CHAPTER I

INTRODUCTION

This study is conducted to determine the influences of dividend policy measures

(dividend yield and dividend payout ratio) on stock price and establish whether or not
there is a relationship between the corporate dividend policy and share price
volatility in the Vietnamese stock market.

1.1 Background

Lets take a look on the history of financial market from the beginning until
now. The first Stock Exchange based on modern principles was established in
Holland during that countrys booming trading era in the 17th Century. But soon
afterwards, in London, shares were traded in two coffee houses including shares in
the infamous East India Company, which was formed in 1688 with a view to
undertaking projects as yet undecided. Today, the vast majority of financial markets
are traded electronically. In major financial markets, thank to electronic systems,
investors can easily participate in these markets 24/7 either through brokerage
accounts, or direct purchase of shares and debt instruments. Since this dynamic
market was established, a number of researches, studies have been conducted to
explore the nature and explain for a lot of issues, which commonly appeared in the
market.

1
 Come back to the Vietnam stock market, which was established in the first year
of 21st century _ 28th July, 2000. At the beginning, The Vietnam stock market opened
with only two listings: Refrigeration Electrical Engineering Joint Stock Corporation,
and Saigon Cable and Telecommunication Material Joint Stock Company. After over
10 years, Vietnam stock market market has grown significantly only two stocks
were traded in the beginning, compared with 586 today on both the Ho Chi Minh
Exchange and the Hanoi Exchange and is attracting a growing number of domestic
investors. According to Mr. Vuong Ming Giang, researcher officer at Vietcombank
Securities, it has also become a crucial channel for companies that want to raise
medium- and long-term capital. However, it is still an emerging market with a lot of
unpredictable issues coming up every single day. Because only one third of
Vietnamese investors make investment decision based on financial analyst, while
other 30% of investors jump in based on what other investors do, and 40% left are
investing on basic information, said by Mr. Nguyen Quang Hai, deputy manager of
the brokerage department at Viet Quoc Securities in Ho Chi Minh City. Therefore,
cannot-understandable Vietnamese stock market needs more empirical research to
find the weakness and make it better.

1.2 Rationale

Dividend policy is one of the most widely researched topics in the

financial field but the question of whether dividend policy affects stock prices
has remained debatable among international managers, policy makers and
researchers for many years. Why does this topic become a big concern in the
financial field over decades? The answer is that dividend policy is important for
investors, managers, lenders and for other stakeholders. For investors, dividends are
significant source of revenues; and from the view of the financial analysts, this
information is useful to assess company strength, in order to make the prediction,
whether the company is profitable or not. For policy makers, selecting a suitable

2
dividend policy is a critical and challenging decision, since the amount of dividend
issued to the shareholders will greatly impact to the company liquidity and the
flexibility for future capital investment. The reason is that increasing dividends paid
to shareholders will reduce the value of owner equity, which could be used for
expanding, or for investment in profitable projects. From the lenders point of view,
they are also interested to see the amount dividend declared, as additional amounts
paid out as dividend, will reduce the amount available for the companys servicing
and redemption of the debt outstanding. Finally, it is important for other stakeholders,
especially for claimholders to work with the amount of funds available, certain debt
ratio, and agency cost.

In addition, from years of experience, management may notice that investors are
likely to pay attention to the dividend payments as a part of their investment decision;
and the riskiness of the investment strongly affects the valuation of stock price in the
long run. In short, dividend policy is extremely important to both investors and the
firms as well due to its influences on the firms liquidity, shareholders benefit and the
whole stock market. Until now, economists are focusing on this topic with the
thought of solving this dividend puzzle, leading to a large number of conflicting
hypotheses and theories. Some typical theories on dividend payment are the
stakeholders theory, bird-in-hand theory, agency cost, signaling theory, and clientele
effect. The information asymmetry between managers and shareholders, along with
the separation of ownership and control, form the basis of another explanation, are
the reason why dividend policy has been so popular.

Besides the above theories about dividend policy, a lot of research has been
conducted to find the linkage between the dividend policy of corporations and stock
prices over time and across countries: (Baskin, 1989; Nishat and Irfan, Pakistan,
2003; Khaled Hussainey, Chijoke, and Aruoriwo M., UK, 2010; Muhammad Asghar,
Pakistan, 2011). However, there are not many researches about this issue in Vietnam,
so it is still an open question for all financial researchers, who are interested in

3
Vietnamese market. The Vietnamese stock market has been operating for more than
10 years, but it is still in the early phase and there are many issues still exist in this
market, that need to be explored. Therefore, whenever investors decide to invest their
money in Vietnamese Stock market, they have to consider many factors, not solely
from the company background and image.

Stock price volatility is the systematic risk for investors who possess the market
portfolio (Gou, 2002). The more volatile the stock price is, the greater chance of gain
or loss of investors. According to Schwert (1989), stock price volatility can reflect the
uncertainty about future cash flows and discount rates as well, so it is really hard for
investors to predict the price of volatile stock in the future (Criss, 1995). In addition,
investors are risk averse, the lesser the amount of risk the better the investment is
(Kinder, 2002). Therefore, volatility of investment is so important to all investors
because it can reflect exactly their gain or loss from investment as well as the level of
risks they are exposed to. There are many researches with different results have been
conducted to establish the factors that affect the stock price volatility. According to a
study of Shamsher Mohamad and Annuar Md Nassir; dividend yield, dividend payout
ratio, debts to assets ratio, asset growth and firm size variables could explain for the
stock price changes in the Kuala Lumpur market for the period 1975 to 1990. This
result can be resolve the debate whether corporate dividend policy has any
relationship with stock price volatility or not in Kuala Lumpur. All previous theories
and researches are solid background that support for this paper to establish
relationship between dividend policy and share price volatility with particular focus
on the Vietnamese Market.

1.3 Objectives

The objective of the study is answering the main following question:

4
 How does dividend policy affect stock price movement in the Vietnamese
stock market based on data of HOSE?
In other words, this study is conducted to determine the influences of dividend
policy measures (dividend yield and dividend payout ratio) on stock price and to
check whether or not there is a relationship between the corporate dividend policy and
share price volatility in Vietnamese stock market.

1.4 Scope and Limitation

This study is conducted in Ho Chi Minh Stock Exchange (HOSE), the largest
stock exchange in the Vietnamese market. However, there are still stock exchanges
like HNX and OTC which are not included in this thesis presentation. Because there
is a lack of data available of 2011, and we have to do expand our research over
several years. Therefore, our sample includes 110 companies which were listed before
2008, with completed information between 2008 and 2010. In addition, there are a lot
companies listed on HOSE from 2009 up to now, therefore the room for later
researchers will be widen due to huge number of companies in the sample. In
addition, this research only focuses on the cash dividend payment, since it has the
most significant impact on stocks value and investors expectation.

1.5 Significance

The stock price is predicted easily in an efficient and stable market than in a
volatile one like Vietnam market. Once the study is finished, the relations among
variables are explored, which can be significant findings. The results will have an
important contribution to stock market, especially investors who are focusing on
dividend. Investors can consider the results as a theoretical framework about the
effect of dividend policy, and will have more confident in their analysis and
investment decisions. The study can draw comparison with other related studies

5
outside the country to discover the differences between stock market in developed and
emerging market, or the result can be compared with other researches within Vietnam
to see the difference in different time frame. Then, investors will have a better
understanding, whenever they receive information about dividend announcement of
any listed company in HOSE.

1.6 Structure

This study will consist of 5 main chapters:

Chapter I: Introduction, describing the whole picture and giving the general ideas
about the studied issue, stating problem statement, objectives, scope, limitation and
significances of the studies.

