 0.23 4.25 3.22 8% 0.31 0.0291 1,212 BED 2011 0.85 (0.03) 4.75 1.23 7% 0.45 0.0624 1,316 BED 2012 0.83 (0.02) 4.75 1.85 8% 0.35 0.0525 1,520 BED 2013 0.83 (0.06) 4.77 1.77 7% 0.38 0.0542 1,445 BED 2014 0.91 (0.09) 4.72 2.91 8% 0.22 0.0598 1,433 BED 2015 0.95 0.01 4.73 3.21 9% 0.22 0.0668 1,507 BED 2016 1.97 0.06 4.73 3.31 11% 0.20 0.0621 1,926 BED 2017 0.94 0.09 4.71 1.97 12% 0.30 0.0681 1,972 BED 2018 1.04 0.08 4.86 4.81 39% 0.16 0.0708 8,956 BED 2019 0.87 0.07 4.70 2.69 14% 0.23 0.0702 2,287 BED 2020 0.96 (0.13) 4.72 2.79 14% 0.24 0.0291 2,385 BSC 2011 0.75 (0.48) 4.64 3.43 9% 0.21 0.0624 1,337 BSC 2012 0.76 (0.17) 4.64 3.40 8% 0.23 0.0525 1,053 BSC 2013 0.73 (0.09) 4.63 3.03 4% 0.24 0.0542 547 - GROW SIZE LIQ GDP EPS 64 BSC 2014 0.22 0.04 4.71 3.41 14% 0.29 0.0598 2,283 BSC 2015 1.08 (0.06) 4.73 6.14 4% 0.35 0.0668 417 BSC 2016 0.81 4.65 13.24 4% 0.25 0.0621 389 BSC 2017 0.84 (0.52) 4.68 11.29 2% 0.28 0.0681 237 BSC 2018 2.65 0.18 4.67 13.23 1% 0.20 0.0708 113 BSC 2019 - (0.20) 4.62 15.87 2% 0.14 0.0702 243 BSC 2020 - (0.41) 4.61 14.01 2% 0.07 0.0291 240 BST 2011 0.71 0.10 4.24 2.87 11% 0.43 0.0624 1,679 BST 2012 0.85 0.07 4.28 2.86 10% 0.45 0.0525 1,769 BST 2013 0.66 0.14 4.28 3.21 13% 0.40 0.0542 2,275 BST 2014 0.81 (0.01) 4.27 3.30 10% 0.37 0.0598 1,734 BST 2015 1.00 0.03 4.26 3.40 9% 0.35 0.0668 1,203 BST 2016 0.98 0.04 4.25 3.60 8% 0.33 0.0621 1,122 BST 2017 0.97 0.06 4.25 3.75 8% 0.32 0.0681 1,034 BST 2018 0.98 (0.01) 4.31 2.86 7% 0.48 0.0708 1,024 BST 2019 0.97 0.09 4.26 3.92 7% 0.31 0.0702 1,028 BST 2020 0.89 0.08 4.26 4.06 8% 0.30 0.0291 1,124 BTT 2011 0.78 0.14 5.54 3.04 10% 0.32 0.0624 3,833 BTT 2012 0.65 0.05 5.54 2.60 10% 0.29 0.0525 4,027 BTT 2013 0.68 0.04 5.55 2.31 13% 0.30 0.0542 4,433 BTT 2014 0.69 (0.03) 5.53 2.29 11% 0.26 0.0598 3,614 BTT 2015 0.58 0.01 5.57 2.37 10% 0.31 0.0668 2,914 BTT 2016 0.71 0.10 5.62 1.68 7% 0.44 0.0621 2,532 BTT 2017 0.59 (0.02) 5.66 2.17 8% 0.48 0.0681 2,536 BTT 2018 0.46 (0.01) 5.69 2.14 11% 0.47 0.0708 3,256 - 65 BTT 2019 0.51 (0.10) 5.73 2.19 10% 0.46 0.0702 3,555 BTT 2020 0.63 (0.48) 5.69 2.75 