| dc.description.abstract | Following framework models by Yi-Chein Chiang, Bo-Song Lai (2015), this research is created to investigate the affect of foreign investors in Vietnam Stock Market on dividend payout policy in the period of 2009-2017. An assessment of the direction and significance of these influences via 2 models are carried out by utilizing panel data regression. In the first model, the dividend payout policy depends on binary probit regression, showing that the more foreign ownership in given a firm grows, the higher probability of dividend payment is. The second regression bases on regression method, suggesting that foreign investors tend to force firm’s manager increase dividend payouts level due to the disadvantages of agency conflicts and information asymmetry. In addition, regarding firm characteristics, it could be indicated that these results are consistent with the predicts of the pecking order and the cash flow theories. | en_US |