Chapter II: Literature Review, presenting theories, definitions related to dividend

policies and providing the theoretical framework and reviewing empirical researches
about the topic. Reviewing the applied models and the literature related to this issue.

Chapter III: Research Methodology, addressing the methodology used in the study,
showing sampling process, collecting data, measuring variables and analyzing data
method.

Chapter IV: Result Analysis, analyzing descriptive statistics, measuring the

relationship among variables and checking the validity and reliability of the measures,
analyzing multiple linear regression and discussing about the results of the study.

Chapter V: Conclusion and Recommendation, summarizing the research results and

giving some recommendation about dividend decision in Vietnamese stock market
based on the results .

6
 CHAPTER 2

LITERATURE REVIEW

The harder we look at the dividend picture, the more it seems like
a puzzle, with pieces that dont fit together
Black (1976)

This chapter will provide basic understanding about dividend and dividend
policies and then find out some important pieces of the dividend puzzle.

2.1 Theories About Dividend

2.1.1 Dividend

a) Definition

A dividend is a non-tax deductible payment declared by a company's board of

directors and given to its shareholders out of the company's current or retained
earnings, regularly in quarter. The dividend is mostly quoted in terms of the VND
amount each share receives (dividends per share) or the percentage of par value.

Dividends provide an incentive to own stock in stable companies even if they

are not experiencing much growth. Companies are not required to pay dividends. The

7
companies that offer dividends are ones that have progressed beyond the growth
phase, and no longer benefit sufficiently by reinvesting their profits, so they usually
choose to pay them out to their shareholders (www.Investorword.com)

b) Types of dividends

There are four types of dividend payments:

Cash dividend: is the most common type of dividend. Public companies

usually pay a regular cash dividend 1 4 times each year. Sometimes firms can pay
an extra cash dividend in special circumstances. Cash dividends reduce cash and
retained earnings on the firms balance sheet.

Stock dividend: Dividend is paid out in term of shares of stock. Its not a true
dividend since no money leaves the firms. Stock dividend increases the number of
outstanding shares and reduces the value of each share. Therefore, the total value of
the company does not have any changes.

Stock split: Companys shares are divided into multiple shares. Like stock
dividends, a stock split increases the shares but maintains the total value of the
shares. Therefore, no added value comes to shareholders.

Repurchase stock: A program in which stocks are repurchased by the issuing

firm, reducing the number of shares outstanding. The company can buy back stocks in
secondary market or offer directly to its shareholders at fixed price. The capital gain
raising from the repurchase exactly equals the dividend that would have otherwise
been paid. This result comes up with in the absence of taxes and transaction costs.

8
 2.1.2 Dividend payment procedure

The procedure for paying dividends is as follows:

Declaration Date: The board of directors declares a payment of dividend

On January 15, say, corporation XYZ announces that it will pay a dividend on
February 16 of the same year.

Record Date: The declared dividends are distributable to shareholders of

record on a specific date.
At the close of business on the Record date, January 30, say, XYZ closes its
stock transfer book and makes a list of shareholders to that date. If XYZ is not
notified of the purchase of its stock by an individual before 5PM on the record date,
the individual does not get the dividend.

Ex-Dividend Date: To avoid conflict, the convention is that the right to the
dividend remains with the stock until two days before the record date. Whoever buys
the stock on or after the ex-dividend date does not receive the dividend.
In the present example, the ex-dividend date would be January 28.

Payment date: The dividend checks are mailed to shareholders of record.

9
 Jan 27th Jan 28th
Jan 15th Jan 30th Feb 16th
Dividend Ex-
Declaration Record Payment
goes with dividend
date date date
the stock date

Figure 1:
Dividend Payment Procedure Model

2.2 Theories of dividend policy

Dividend policy still causes a controversial issue among empirical studies.

Although dividend policy can affect capital structure of a firm, the relation between
cash dividend announcements and share prices is not obvious (Bernstein, 1996;
Black, 1976; Dempsey, Laber & Rozeff, 1993; Holder, Langrehr & Hexter,
1998; Litzenberger & Ramaswamy, 1982; Miller, 1986; Brigham & Gapenski,
2002; Brealey & Myers, 2002; Van Horne, 2001). Therefore, a lot of studies have
been carried out; and a number of theories and models have been established to
explain impacts of dividend policies on stock price volatility. Depending on
assumptions and different sides of observations; researchers have come up with
different conclusions about the issue, so this topic is still debatable.

2.2.1 Dividend irrelevance theory

The Modigliani-Miller Theorem is a cornerstone of modern corporate finance.

The Modigliani-Miller is totally irrelevance proposition; In particular, theorem

10
provides conditions under which a firms financial decisions do not affect its value.
This theory was explained by Modigliani (1980, p. xiii) as followed:

with well-functioning markets (and neutral taxes) and rational investors,

who can undo the corporate financial structure by holding positive or negative
amounts of debt, the market value of the firm debt plus equity depends only on the
income stream generated by its assets. It follows, in particular, that the value of the
firm should not be affected by the share of debt in its financial structure or by what
will be done with the returns paid out as dividends or reinvested (profitably).

To make it easy to understand, Miller (1991) used a very simple analogy to

explain the intuition for the Theorem. Think of the firm as a gigantic tub of whole
milk. The farmer can sell the whole milk as it is. Or he can separate out the cream,
and sell it at a considerably higher price than the whole milk would bring. He
continues, The Modigliani-Miller proposition says that if there were no costs of
separation, (and, of course, no government dairy support program), the cream plus the
skim milk would bring the same price as the whole milk. This simple explanation
can generalize the theorem that within given a fixed amount of total capital (milk), the
allocation of capital between debt (cream) and equity (skim milk) is irrelevant
because the weighted average of the two costs of capital to the firm is indifferent for
all possible combinations of the two.

In fact, the theorem of Miller and Modigliani comprises four distinct results
from series of paper (1958, 1961, and 1963). The first proposition says that under
certain conditions, market value of a firm is not affected by its debt-equity ratio. The
second proposition states that a firms leverage has no effect on its weighted average
cost of capital. The third proposition points out that firm market value is independent
of its dividend policy. The fourth proposition indicates that equity-holders are
indifferent about the firms financial policy.

11
 In our study, we consider the third proposition (1961), which proposed that
dividend policy is irrelevant to the shareholders in the perfect market. Within given
level of risks and the cash flow from a firms investment decisions, firms have to
provide the same total return to stockholders. So, firms which pay more dividends
will offer less price appreciation. Therefore, in case of no taxes, or the same tax rate
for dividends and capital gains, investors should be indifferent to receiving their
returns in dividends or price appreciation.

For this argument to work, in addition to main assumption: there is 100%

payout by management in every period, the following assumptions have to be
addressed:

1) Existing perfect capital markets: no taxes or transactional cost, market

price cannot be influenced by a single participant and accessing information is
free and costless.

2) All investors are rational and have homogenous expectations concerning

future investments, profit and dividends.

3) There is certainty about the investment policy of the firm with full
knowledge of future cash flows.

However, researchers and financial practitioners have argued that Miller and
Modiglianis assumptions about perfect market do not exist in the real world. Then, a
school of competing theories and hypotheses have been introduced to provide
evidence illustrating the relationship between dividend policies and stock price
volatility.

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 2.2.2 Bird in hand theory

The theory states that investors prefer the certainty of dividend payments to
the possibility of substantially higher future capital gains based on the adage that a
bird in the hand (dividend) is worth two in the bush (capital gain). It was developed
by Myron Gordon and John Lintner as a counterpoint to the Modigliani-Miller
dividend irrelevance theory. Myron Gordon and John Lintner have argued that rs
decreases as the dividend payout increases. Because investors are less certain of
receiving the capital gains, which are supposed to result from retaining earnings, than
they are of receiving dividend payments. That is, take:

According to the equation, D1/P0 is more certain than g, rs will decrease as D1

increases.