3% 0.36 0.0291 1,105 CCI 2011 0.61 0.59 5.71 3.94 5% 2.56 0.0624 2,934 CCI 2012 0.65 0.14 5.74 5.17 4% 1.91 0.0525 2,317 CCI 2013 1.00 0.13 5.75 9.18 3% 1.77 0.0542 1,197 CCI 2014 0.88 0.14 5.77 17.50 3% 1.88 0.0598 1,142 CCI 2015 0.84 (0.28) 5.78 9.66 4% 1.80 0.0668 1,426 CCI 2016 0.92 (0.19) 5.82 11.76 4% 1.51 0.0621 1,308 CCI 2017 0.95 0.14 5.84 12.00 4% 1.55 0.0681 1,375 CCI 2018 0.92 0.19 5.84 11.80 4% 1.54 0.0708 1,418 CCI 2019 0.92 (0.03) 5.84 12.04 4% 1.53 0.0702 1,420 CCI 2020 0.90 (0.24) 5.84 11.35 4% 1.52 0.0291 1,443 CMV 2011 0.39 0.18 5.65 1.16 9% 2.05 0.0624 3,890 CMV 2012 0.63 0.04 5.69 1.16 6% 2.06 0.0525 2,547 CMV 2013 0.79 (0.03) 5.72 1.17 5% 2.36 0.0542 1,892 CMV 2014 0.75 0.02 5.77 1.14 4% 2.89 0.0598 1,996 CMV 2015 0.69 (0.07) 5.79 1.15 5% 2.67 0.0668 2,176 CMV 2016 0.80 (0.01) 5.84 1.13 4% 3.01 0.0621 1,884 CMV 2017 0.94 0.06 5.83 1.14 4% 2.85 0.0681 1,603 CMV 2018 1.01 0.09 5.85 1.12 3% 2.95 0.0708 1,492 CMV 2019 1.21 0.02 5.87 1.03 3% 2.90 0.0702 1,244 CMV 2020 0.62 (0.11) 5.78 1.20 3% 2.06 0.0291 1,283 COM 2011 0.74 0.31 5.65 2.69 7% 0.25 0.0624 2,420 COM 2012 0.84 0.05 5.78 1.51 4% 0.70 0.0525 1,784 COM 2013 0.81 0.06 5.78 1.38 4% 0.66 0.0542 1,857 66 COM 2014 0.66 0.01 5.63 4.33 10% 0.10 0.0598 3,009 COM 2015 0.78 (0.20) 5.65 3.38 22% 0.14 0.0668 6,409 COM 2016 0.70 (0.18) 5.72 2.65 21% 0.25 0.0621 7,119 COM 2017 0.84 (0.02) 5.72 4.73 18% 0.13 0.0681 5,937 COM 2018 0.78 0.25 5.76 5.81 16% 0.13 0.0708 6,393 COM 2019 1.04 (0.01) 5.71 3.74 10% 0.16 0.0702 2,881 COM 2020 0.77 (0.31) 5.70 4.33 7% 0.13 0.0291 2,587 EBS 2011 0.84 0.04 5.24 2.36 7% 0.58 0.0624 1,190 EBS 2012 0.39 0.36 5.22 3.88 14% 0.32 0.0525 2,548 EBS 2013 0.95 (0.23) 5.16 5.01 6% 0.19 0.0542 843 EBS 2014 0.97 0.13 5.10 4.52 4% 0.21 0.0598 617 EBS 2015 0.90 0.12 5.19 3.97 5% 0.26 0.0668 776 EBS 2016 0.90 0.20 5.22 3.31 7% 0.34 0.0621 995 EBS 2017 0.98 0.07 5.19 4.60 8% 0.22 0.0681 1,016 EBS 2018 0.92 (0.02) 5.19 4.92 8% 0.21 0.0708 1,088 EBS 2019 0.97 (0.08) 5.19 5.69 7% 0.17 0.0702 1,028 EBS 2020 0.99 (0.33) 5.20 6.88 5% 0.14 0.0291 HTC 2011 0.30 0.52 