| dc.description.abstract | The main purpose of this research is to examine the relationship between
dividend policy and stock price volatility of 109 companies listed on HOSE in 5 years
from 2013 - 2017. The dependent variable of the regression model is the stock price
volatility and independent variables are dividend payout ratio and dividend yield. In
addition, four control variables that are growth, firm size, leverage and earning volatility
are attached in the model. Fixed-effects regression model is chosen to analyze the panel
data. However, because earning volatility is a time-invariant variable, it has been omitted
from fixed-effects regression model. The study detects the significant positive impact of
dividend yield and leverage on stock price volatility. Furthermore, the significant
negative relationship between firm size and stock price volatility is investigated.
Nevertheless, the study shows that the impact of dividend payout ratio and growth on
stock price volatility are insignificant.
Keywords: stock price volatility, dividend policy, dividend payout ratio,
dividend yield, HOSE | en_US |