Though this argument still has some imperfections; so it has been widely
criticized and has not received strong empirical support. However, this theory still
receive strong support from Gordon and Shapiro (1956), Lintner (1962), and Walter
(1963) because in the imperfect market, profitability and future prospect of the firms
are still unpredictable. Therefore, despite the tax disadvantage of paying dividends,
management still go ahead to pay dividends with the purpose of sending a positive
signal about the firms future prospects and investors also prefer dividends due to
immediate cash requirement. In short, shareholders prefer dividends, and would
require a higher discount rate for capital gains since they are riskier.

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 2.2.3 Agency cost and the free cash flow theory

This theory was developed by Jensens and Meckling in (1976). Although

bondholders, stockholders and managements form firms for beneficial reasons,
conflicts of interest among them always exist. While bondholders would like
stockholders to leave as much cash as possible to make sure the availability of cash in
hand for debt repayment in difficult situations, stockholders try to keep extra cash for
themselves. This is the main reason leading to agency cost.

In addition, agency cost may also arise since the owners of the firms are
different from the management, the conflicts easily happen when management act on
their behalf rather than on behalf of shareholders. While the firm has plenty of free
cash flow, managers are bound to pursue their selfish goals such as conducting costly
activities, undertaking unprofitable investments, paying unnecessarily high
management compensation _ Al-Malkawi (2007). Therefore, the increase in dividend
also gives benefits to shareholders by reducing the ability of managers to pursue
wasteful activities. Several scholars have suggested that dividend can play an
important role in reducing the agency costs. According to Michael Rozeff (1994),
paying dividend equal to the amount of surplus cash flow is a good way for a firm
to reduce managements ability to squander the firms resources.

One of the implications of lower agency problems associated with high

dividend payments is that it should lower the riskiness of firms. Allen and
Rachim (1996), while studying the relationship between dividend policy and the
stock price volatility, show that higher dividend payouts would lead to lower
stock price volatility. If high dividend payments signal lower agency problems, we
should also expect higher dividend payouts to be in line with better stock price
performance Gompers et al (2003).

14
 However, since interest and principal also leave the firm, debt also can reduce
the free cash flow. In fact, debt has greater impacts on free-spending ways of
management because when the firm is unable to pay debt, bankruptcy will occur and
then affect the whole firm. So, free cash flow hypothesis still provides another reason
to issue more debt.

2.2.4 Signaling Effect

Although Modigliani & Miller assumed that all information is available to

investors and managers in perfect market, in fact, managers always have more precise
and timely than outside investors. This conclusion was in line with several researchers
such as: Bhattacharya (1979), John and Williams (1985) and Miller and Rock (1985).
Based on their models, in a world of asymmetric information, better informed insiders
use the dividend policy as a costly signal to convey their firms future prospect to less
informed outsiders. It becomes the gap between mangers and investors. In order to
bridge the gap, mangers try to find the way to give the signal in form of dividend to
investors _ Al-Malkawi (2007). Through observation, Pettit (1972) recognized that
whenever the firm pays out dividend with higher rate, investors can expect good
prospects of the firm in the near future and vice versa. Consequently, increase
(decrease) in dividend signals improvement (reduction) in a firms profitability,
earning and growth. Moreover, there should be a positive relationship between
dividend change s and subsequent share price reaction.

There are many studies have been carried out to find the reaction of the prices
when market received dividend change announcements. Significant number of
findings indicated that dividend change announcements are positively associated with
share returns in the days surrounding the announcement. Pettit (1972, 1976) found
strong support that dividend change announcements convey information to the
market. Since then, a lot of studies conducted by different authors in different markets

15
have shown similar results such as Aharony and Swary (1980), Benesh, Keown and
Pinkerton (1984) and Dhillon and Johnson (1994) for dividend change announcement;
Asquith and Mullins (1983) for dividend initiation; Lee and Ryan (2000, 2002) for
dividend initiations and omissions; and Lippert, Nixon and Pilotte (2000) for dividend
increase announcements. All these above studies were taken place in the American
market; Travlos, Trigeorgis and Vafaes (2001) analysed the market of Cyprus,
Gurgul; Madjosz and Mestel (2003) conducted on the Austrian market; and Yilmaz
and Gulay (2006) in the Turkey market, findings of these studies also support for the
dividend signaling information hypothesis.

Although there are significant numbers of empirical evidence supporting the

positive relationship between dividend change announcements and the subsequent
share price reactions, some studies have not supported this idea. Studies done by Lang
and Litzenberger (1989) and Benartzi, Michaely and Thaler (1997) in the American
market; Conroy, Eades and Harris (2000) in the Japanese market; Chen, Firth and Gao
(2002) in the Chinese market; and Abeyratna and Power (2002) in the United
Kingdom, found that there is no evidence of a significant relationship between
dividend announcements and share returns.

Discussing the association of dividend change announcement with future

earning, positive and strong relation between dividend change announcement and the
subsequent earnings has been found by Aharony and Dotan (1994), Chen and Wu
(1999), Nissim and Ziv (2001), Arnott and Asness (2001, 2003), Harada and Nguyen
(2005), Baker, Mukherjee and Paskelian (2206), Stacescu (2006) and Vi vian (2006).
Similar results were obtained by Lipson, Maquieira and Megginson (1998) for the
case of dividend initiations, and very recently, by Dhillon, Raman and Ramrez
(2003), that have considered dividend analysts forecasts in order to determine
dividend surprises.

16
 However, many empirical studies have failed to support this idea. Studies by
Watts (1973), DeAngelo, DeAngelo and Skinner ( 1992, 1996), Benartzi, Michaely
and Thaler (1997), Grullon, Michaely and Swaminathan (2002), Benartzi et al.
(2005) and Lie (2005) found that there is little or no evidence that dividend changes
predict abnormal increase in earnings.

2.2.5 Clientele Effect

This theory also states irrelevance of dividend policy in the real world. Capital
market imperfections always include substantial transactional cost and differential
interest rates. In other words, there is no costless adjustment when individual wants to
change his/ her investment pattern. Modigliani and Miller (1961) argued that for
these cost to be minimized, investors always tend towards stock of companies that
satisfy their own needs and give them desired benefits. So, firms would attract
different clienteles based on their dividend policies. Depending on stages of the firm
and tax brackets, dividend policies will be changed to match with different needs of
clienteles. When a company changes its policy, investors will adjust their stock
holding accordingly, and then stock prices will move. Unfortunately, it means that
shareholders have incurred adjustment cost. Therefore, an easily identifiable dividend
pattern may avoid such cost to the shareholder. If the company tries to satisfy their
clienteles by paying the desired dividends, at the same time, it may incur
consequential costs in the form of missed investment opportunities or costs of raising
fund due to free cash flow shortage.

According to Al-Malkawi (2007), fims in growth stage tend to pay lower

dividend would attract clienteles, who prefer capital appreciation rather than
dividends, while firms in maturity stage pay higher dividends to attract clientele,
who require immediate income in the form of dividend. For individuals, who are
in high tax bracket will prefer stock with either no or low dividend. Investors in low

17
tax bracket likely choose low-to-medium dividend. Tax free institutions prefer
medium-payout stock while corporations prefer to invest in high-payout stocks.