5.49 1.79 8% 1.42 0.0624 5,693 HTC 2012 0.33 (0.02) 5.51 2.41 7% 1.36 0.0525 4,553 HTC 2013 0.33 0.11 5.55 2.16 7% 1.38 0.0542 4,590 HTC 2014 0.23 (0.03) 5.63 1.86 9% 1.73 0.0598 7,318 HTC 2015 0.38 0.37 5.59 3.25 9% 1.23 0.0668 5,223 HTC 2016 0.18 0.09 5.61 5.62 18% 0.86 0.0621 8,119 HTC 2017 0.46 0.20 5.67 1.34 8% 1.01 0.0681 2,611 HTC 2018 0.42 0.49 5.75 1.35 7% 1.25 0.0708 2,841 807 67 HTC 2019 0.53 (0.23) 5.68 2.35 8% 0.82 0.0702 2,824 HTC 2020 0.57 (0.15) 5.72 1.54 8% 0.85 0.0291 2,994 NAV 2011 0.80 0.11 5.23 1.75 7% 0.75 0.0624 1,496 NAV 2012 1.78 (0.06) 5.26 1.54 2% 0.96 0.0525 506 NAV 2013 1.27 0.09 5.25 1.60 2% 0.86 0.0542 473 NAV 2014 0.62 0.12 5.22 1.83 5% 0.67 0.0598 961 NAV 2015 1.18 (0.15) 5.22 2.03 4% 0.65 0.0668 765 NAV 2016 - (0.41) 5.11 2.06 -9% 0.60 0.0621 (1,511) NAV 2017 - (0.04) 5.13 2.14 2% 0.63 0.0681 320 NAV 2018 0.33 (0.12) 5.23 2.08 9% 0.75 0.0708 1,800 NAV 2019 0.83 0.17 5.27 1.70 8% 0.77 0.0702 1,800 NAV 2020 0.51 (0.33) 5.26 2.14 14% 0.62 0.0291 2,963 PET 2011 0.44 0.08 6.61 1.21 7% 2.33 0.0624 4,107 PET 2012 0.59 (0.02) 6.63 1.26 5% 2.37 0.0525 2,720 PET 2013 0.75 0.10 6.80 1.17 3% 3.95 0.0542 2,278 PET 2014 0.01 6.76 1.26 4% 3.16 0.0598 2,760 PET 2015 0.78 (0.08) 6.71 1.35 4% 2.27 0.0668 2,050 PET 2016 0.95 (0.07) 6.79 1.14 3% 2.78 0.0621 1,578 PET 2017 0.86 0.08 6.79 1.17 2% 2.72 0.0681 1,400 PET 2018 0.80 0.04 6.75 1.22 2% 2.43 0.0708 1,243 PET 2019 0.76 (0.10) 6.70 1.24 3% 2.03 0.0702 1,321 PET 2020 0.66 0.34 6.80 1.16 2% 2.80 0.0291 1,526 PNJ 2011 0.58 0.31 6.47 1.65 9% 1.57 0.0624 4,285 PNJ 2012 0.65 (0.63) 6.19 1.19 16% 1.06 0.0525 3,534 PNJ 2013 0.89 0.33 6.47 1.21 6% 1.18 0.0542 2,239 - 68 PNJ 2014 0.47 0.03 6.45 1.31 9% 1.18 0.0598 3,208 PNJ 2015 1.11 (0.16) 6.47 1.43 5% 1.26 0.0668 568 PNJ 2016 0.41 0.11 6.55 1.53 13% 1.39 0.0621 4,383 PNJ 2017 0.31 0.28 6.66 2.62 16% 0.51 0.0681 6,434 PNJ 2018 0.31 0.33 6.81 2.02 15% 0.72 0.0708 6,481 PNJ 2019 0.37 0.17 6.93 1.83 14% 0.88 0.0702 4,896 PNJ 2020 0.46 0.03 6.93 2.21 13% 0.62 0.0291 4,308 QST 2011 0.64 0.17 4.57 0.81 9% 0.95 0.0624 2,515 QST 2012 0.75 0.18 