Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/245264 
Year of Publication: 
2019
Citation: 
[Journal:] Cogent Economics & Finance [ISSN:] 2332-2039 [Volume:] 7 [Issue:] 1 [Publisher:] Taylor & Francis [Place:] Abingdon [Year:] 2019 [Pages:] 1-29
Publisher: 
Taylor & Francis, Abingdon
Abstract: 
This paper examines the impacts of dividend policy and ownership structure on stock price volatility in the Vietnamese market. The study also tests for the moderating effect of foreign/state ownership on the dividend policy-price volatility relation. The authors use a comprehensive panel dataset of non-financial firms listed publicly on the Ho Chi Minh Stock Exchange and Hanoi Stock Exchange over the period from 2008 to 2015. Employing a set of different econometric methods, the robust results indicate that dividend yield mitigates stock price volatility in the emerging market of Vietnam. The price-stabilising effect of foreign (and state) involvement has no longer been significant after the global financial crisis. Also, the study finds no moderating effect of ownership structure on the relation between dividend yield and price volatility during the sample period. The finding of the influence of dividend policy on stock market risk has critical implications for the investment landscape in emerging markets.
Subjects: 
dividend policy
ownership structure
state ownership
foreign ownership
emerging markets
JEL: 
C33
E44
G23
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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