The way of forming Clienteles is displayed in the following table:

Table 1

Clienteles forming

Group Stocks

Individuals in high tax brackets Zero-to-low-payout stocks

Individuals in high tax brackets Low-to-medium-payout stocks

Tax-free institutions Medium-payout stocks

Corporations High-payout stocks

As we discussed above, tax brackets vary across investors, if shareholders pay

attention to taxes, stock should attract clienteles based on dividend yield. This
conclusion has been confirmed by Blume, Crockett, and Friend; and by Lewellen,
Stanley, Lease, and Schalarbaum. The results of their surveys show that stocks with
high dividend yields tend to be chosen by individual in low tax brackets. This
empirical result is displayed in following table, which retrieved from W.Lewellen,
K.L. Stanley, R.C.Lease and G.C.Schalarbaum, Some Direct Evidence on the
Dividend on Clientele Phenomenon (1978).

18
 Table 2

Relationship between dividend yield and marginal tax rate from direct
observation of individual investors portfolios

Dividend Yield
Decile Marginal Tax Rate (%)
(% per annum)

1 7.9 36

2 5.4 35

3 4.4 38

4 3.5 39

5 2.7 38

6 1.8 41

7 0.6 40

8 0.0 41

9 0.0 42

10 0.0 41

Even though clientele effect may change a firms dividend policy, one clientele
is as good as another, therefore dividend policy remains irrelevant.

2.3 International Studies Related To The Topic

It has been many decades since dividend policy issues were first analyzed, but
no explanation for certain observed dividend behavior has been established
universally. Brealey and Myers (2005) considered that dividend policy was always in
the list of the top ten most difficult unsolved problems in financial economics. This

19
description is consistent with Blacks statement (1976) The harder we look at the
dividend picture, the more it seems like a puzzle, with pieces that dont fit together.
It is easy to understand why there is disagreement between different researchers on
dividend policy.

As noted earlier, there are many studies conducted to find out the universal
relationship of dividend yield and dividend payout ratio with stock price volatility.
According to the research of Allen and Rachim (1996) in Australia, no significant
relationship exists between dividend policy and stock price volatility. However,
Gordon (1963) found that the stock price volatility is influenced by dividend payout.
In other words, the firms paying large dividend have less risks in term of stock price
value.

According to study of Friend and Puckett (1964), which seemed to be one of the
earliest works on this topic, there is positive impact of dividend on stock price.
Besides that, Ball et. al. (1979) found the positive effect of dividend yield on post
announcement rates of return. Discussing about the influences of investors on stock
prices, Roni Michaely (1986) argued that while long-term individual investors have
no effect, the activities of short-term traders and corporate traders dominates the price
determination on the ex-day. Importantly, Baskin (1987) stated that dividend yield
had significant, dominating, negative relationship with stock price volatility.

However, Dave E. Allen; Veronica S. Rachim (1996) stated that stock price
volatility has significant positive correlations with earnings volatility and leverage,
but significant negative correlation with the payout ratio; Conroy et al. (2000) found
that current dividend announcements could not explain any reactions of market to the
announcements; Nishat and Irfan (2001) did researched on 160 listed companies in
Karachi Stock Exchange, Pakistan from 1981-2000, found that both dividend policy
measures (dividend yield and payout ratio) have significant impact on the share price
volatility, and provided evidence to support the arbitrage realization effect, duration

20
effect and information effect in Pakistan. Rashid and Rahman in context of Dhaka,
Bangladesh found an evidence of positive, but non-significant relationship between
stock price volatility and dividend yield; Sponholtz (2005) indicated that the surprise
factors, which included in the current dividend and managements forecast, have
strong impact and could be used to explain for the stock market reaction to the
simultaneous announcements. An empirical study conducted in UK (2010) by Khaled
Hussainey has shown that stock price changes have a positive relationship with
dividend yield and a negative relationship with dividend payout ratio . In
addition, the results also said that stock price change can be explained by firms
growth rate, debt level, size and earnings. Different findings of these previous
researches showed that stock price volatility is also affected by other factors besides
dividend yield and dividend payout ratio.

Studying about dividend payments determinants during 1946-1964, Fama and

Babiak (1968) concluded that net income could provide a better measure of dividend
than cash flows. Pruitt and Gitman (1991) conducted depth interview with financial
managers of the 1000 largest U.S. companies and reported that, current and past year
profits are important factors influencing dividend payments; and risks also determine
the firms dividend. And in other studies, Rozeff (1982), Lloyd et. al. (1985), and
Colins et. al. (1996) considered beta value of a firm as an indicator of its market risk.
Then, they came up with the results, which are statistically significant and negative
relationship between beta and dividend payout. DSouza (1999) also had the same
finding, but he could show a positive but insignificant relationship in the case of
growth and negative but insignificant relationship in case of market to book value.

Besides that there are lots of studies conducted to determine whether dividend
decision is taken along with investment and financing decisions. Green et. al. (1993)
investigated the relationship between them. The results however did not support the
views of Miller and Modigliani (1961). Before Green et. al., Dhrymes and Kurz
(1967) and McCabe (1979) had found that the firms investment decision is linked to

21
its financing decision. On the other hand, Fama (1974), and Smirlock and Marshall
(1983) documented no interdependence between investments and dividends.

Furthermore, other factors influencing dividend payments also have been

investigated over years. According to Higgins (1981), there is direct link between
growth and financing needs. Because in the growth stage, firms always need money
for external financing because normally working capital needs are normally greater
than incremental cash flow from sales. With the same research direction, Rozeff
(1982), Lloyd et al.(1985) and Collins et al .(1996) all showed that historical sales
growth and dividend payout have significantly negative relationship.

A research in one of the largest American stock market (S&P500) carried out
by Arnott and Asness (2003) found that higher aggregate dividend payout ratios were
associated with higher future earnings growth. This finding was supported by Zhou
and Ruland (2006) and Gwilym et.al. (2006). Zhou and Ruland examined the NYSE
and NASDAQ in 1950- 2003 and found a strong positive relationship between payout
ratio and future earnings growth. The research of Mohammed Amidu and Joshua
Abor (2006) was about factors affecting dividend payout ratios of listed companies in
Ghana and the results are the positive relationship with profitability, cash flow and tax
but are negatively related to risk and growth.

2.4 Pros and Cons of paying dividend

As discussed above, with stocks, dividends can be a nice bonus on top of the
capital appreciation that most investors hope to realize from their investment. At the
same time, dividends can pose a few disadvantages, which investors should take into
consideration as weigh their investment options

22
 Pros Cons

1) Dividends are taxed as ordinary

1) Cash dividend can underscore good
income
results and provide support to stock

price.

2) Dividend can reduce internal sources

2) Dividend may attract institutional
of financing. Dividend may force the
investors who prefer return in term of
firm to forgo positive NPV projects
dividends. A mix of institutional and
or to rely on costly external equity
individual investors may allow firm to
financing
raise capital at lower cost because of

the ability of a firm to reach a wider

market.

3) Once established, dividend cuts are

3) Stock price usually increases with the
hard to make without adversely
announcement of a new or increased
affecting a firms stock price.
dividend

4) Dividend absorbs excess cash flow

and may reduce agency costs that arise

from conflicts between management

and shareholders.

Table 3:
Pros and cons of paying dividend

23
2.5 Dividend policy in Vietnam

According to Vietnam Association of Financial Investors research on dividend

policies of public companies in Vietnam market, there are four main periods from
1994 2011.

2.5.1 1994 2000

This period didnt have stock market yet and financial policies for joint stock
companies; so, dividend payment was just in term of cash. Due to the risk of the
credit co-operative period in 1980s, investors were not interested in investing in
corporations or required very high dividend payments to get back their initial
investment, usually from 15 - 18%, abnormal case up to 30 50% that put strong
pressure on firms management boards. In the end of the period, due to impact of
financial crisis 1997 2000, DPR reduced but was still higher than today.