4.59 0.77 7% 1.05 0.0525 2,130 QST 2013 0.78 (0.00) 4.50 0.74 9% 0.64 0.0542 1,793 QST 2014 0.75 (0.04) 4.50 0.87 8% 0.63 0.0598 1,608 QST 2015 0.94 0.10 4.52 0.62 8% 0.70 0.0668 1,282 QST 2016 0.83 0.15 4.53 0.59 8% 0.75 0.0621 1,442 QST 2017 0.93 0.02 4.69 0.44 6% 1.44 0.0681 1,293 QST 2018 0.97 0.20 4.72 0.44 6% 1.55 0.0708 1,337 QST 2019 0.80 0.13 4.76 0.48 6% 1.77 0.0702 1,624 QST 2020 0.37 0.04 4.91 0.64 5% 1.23 0.0291 2,404 SED 2011 0.48 0.30 5.33 1.50 12% 1.18 0.0624 3,320 SED 2012 0.56 0.07 5.33 1.61 12% 1.01 0.0525 3,220 SED 2013 0.49 0.19 5.32 1.61 14% 0.77 0.0542 3,704 SED 2014 0.49 0.07 5.32 1.71 12% 0.62 0.0598 3,037 SED 2015 0.58 0.31 5.38 2.11 12% 0.54 0.0668 2,755 SED 2016 0.55 0.07 5.43 2.14 13% 0.60 0.0621 2,928 SED 2017 0.59 0.02 5.54 2.18 10% 0.65 0.0681 3,041 SED 2018 0.51 0.07 5.57 2.09 10% 0.68 0.0708 3,151 69 SED 2019 0.51 0.09 5.61 1.76 9% 0.84 0.0702 3,139 SED 2020 0.42 0.00 5.60 2.10 10% 0.64 0.0291 3,308 SFC 2011 0.56 0.28 5.33 3.64 26% 0.24 0.0624 2,847 SFC 2012 0.42 0.17 5.52 1.38 9% 0.92 0.0525 1,892 SFC 2013 0.92 0.17 5.65 1.22 4% 1.54 0.0542 1,747 SFC 2014 0.60 0.05 5.65 1.24 8% 1.40 0.0598 3,316 SFC 2015 0.82 (0.45) 5.70 1.29 8% 1.44 0.0668 3,054 SFC 2016 0.79 (0.20) 5.72 1.30 8% 1.45 0.0621 3,551 SFC 2017 1.20 0.17 5.69 1.25 6% 1.29 0.0681 2,509 SFC 2018 1.20 0.08 5.47 1.96 11% 0.39 0.0708 2,509 SFC 2019 1.30 (0.12) 5.55 1.45 8% 0.78 0.0702 2,301 SFC 2020 1.21 (0.28) 5.51 1.52 7% 0.76 0.0291 1,820 SVC 2011 0.84 0.47 6.44 0.77 3% 2.47 0.0624 1,787 SVC 2012 0.56 (0.12) 6.43 0.82 2% 2.47 0.0525 1,796 SVC 2013 0.73 0.22 6.45 0.84 2% 2.53 0.0542 1,648 SVC 2014 0.58 0.20 6.42 0.88 3% 2.21 0.0598 2,074 SVC 2015 0.39 0.25 6.44 1.07 6% 1.60 0.0668 3,569 SVC 2016 0.29 0.38 6.52 1.08 5% 1.85 0.0621 4,138 SVC 2017 0.38 0.01 6.56 0.91 4% 1.88 0.0681 3,183 SVC 2018 0.23 0.08 6.64 0.97 7% 1.84 0.0708 6,425 SVC 2019 0.24 0.23 6.67 0.97 5% 1.88 0.0702 4,153 SVC 2020 0.22 (0.12) 6.63 0.96 5% 1.44 0.0291 4,490 TLG 2011 0.25 0.28 5.98 1.48 9% 0.99 0.0624 3,931 TLG 2012 0.21 0.17 5.98 1.71 10% 0.74 0.0525 4,729 TLG 2013 0.11 0.16 