Monetary loosening and dividend policy: Evidence from Vietnamese stock market

IF 1.2 Q4 MANAGEMENT

Asian Academy of Management Journal Pub Date : 2019-12-30 DOI:10.21315/aamj2019.24.2.5

Quoc Trung Tran, Xuan Minh Nguyen, T. Nguyen, Thi Tuyet Mai Nguyen, T. Truong

引用次数: 1

Abstract

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.

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货币宽松与股利政策：来自越南股市的证据

越南是检验货币宽松政策对公司股利决策影响的理想实验室，原因如下:(1)越南政府在2007 - 2017年间连续实施货币宽松政策;(2)货币政策主要依靠货币供应量;(3)信贷渠道是主导的货币传导渠道。通过对2008 - 2017年4493个观察数据的研究，我们发现货币供应量对股利支付的选择和股利支付比率都有正向影响，而这种影响被企业现金持有量所缓解。此外，货币供应量与股利调整速度正相关。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Asian Academy of Management Journal MANAGEMENT-

CiteScore

1.70

自引率

0.00%

发文量

审稿时长

20 weeks

期刊介绍： The Asian Academy of Management Journal (AAMJ) is a refereed journal that is jointly published by the Asian Academy of Management (AAM) and Penerbit Universiti Sains Malaysia (http://www.penerbit.usm.my). The journal endeavors to provide forums for academicians and practitioners who are interested in the discussion of current and future issues and challenges impacting the Asian Management as well as promoting and disseminating relevant, high quality research in the field of management. The journal has an established and long history of publishing quality research findings from researchers not only in the Asian region but also globally.