2.5.2 2001 2003

Stock market has been established lead to improvement in stocks buying and
selling, and also liquidity. Dividend payment in term of stock and of stock reward has
appeared to improve liquidity of stock and increase income for stockholders.
However, stock market had appeared but immediately was in crisis, so investors
didnt believe in this market and once again required high dividend payment from 12
30%. However, this and previous period had some good characteristics: traditional
profession concentration, well-thought investment and efficient capital usage.

24
 2.5.3 2004 2008

Followed macroeconomic improvement, many stock market development

appeared and make stock market developed quickly. Financial investment and real
estate investment had bad result or loss. From 2004 - 2007, investors didnt care much
about cash dividend, but stock dividend prevailed in those days. Due to crisis 2008,
firms had to pay higher cash dividend again to get back investors belief. However,
this level was just 7-10%, which was much lower than 1st and 2nd period.

2.5.4 2009 2011

VAFI also stated that, in the gloomy period of stock market, all participants
(both investors and companies) should be responsible for management to improve
companies performances and build trust among investors. So in the period 2009
2011, high dividend payment will be preferred by most of joint stock companies.
2009 2011.

25
 CHAPTER III

METHODOLOGY

Reviewing the models and methods to utilize the model is the main function of
this part. Working procedure, collecting and calculating data processes are also
clearly discussed to give the general view about the study progress.

3.1 Research Procedure

Choosing topic and scope of the study

Indentifying model

Reviewing former related studies and gather needed information

Collecting data

Inputing SPSSS

Analyzing Result

Figure 2:

Research Procedure

26
3.2 Baskin (1989) and Allen and Rachim (1996) Models

3.2.1 Introduction about applied model

Following Baskin (1989) and Allen and Rachim (1996), multiple regression
analyses are employed to explore the association between share price changes and
dividend policy measures_ dividend yield and dividend payout ratio.

According to Baskin (1989), a number of control variables was included to

account for certain factors that affect both dividend policy and stock price volatility
Asset Growth, Earnings Volatility and firm size. The model will be tested over 3
years period to measure the periodic influences of dividend policy on stock price
volatility. Then, to explore the relationships and correlations among variables,
multiple regression analysis will be used. Firstly, in the study, there are 2 independent
variables: DIVIDEND YIELD and PAYOUT RATIO and one dependent variable:
PRICE VOLATILITY. This provides a crude test of the relationship between share
price volatility and dividend policy with the regression equation:

PV = a1 +a2DYj + a3DPRj (1)

Allen and Rachim (1996) reported a positive relationship between share

price volatility and dividend yield, but a negative relationship between share
price volatility and dividend payout. The close relationship between the dividend
yield and dividend payout ratio, may pose a little problem as there are a number of
factors that influence both dividend policy and price volatility. To improve the
accuracy and limit the problems of the original model, the dependent variable was
regressed against the two independent variables and the control variables with the
following regression equation:

PV = a1 + a2DYj + a3DPRj + a4SZj + a5EVj + a6GAj + a7LTDj (2)

27
(Where PV: Stock price volatility, DY: Dividend yield, DPR: Dividend payout ratio,
SZ: Size; EV: Earning volatility; GA: Grow in Assets; LTD: Long-term Debt)

3.2.2 Variables Calculation

a) Price volatility (PV):

This is the dependent variable, it is calculated by taking the annual range of

adjusted stock price (different between highest and lowest price), for each year, the
range is then divided by the average of the highest and lowest prices obtained in the
year and then took the square of it (second power). The average measures of variance
for all available years can be transformed to a standard deviation by using a square
root transformation. Due to limitation of time and sources, this study applied this
methodology by preferring over the method of estimation that uses opening and
closing prices only.

( )

b) Dividend Yield (DY):

Dividend yield is the return on investment for a stock. Dividend yield is

calculated as follows:

This is expressed as the dividend per share as a percentage of the mean of

share price in that year. It can be computed by taking the sum of annual cash
dividends paid to stockholder per share and then divided by mean of market value of
stock in that year. Then, the average was taken for all available years.

28
 c) Dividend payout ratio (DPR):

This is the ratio of dividend per share to earnings per share of each firm
individually every year for 3 years period. The average for 3 years period over all
available years was utilized.

d) Size (SZ):

Size of the companies is computed by constructing the average market value

of the common stock then take 10 logarithm of this value for proxy of the size, which
explains the real magnitude of the company.

e) Earnings volatility:

It represents the earnings before interest and taxes (EBIT). Earning volatility is
calculated as the ratio of operating earnings to total assets. The variance or deviation
from average is computed and thereafter standard deviation is taken.

29
 f) Growth in Assets (GA):

The growth rate for each year was obtained by taking the ratio of the change in
total asset at the end of the year to the level of total asset at the beginning of the year.
This was averaged over all available years.

g) Long-term Debt (LTD):

This is taken by dividing the sum of all the long-term debt (debt with maturity
more than a year) to total assets. An average is taken over all available years.

3.3 Data and Sample

3.3.1 Historical Data

All information is derived from the annual report and financial statements of
each company. The data taken is relevant to total assets, net profit, share prices,
cash dividend and stock dividend from the published resources of State Bank of
Vietnam and Ho Chi Minh Stock Exchange and from some reputation websites like
www.vietstock.vn, www.vndirect.com, www.cophieu68.com. All information is
historical or secondary data. However, they are just relatively precise because there
always some information hidden by companies.

30
 3.3.2 Sample

Our sample was taken from Ho Chi Minh Stock Exchange and had to satisfy
all following requirements:

1) The companies have to be listed before 2008.

2) All companies that operating in finance and banking sectors were
excluded in the final list.
3) There can be no missing observation for the whole period 2008 2010.

After all selection steps, 110 companies were selected to be studied. The panel
data is used for that period containing 330 year end observations for each variable.
Because all variables need to take the average value before running regression, our
final panel data consists of 110 observations, which are representative for 110 studied
companies.

3.4 Software, Regression Model

3.4.1 Tools

After collecting enough data for the study, SPSS was used to analyze data.
Numbers of tests such as: descriptive statistic, correlation and linear regression; have
employed to check the relationship among variables, especially the relationship
between Dividend Yield (DY), Dividend Payout Ratio (DPR) and Stock Price
Volatility (PV).

SPSS (Statistical Package for Social Science) was developed by Norman H.

Nie and C. Hadlai Hull and released 1st version in 1968. It has been used widely by
market researchers, education researchers, marketing organizations and others.

31
3.4.2 Analyzing data via software

My analyzing data step would include several models. The first model
includes one dependent variable and two main independent variables, which displays
in model (1). The second one consists of all variables as stated in model (2). Finally,
the third one excludes two variables, which are most insignificant in model (2).

Analyzing process included 3 steps:

- Descriptive Statistics: Describe the basic feature of data in the study. It also
helps us to simplify a large amount of data in a sensible way.

- Correlation: This step can check the correlation among variables and give the
general picture about the relationship between them.

