FACTORS AFFECTING THE DIVIDEND POLICY OF CONSUMER STAPLES COMPANIESON HO CHI MINH STOCK EXCHANGE

Abstract

This study aims to determine the factors of the company's financial characteristics, management structure, ownership and dividend policy of the previous year impacting on the dividend policy. Data were collected from financial statements, annual reports, resolutions of Annual General Meeting of Shareholders, dividend payment announcements from the Vietstock website from 2015 to 2018 of 35 consumer staples companies on HOSE. For data analysis,  the Tobit regression model and Stata software were employed. The results show that there are four factors affecting the dividend policy of consumer staples companies on HOSE including earnings per share, dividend payout ratio in the previous year, financial leverage ratio and the percentage of shares by the state ownership.