6.00 2.10 12% 0.60 0.0542 4,351 70 TLG 2014 0.36 0.15 6.04 2.47 13% 0.51 0.0598 5,501 TLG 2015 0.45 0.17 6.11 2.37 15% 0.57 0.0668 4,413 TLG 2016 0.54 0.15 6.14 2.48 17% 0.50 0.0621 5,514 TLG 2017 0.54 0.15 6.20 2.30 17% 0.48 0.0681 3,671 TLG 2018 0.37 0.14 6.25 2.37 16% 0.41 0.0708 4,031 TLG 2019 0.49 0.14 6.38 3.30 14% 0.34 0.0702 4,084 TLG 2020 0.72 (0.17) 6.36 3.41 10% 0.32 0.0291 2,775 TMC 2011 0.54 0.25 5.53 0.99 6% 1.42 0.0624 2,947 TMC 2012 0.88 0.06 5.60 1.03 5% 1.12 0.0525 1,704 TMC 2013 0.94 0.04 5.56 0.94 4% 1.06 0.0542 1,167 TMC 2014 0.69 0.21 5.49 1.09 7% 0.71 0.0598 1,746 TMC 2015 0.78 (0.10) 5.47 1.27 9% 0.58 0.0668 1,673 TMC 2016 0.72 (0.18) 5.41 1.22 9% 0.88 0.0621 1,529 TMC 2017 0.97 0.14 5.61 0.84 6% 1.08 0.0681 1,137 TMC 2018 0.68 0.15 5.47 1.35 10% 0.40 0.0708 1,618 TMC 2019 1.00 (0.08) 5.55 1.21 5% 0.75 0.0702 1,005 TMC 2020 2.12 (0.41) 5.50 1.26 2% 0.63 0.0291 424 TMX 2011 0.48 0.18 5.35 1.53 6% 1.81 0.0624 2,105 TMX 2012 0.71 (0.30) 5.33 1.58 4% 1.66 0.0525 1,412 TMX 2013 0.45 (0.06) 5.31 1.68 5% 1.43 0.0542 1,763 TMX 2014 0.43 (0.03) 5.24 2.00 4% 0.99 0.0598 1,170 TMX 2015 0.33 0.07 5.17 2.80 7% 0.56 0.0668 1,534 TMX 2016 0.32 0.18 5.16 3.20 6% 0.46 0.0621 1,542 TMX 2017 0.96 0.15 5.25 2.17 6% 0.87 0.0681 782 TMX 2018 0.69 (0.20) 5.24 2.62 10% 0.63 0.0708 2,914 71 TMX 2019 0.87 (0.27) 5.22 2.53 6% 0.67 0.0702 1,150 TMX 2020 (0.29) 5.18 2.99 6% 0.55 0.0291 1,442 TNA 2011 0.40 0.24 5.83 1.37 6% 1.92 0.0624 5,016 TNA 2012 0.42 0.13 5.82 1.44 6% 1.65 0.0525 4,771 TNA 2013 0.46 0.32 5.85 1.44 5% 1.73 0.0542 4,343 TNA 2014 0.41 0.03 6.03 1.14 4% 2.90 0.0598 4,822 TNA 2015 0.43 0.43 6.05 1.18 5% 2.79 0.0668 4,649 TNA 2016 0.31 0.49 6.13 1.21 8% 2.62 0.0621 9,739 TNA 2017 0.93 0.20 6.13 1.34 7% 2.27 0.0681 2,700 TNA 2018 (0.04) 6.25 1.19 4% 3.05 0.0708 1,673 TNA 2019 0.18 0.15 6.24 1.32 8% 2.13 0.0702 2,829 TNA 2020 0.13 6.33 1.23 2% 2.76 0.0291 1,023 - - - ... 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. . .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. .. 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