- Linear Regression for 3 models: The final and important step is applied to
quantify the strength of the relationship between price volatility and the
explanatory variables: dividend yield, dividend payout ratio, and others
variables in the study

Dividend
Dividend
Payout
Yield
Ratio
Stock
Price
Volatility

Figure 3:

Model 1 _ Regression analysis of 3 variables

PV = a1 +a2DYj + a3DPRj (1)

32
 Long Term
Sizes
Debt

Dividend
Growth in
Payout
Assets
Ratio

Stock
Dividend Earning
Yield Price Volatility
Volatility

Figure 4:

Model 2 _ Regression analysis of 7 variables

PV = a1 + a2DYj + a3DPRj + a4SZj + a5EVj (2)

Dividend
Payout Sizes
Ratio

Dividend Earning
Yield Stock Volatility
Price
Volatility

Figure 5:

Model 3_ Regression analysis of 5 variables

PV = a1 + a2DYj + a3DPRj + a4SZj + a5EVj (2)

33
 CHAPTER IV

EMPERICAL RESULTS

After collecting and running regression with available data, the results need to
be showed and analyzed to figure out the findings of the whole study. Through the
results of descriptive statistics, correlation analysis and regressions for 3 models, the
insignificant relation between stock price volatility and dividend policies in the
Vietnamese stock market has been discovered.

4.1 Descriptive Statistics

4.1.1 Analysis factors

a) Mean: In mathematics and statistics, the mean is another name for the
average. The idea behind the mean is to represent a number of measurements, or
values, by one value only.

b) Standard deviation: standard deviation shows how much variation or

"dispersion" exists from the average (mean, or expected value). A low standard
deviation indicates that the data points tend to be very close to the mean, whereas high
standard deviation indicates that the data points are spread out over a large range of
values.

c) Skewness: Skewness is a measure of the degree of asymmetry of a

distribution. If the left tail (tail at small end of the distribution) is longer than the right
tail (tail at the large end of the distribution), the function is said to have negative

34
skewness. If the reverse is true, it has positive skewness. If the two are equal, it has
zero skewness.

Firgue 6:
Display 2 kinds of Skewness

d) Kurtosis: Kurtosis is a measure of whether the data are peaked or flat

relative to a normal distribution. That is, data sets with high kurtosis tend to have a
distinct peak near the mean, decline rather rapidly, and have heavy tails. Data sets
with low kurtosis tend to have a flat top near the mean rather than a sharp peak. A
uniform distribution would be the extreme case.

Figure 7: Display 2 kinds of Kurtosis

35
 4.1.2 Results of descriptive statistics

Table 4
Descriptive Statistics

Standard
Minimum Maximum Mean Skewness Kurtosis
Deviation

PV 0,5141 1,3790 0,94492 0,1893 -0,114 -0,309

DY 0,0000 0,2598 0,05856 0,0433 1,365 3,584

DPR -1,1844 2,4691 0,44975 0,3779 0,774 9,274

LTD 0,0000 0,8369 0,18351 0,2138 1,226 0,494

SZ 10,8350 13,1803 11,6862 0,5598 0,818 0,098

GA -0,2750 1,0325 0,2116 0,2083 1,036 2,293

EV 0,0007 0,2110 0,0287 0,0356 2,355 7,359

The descriptive statistics analysis of 110 observations for the period of 3 years
from 2008 2010 is illustrated in Table 3. The result of table 3 indicates that price
volatility (PV) ranges from 0.5141 to 1.379 with mean value is 0.945 and standard
deviation is 0.189. It means that PV is highly volatile (the value is up to 0 94.5%) in
this period. High volatility is still not surprising for an emerging market like Vietnam,
which experienced the global financial crisis and the collapse of real estate market.
However, this number is really large so that it can affect the investors investment
decision.

36
 In addition, PV has negative Skewness and Kurtosis which explains that PV is
skewed toward the left side and has flat distribution. In particular, negative skew
implies that data set of price volatility has a greater number of high values, with
outliers on the low end of the data scale (data that 'tail' to the negative side), and
negative kurtosis means that there is no peak in our data and high volatility is normal
in the market.

Among independent variables, the means of DY and EV are 0.0586 and

0.0287, respectively and they also have low standard deviation values 0.043 for DY
and 0.0356 for EV, which indicate lowly volatile. Besides that, DPR, LTD and GA
with mean values 0.4498, 0.1835 and 0.2116 correspondingly have medium standard
deviation 0.3779, 0.2138 and 0.2083 in that order which show the moderate volatility
of these variables. Finally, the last variable (SZ) is highly volatile because of high
standard deviation 0.5598. The reason is that our sample was taken from the whole
market, regardless the sizes of companies, so it leads to volatile in size variable.

4.2 Correlation Analysis

4.2.1 Analysis Factors:

a) Correlation: In the world of finance, a statistical measure of how two

securities moves in relation to each other. Correlations are used in advanced portfolio
management.

Correlation is described in term of correlation coefficient, which ranges between

-1 and +1. Perfect positive correlation (+1) implies that as one security moves, either
up or down, the other security will move in the same direction. Alternatively, perfect
negative correlation means that two securities moves in the opposite direction. If the

37
correlation is 0, the movements of the securities are said to have no correlation; they
are completely random.

b) Significant: Significance is a statistical term that tells how sure you

are that a difference or relationship exists. The significance level is 0.05 or 0.10 mean
thats the probability of observing data at 95% or 90% respectively.

4.2.2 Results of Correlation Analysis:

Table 5

Correlation Matrix

PV DY DPR LTD SZ GA EV

PV 1

DY -0,054 1

DPR 0,049 0,296** 1

LTD 0,010 -0,226* -0,065 1

SZ -0,113 -0,322** -0,204* 0,561** 1

GA -0,011 0,047 -0,070 0,472** 0,329** 1

EV 0,219* -0,060 -0,108 0,341** 0,134 1

0,294**

*. Correlation is significant at the 0.05 level (2-tailed).

**. Correlation is significant at the 0.01 level (2-tailed).

38
 Table 4 shows the correlation among variables in the model. From the table, we
can see that price volatility (PV) has a negative correlation with dividend yield (DY)
(-0,054). It means that when the dividend yield increases, the belief of investors tends
to be more stable, so they are not easily affected by other information in the market
and the stock price will not change so much. This result is in line with Baskin (1989)
(-0.643) and a study in UK of Khaled Hussainey (2010) (-0.2583) but totally different
from the finding of Allen & Rachim (1996) which was positive (0.006). The
correlation between dividend payout ratio (DPR) and price volatility (PV) is positive
(0.049) which is in contrary to the negative correlation results of Baskin (1989) which
was (-0.542) and Allen & Rachim which was (-0.210).

Dividend yield is inversely related to long term debt and size of a company. In
other words, those companies who have lower debt levels or have relatively high
market values tend to pay out larger amount of dividend amount compared to others.
It is consistent with sustainable growth model of Higginss (1981) and the absence of
financial constraint on these firms, leading them to payout surplus fund.

In addition, Dividend yield and dividend payout ratio highly correlated to each
other that will raise an issue about the possibility of multicollinearity. According to
Drury (2008), multicollinearity exist when the correlation value is equal of greater
than 0.7 or 70%; and the number in this study is (0.296), which is much more lower
that 70%, so we can certainly conclude that there is no sign of that problem.

Consideration for correlation with other variables, there are low correlations
between price volatility and other control variables, except earnings volatility, which
has correlation value (-0.219) at 0.05 significant level. Among control variables, long
term debt and sizes seem to be significantly correlated with other variables such as:
growth in asset and earning volatility; and between them as well

39
4.3 Regression Analysis of Applied Models

4.3.1 Analysis Factors

a) R square: R-Squared is a statistical term saying how good one term is

at predicting another. R-squared values range from 0 to 100. A higher value of R-
Squared means that you can better predict one term from another.

b) Adjusted R square: adjusted R square measures the proportion of the

variation in the dependent variable accounted for by the explanatory variables. Unlike
R square, adjusted R square allows for the degrees of freedom associated with the
sums of the squares. Therefore, even though the residual sum of squares decreases or
remains the same as new explanatory variables are added, the residual variance does
not. For this reason, adjusted R square is generally considered to be a more accurate
goodness-of-fit measure than R square.

