The factors affecting the dividend payout ratio: Experimental research of consumer goods companies
Main Article Content
Abstract
The study analyzes the factors affecting the dividend payout ratio of consumer goods companies listed on the Ho Chi Minh City Stock Exchange (HOSE). Balanced panel data with 468 observations of 39 consumer goods companies listed on HOSE for 12 years (2009-2020) and panel data regression methods: POOL, FEM, REM, and FGLS are used to test the research model. The analysis results show that earnings per share positively influence the dividend payout ratio of consumer goods companies. On the other hand, revenue growth rate, state ownership, foreign ownership, and form of investment paid dividends in cash and shares. However, it was harmful from the debt-to-equity ratio and listing period. In addition, the study also found a significant difference between the two forms of dividend payment, in which companies often choose to pay dividends in cash only and pay a higher level than the form of payment in shares. Therefore, it is recommended that consumer goods companies consider a flexible dividend payment policy based on influencing factors to increase benefits for shareholders.
Article Details
Keywords
Dividends, Dividend payout ratio, Consumer goods
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