| dc.description.abstract | This study was conducted with the aim of examining the relationship between earnings
management and dividend policy of listed companies in Vietnam. Research data included 4,946
firm-year observations, collected from 647 non-financial firms on HNX and HOSE in Vietnam
from 2005 to 2019. The independent variable is real earnings management as measured and the
dependent variable is dividend policy as measured by dividend payout ratio. Control variables
such as company size, return on equity, revenue, liquidity, leverage, inflation and GDPgrowth
rate are also included in the model for accurate results. In addition, the study also fills a gap in
previous studies when considering moderating factor financial constraints. The results show a
negative relationship between earnings management and dividend policy, as firms with higher
earnings management reduce dividend payouts. This relationship is more strongly affected
when there are issues of financial constraints. This finding provides evidence that financial
constraints play a major role in determining the relationship between dividend policy and real
earnings management. | en_US |