If adjusted R square is significantly lower than R square, this normally

means that some explanatory variable(s) are missing. Without them, the variation in
the dependent variable is not fully measured.

c) F value: it is most often used when comparing statistical models that

have been fit to a data set, in order to identify the model that best fits the population
from which the data were sampled.

d) Significance: In regression, a significant prediction means a significant

proportion of the variability in the predicted variable can be associated with the
predictor variable. This value is found in the ANOVA table under "Sig.". For
instance, Sig is ".000" means the linear model significantly fits the data at the p < .001
level.

40
 4.3.2 Results of Regression Analysis of Model 1

Table 6

Model 1: PV = a1 +a2DYj + a3DPRj (1)

Variables Coefficient Beta T - value Significance

Constant 0.948 27.768 0.000

DY - 0.328 - 0.075 -0.744 0.459

DPR 0.036 0.071 0.708 0.408

R square: 0.008 F value: 0.407

Adjusted R square: -0.11 Significance: 0.667

The result of table 5 indicates that the model is insignificant and R2 value
equals to 0.008, which means that variation of dependent variable can be explained
0.8% by independent variables. The coefficients of DY (0.328) and DPR (0.036)
show negative and positive correlation with price volatility, respectively. However,
the values of significance column give insignificance results of two variables. The
result of the study is not in line with the studies in developed economies like UK and
Australia. These variables might not fit in the model for Vietnamese market due to
some parameters regarding to the case of unpredictable market like Vietnam.
Therefore, we continue to check the impact of dividend policy on stock price
volatility by other following extended models.

41
 4.3.3 Results of Regression Analysis of Model 2

Table 7

Model 2: PV = a1 + a2DYj + a3DPRj + a4SZj + a5EVj + a6GAj + a7LTDj (2)

Variables Coefficient Beta T - value Significance Tolerance

Constant 1,995 4,201 0,000

DY -0,612 -0,140 -1,335 0,185 0,789

DPR 0,036 0,071 0,720 0,473 0,883

LTD 0,029 0,033 0,267 0,790 0,564

SZ -0,093 -0,275 -2,274 0,025 0,591

GA 0,032 0,035 0,321 0,749 0,732

EV 1,585 0,298 2,971 0,004 0,859

R square: 0,108 F value: 2.069

Adjusted R square: 0,056 Significance: 0.063

With the R square value is 0.108; the independent variables can explain 10.8%
the variation of dependent variable. However, 0.063 significance value means that this
model still insignificantly fit the data at the p-value < 0.05 (or 95% significance level)

42
As displayed in the table, earning volatility with coefficient 0.298 and sizes with
coefficient -0.275 have significance values 0.025 and 0.004, respectively, are
significant to indicate the relation between each variable with price volatility.
According to the results, size and earning volatility has negative relation with price
volatility. However, DPR, DY, LTD, GA with significance values are 0.185, 0,473,
0.790, 0.749, respectively, are insignificance in explaining the effectiveness of the
model.

In this case, we add the tolerance measure, which gives the strength of the linear
relationships among the independent variables because sometimes a variable could be
co-linear with a combination of other variables. Tolerance lies between zero to one. A
value close to zero indicates that a variable is almost a linear combination of the other
independent variables. Values above 0.6 would be recommended but since most likely
there will be some correlation between variables (especially with dummy variables),
0.4 and above would be acceptable. From the above table, there is no variable has that
problem.

4.3.4 Results of Regression Analysis of Model 3

In the 3rd model, control variables will be excluded from the models
according to the level of significance in table 6. So the third model does not include
long term debt and grow in assets.

43
 Table 8

Model 3: PV = a1 + a2DYj + a3DPRj + a4SZj + a5EVj (2)

Variables Coefficient Beta T - value Significance

Constant 1.887 4.517 0.000

DY - 0.596 - 0.136 - 1.349 0.180

DPR 0.036 0.042 0.740 0.461

SZ - 0.083 - 0.245 - 2.356 0.020

EV 1.069 0.303 3.074 0.003

R square: 0,105 F value: 3.082

Adjusted R square: 0.071 Significance: 0.019

This model is significant at level 0.019, which means this model significantly
fits the given data over 95%. R square value is 0.105, indicating that for the sample of
Vietnamese market; the overall explanatory power is relatively not good for a cross-
sectional model at level of 10.5%. The result again indicates the insignificance of
dividend yield and dividend payout ratio in explaining variation of price volatility.

The result is different from the findings of related studies, Nishat and Iran
(Unpublished) studied in Pakistan market found the strong and significant explanation
of dividend yield and dividend payout ratio for the variance of independent variables.

44
Baskin (1989) also concluded that dividend yield is important factor that has strong
impact on price volatility but in reverse direction with Nishat and Irans study.
However, while studied in Australian market, Allen and Rachim indicated dividend
payout ratio significantly influence on price volatility. In present study, size and
earning volatility are more related to dependent variables instead of dividend yield or
dividend payout ratio.

However, this model confirms the significant relation between price volatility
and other two variables. According to table 7, size has negative impact while earning
volatility has positive impact with quite significant level on price volatility. Earnings
volatility is positively related to share price volatility; it means that the more volatile a
firms earnings, the more volatile its stock price would be. The significant negative
impact of size on the volatility of stock price is nearly the same with a study in UK,
which suggests that the larger the firm, the less volatile the stock price.

45
 CHAPTER V

CONCLUSION AND RECOMMENDATION

Base on the results discussed in the previous chapter, this chapter will give the
final conclusion for the study and suggest some research directions for further studies
related to this topic in the Vietnamese stock market in the near future, especially in
the period like present study.

This study is conducted to determine the impact of dividend policy on stock

price volatility in the Vietnamese stock market in the three year period from 2008
2010. In order to get the final results, 110 companies on Ho Chi Minh Stock
Exchange have been studied by running regression to check the relationship among
variables. Contrary to most of the studies conducted in other countries, the findings of
the present study indicate that there is no relationship between dividend policy and
stock price volatility. This result is meaningful to investors, who pay a lot of attention
on dividends.

However, the result shows a significant negative impact of Size and a

significant positive impact of earning volatility on price volatility. As noted earlier,
this is also a significant finding because it can help investors have one more
theoretical framework for their investment decisions. Simply, if investors are risk
inverse, they should choose the firms whose earnings volatility level is low to
medium; in contrast, investors who love to take risk should choose the stock with high
price volatility to earn abnormal return.

46
 In addition, size should be taken in account when investors choose stock to
form portfolio. The Allen and Rachim (1996) sorted the relationship between
dividend policy and stock price risk. They observed that dividend yield was not
related to stock price volatility and earning dynamicity. However, there was a
negative correlation between size and stock price volatility, since large companies
incurs more liabilities. The stock price of small firms may be more unstable
comparing to large firms, as small firms are less diversified than large firms. So,
investor of small firms acts more irrationally to new events. Therefore, size of firm is
an important variable that affects the volatility of stock return and also the choice of
investors, while choosing the portfolios.

For future studies, it may be a good idea to find a more comprehensive

understanding about determinants of dividend policy in the Vietnamese stock market.
Once the study is successful, it will be a very useful finding since it can point out the
differences between Vietnamese market and others. From that result, investors can
have more precise decision, whenever they receive the announcements from the
companies. It can help analysts answer the question why the model seems to be
suitable with the stable and efficient market, but as we put it into use in the
Vietnamese stock market, it cannot perform well as in other countries. In addition,
this study conducted in recession period, so the effects of the financial crisis on the
results are unavoidable. Therefore, the later studies can choose another time frame, to
see if there is a difference in the results.

