MONETARY LOOSENING AND DIVIDEND POLICY: EVIDENCE FROM VIETNAMESE STOCK MARKET

被引：0

作者：

Quoc Trung Tran ^{[1
]}

Xuan Minh Nguyen ^{[1
]}

Thi Hoang Anh Nguyen ^{[1
]}

Thi Mai Nguyen ^{[1
]}

Thi Thuy Trang Truong ^{[1
]}

机构：

[1] Foreign Trade Univ, Ho Chi Minh City Campus,15 D5 St,Ward 25, Ho Chi Minh City, Vietnam

来源：

ASIAN ACADEMY OF MANAGEMENT JOURNAL | 2019年 / 24卷 / 02期

关键词：

money supply; dividend policy; emerging market; monetary loosening; stock market; BANK LENDING CHANNEL; CREDITOR RIGHTS; DETERMINANTS; TRANSMISSION; PAYOUT; GMM;

D O I：

10.21315/aamj2019.24.2.5

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

Vietnam is a promising laboratory to examine the effect of monetary loosening policy on corporate dividend decisions due to the following reasons: (1) Vietnamese government conducts monetary loosening policy continuously between 2007 and 2017; (2) the monetary policy relies mainly on money supply; and (3) credit channel is the dominant monetary transmission channel. With a research data including 4,493 observations from 2008 to 2017, we find that both the choice to pay dividends and dividend payout ratio are positively affected by money supply and this effect is mitigated by corporate cash holdings. In addition, money supply is positively related to speed of dividend adjustment.

引用

页码：95 / 112

页数：18

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