학회소식
[2020년 제 3차] CORPORATE SOCIAL RESPONSIBILY, DIVIDEND POLICY AND THE MODERATING EFFECT OF GOVERNMENT OWNERSHIP: EVIDENCE FROM VIETNAM
작성자 : 관리자
조회수 : 57
게시일 :
2020-09-01
In this paper, the impact of Corporate Social Responsibility (CSR) on Dividend Policy and the moderating role of Government ownership on this association are examined. The study employed 2,618 firm-year samples from financial data of 374 non-financial listed companies in Ho Chi Minh Stock Exchange (HOSE) and Ha Noi Stock Exchange (HNX). By using Ordinary Least Square, Fixed Effect and GMM estimation, we revealed that CSR has a negative effect on the level of dividend payout. Additionally, Government Ownership is proved to play a positive moderate role on the interaction between CSR and dividend payout. The findings on the negative impact of CSR on payout ratio is highly supported by the stakeholder theory. Moreover, the government ownership’s positive moderate effect on the CSR/ payout relationship may be well explained under the agency theory’s lens.
