Tác động của cấu trúc sở hữu đến chính sách cổ tức bằng tiền mặt: Nghiên cứu trường hợp của các ngân hàng thương mại niêm yết tại Việt Nam

0 Người đánh giá. Xếp hạng trung bình 0

Tác giả: Đình Luân Lê, Thị Ngọc An Nguyễn, Thị Như Quỳnh Nguyễn

Ngôn ngữ: vie

Ký hiệu phân loại:

Thông tin xuất bản: Tạp chí Kinh tế và Ngân hàng châu Á, 2024

Mô tả vật lý: tr.33-48

Bộ sưu tập: Metadata

ID: 403078

Thêm vào giỏ Liên kết toàn văn

Bài viết phân tích tác động của cấu trúc sở hữu (CTSH) đến chính sách cổ tức (CSCT) bằng tiền mặt tại các ngân hàng thương mại (NHTM) Việt Nam. Dựa trên mẫu nghiên cứu gồm 22 NHTM trong giai đoạn 2012–2022 và các phương pháp ước lượng hồi quy dữ liệu bảng Pooled OLS, FEM, REM và FGLS, nghiên cứu cho thấy tỷ lệ sở hữu của cổ đông người nước ngoài và tỷ lệ sở hữu của cổ đông Nhà nước có tác động cùng chiều đến mức chi trả cổ tức (CTCT) bằng tiền mặt của các NHTM Việt Nam. Bên cạnh đó, nghiên cứu cũng tìm thấy tác động của một số biến kiểm soát như tỷ suất sinh lời trên tổng vốn chủ sở hữu (ROE) và tỷ lệ giữa giá trị vốn hóa trên giá trị sổ sách của vốn chủ sở hữu có tác động cùng chiều đến tỷ lệ CTCT trên mệnh giá. Trong khi, quy mô tổng tài sản có mối tác động ngược chiều đến chỉ tiêu này. Từ kết quả nghiên cứu, một vài đề xuất về CSCT phù hợp với đặc điểm cơ cấu sở hữu tại các NHTM.This research is proposed to consider how ownership structure affects dividend policy in Vietnamese listed commercial banks using quantitative research methods, namely OLS, FEM, REM and FGLS. Data was collected from annual financial reports of commercial banks and market data on Fiinpro at Vietnamese commercial banks from 2012 to 2022. The results show that FEM is much better for the research
however, the FEM model has heteroscedasticity and autocorrelation. In this case, the author uses the FGLS model instead. The results show that the ownership percentage of foreign investors, the state ownership ratio, the return on equity ratio, and the market capitalization value over the book value of equity ratio positively affect the dividend payout ratio on par value. In contrast, the size of total assets has a negative effect on the dividend ratio. The author offers some suggestions for improving the dividend policy for commercial banks and state authorities based on the research results. Hence, the result can be used as recommendations for adapting the dividend policy at commercial banks to the ownership structures.

1. Đọc trực tuyến

1. Đọc trực tuyến

Tạo bộ sưu tập với mã QR