재무연구 제 권 호 (2018년 5월)
Asian Review of Financial Research, Vol., No..
pp.1566~1593
pp.1566~1593
THE IMPACT OF GOVERNMENT OWNERSHIP ON DIVIDEND POLICY : CASE IN VIETNAM AND TAIWAN
Hang Thi Thuy Pham Doctoral Student, College of Business Administration, Chonnam National University
Sung-Chang Jung College of Business Administration, Chonnam National University
Hang Thi Dieu Nguyen Master Student, College of Management, Yuan Ze University, Taiwan
In this paper, we examine the impact of government ownership on dividend policy in case of Viet Nam and Taiwan. We find a strong evidence that government ownership has a positive impact on dividend payout in both countries. Additionally, firms with government ownership tend to pay higher dividend than firms without government ownership. Our findings suggest that the impacts of government ownership on dividend policy in both countries can be explained by the substitute hypothesis of agency theory (La Porta, 2000). We also discover that firms with government ownership in both countries pay higher dividend than the firms without government ownership.
Hang Thi Thuy Pham
Sung-Chang Jung
Hang Thi Dieu Nguyen
In this paper, we examine the impact of government ownership on dividend policy in case of Viet Nam and Taiwan. We find a strong evidence that government ownership has a positive impact on dividend payout in both countries. Additionally, firms with government ownership tend to pay higher dividend than firms without government ownership. Our findings suggest that the impacts of government ownership on dividend policy in both countries can be explained by the substitute hypothesis of agency theory (La Porta, 2000). We also discover that firms with government ownership in both countries pay higher dividend than the firms without government ownership.
Government ownership,Dividend policy,Agency theory.