There are a lot of problems surrounding dividend issue, which make it become
an unsolved problem in modern corporate finance. Furthermore, in the Vietnamese
stock market, reactions of investors are unpredictable because not all investors did
research and analyzed information carefully before investing. So it is difficult for
making any judgments and predictions about the future. These characteristics make
Vietnam become an interesting market to discover, especially those are related to
dividend policy. Therefore, numerous of empirical studies are waiting in the future.

47
 APPENDIX

APPENDIX A

Selected Companies In The Study

MARKET LISTED
NO. CODE NAME
CAPITALIZATION DAY
1 ABT CTCP Xut nhp khu Thy sn Bn 585.109.900.000 06/12/2006
Tre
2 ACL Cng ty C phn Xut Nhp Khu 295.900.000.000 23/08/2007
Thy Sn Cu Long An Giang
3 AGF CTCP Xut nhp khu Thy sn An 302.193.270.000 26/04/2002
Giang
4 ALP Cng ty C phn Alphanam 670.452.030.000 12/07/2007
5 ANV Cng ty C phn Nam Vit 925.034.030.000 28/11/2007
6 BBC Cng ty C phn Bibica 333.554.870.000 17/12/2001
7 BHS Cng ty C phn ng Bin Ha 598.571.330.000 21/11/2006
8 BMC Cng ty C phn Khong sn Bnh 208.197.860.000 12/12/2006
nh
9 BMP Cng ty C phn Nha Bnh Minh 1.656.627.670.000 06/12/2006
10 BT6 Cng ty C phn Beton 6 764.350.580.000 04/12/2002
11 CII CTCP u t H tng K thut 2.702.916.000.000 24/02/2006
TP.HCM
12 CLC Cng ty C phn Ct Li 254.214.300.000 18/10/2006
13 COM Cng ty C phn Vt t Xng du 529.466.170.000 05/12/2006
14 CYC CTCP Gch men Chang Yih 59.706.410.000 21/06/2006

48
 MARKET LISTED
NO. CODE NAME
CAPITALIZATION DAY
15 DCT CTCP Tm lp Vt liu Xy dng 261.347.010.000 21/09/2006
ng Nai
16 DHA Cng ty C phn Ha An 322.309.960.000 04/12/2004
17 DHG CTCP Dc Hu Giang 3.228.339.840.000 12/01/2006
18 DIC Cng ty C phn u t v Thng 256.242.130.000 22/11/2006
mi DIC
19 DMC CTCP Xut nhp khu y t DOMESCO 549.619.190.000 04/12/2006
20 DPM Tng Cng ty Phn bn v Ha cht 14.350.614.120.000 29/10/2007
Du kh CTCP
21 DPR CTCP Cao su ng Ph 2.924.000.000.000 22/11/2007
22 DRC Cng ty C phn Cao su Nng 1.230.769.920.000 28/11/2006
23 DTT Cng ty C phn K ngh thnh 74.996.740.000 12/06/2006
24 FBT CTCP Xut nhp khu Lm thy sn 110.397.000.000 27/12/2007
Bn tre
25 FMC Cng ty C phn Thc phm Sao Ta 93.107.430.000 20/10/2006
26 FPT Cng ty C phn FPT 12.449.591.990.000 21/11/2006
27 GMC CTCP Sn xut Thng mi May Si 165.775.890.000 28/12/2001
Gn
28 GMD CTCP i l Lin hip Vn chuyn 3.320.000.000.000 12/06/2006
29 GTA Cng ty c phn Ch bin g Thun An 94.209.000.000 03/08/2002
30 GIL CTCP Sn xut Kinh doanh Xut nhp 305.312.650.000 07/04/2007
khu Bnh Thnh
31 HAP Cng ty C phn Tp on Hapaco 258.946.910.000 08/02/2000
32 HAS CTCP HACISCO. 74.880.000.000 18/12/2002
33 HAX Cng ty C phn Dch v t Hng 111.976.260.000 13/12/2006
Xanh
34 HBC CTCP XD v KD a c Ha Bnh 681.702.130.000 22/11/2006

49
 MARKET LISTED
NO. CODE NAME
CAPITALIZATION DAY
35 HDC Cng ty c phn Pht trin nh B Ra 809.229.710.000 25/09/2007
Vng Tu
36 HMC Cng ty C phn Kim kh Thnh ph 323.400.000.000 28/11/2006
H Ch Minh
37 HPG Cng ty C phn Tp on Ha pht 12.300.785.710.000 31/10/2007
38 HRC Cng ty C phn Cao su Ha Bnh 1.029.658.200.000 22/11/2006
39 HSI CTCP Vt t Tng hp v Phn bn 108.741.490.000 12/12/2007
Ha sinh
40 HT1 Cng ty C phn Xi mng H Tin 1 2.217.062.400.000 31/10/2007
41 HTV CTCP Vn ti H Tin 152.867.770.000 12/07/2005
42 ICF CTCP u t Thng mi Thy sn 120.385.800.000 12/11/2007
43 IFS Cng ty C phn Thc phm Quc t 273.925.250.000 29/09/2006
44 IMP CTCP Dc phm Imexpharm 717.078.930.000 15/11/2006
45 ITA CTCP u t Cng nghip Tn To 5.657.399.470.000 01/11/2006
46 KDC Cng ty C phn Kinh 5.162.535.200.000 18/11/2005
47 KHA CTCP Xut nhp khu Khnh Hi 248.517.440.000 14/08/2002
48 KHP Cng ty C phn in lc Khnh Ha 423.823.220.000 12/08/2006
49 L10 Cng ty C phn Lilama 10 195.800.000.000 12/11/2007
50 LAF CTCP Ch bin Hng xut khu Long 302.600.760.000 12/11/2000
An
51 LBM CTCP Khong sn v Vt liu Xy 96.947.000.000 30/11/2006
dng Lm ng
52 LGC Cng ty C phn C kh - in L Gia 246.850.120.000 29/11/2006
53 LSS Cng ty C phn Ma ng Lam Sn 1.065.000.000.000 21/12/2007
54 MCP CTCP In v Bao b M Chu 85.882.480.000 18/12/2006
55 MCV CTCP Cavico Vit nam Khai thc m 177.296.790.000 15/11/2006
v Xy dng

50
 MARKET LISTED
NO. CODE NAME
CAPITALIZATION DAY
56 MHC CTCP Hng hi H Ni 108.443.150.000 31/12/2004
57 MPC CTCP Tp on Thy sn Minh Ph 2.093.000.000.000 13/12/2007
58 NAV Cng ty C phn Nam Vit 105.600.000.000 30/11/2006
59 NSC Cng ty C phn Ging cy trng 279.694.220.000 12/01/2006
Trung ng
60 NTL Cng ty C phn Pht trin th T 2.080.000.000.000 12/06/2007
Lim
61 PAC CTCP Pin c quy Min Nam 1.198.325.450.000 11/09/2006
62 PET Tng CTCP Dch v Tng hp Du kh 1.210.386.360.000 13/08/2007
63 PGC Cng ty C phn Gas Petrolimex 397.447.050.000 20/10/2006
64 PJT Cng ty C phn Vn ti Xng du 74.760.000.000 12/11/2006
ng thy Petrolimex
65 PNC Cng ty C phn Vn Ha Phng 87.409.180.000 21/06/2005
Nam
66 PPC Cng ty C phn Nhit in Ph Li 3.780.908.980.000 17/01/2007
67 PVD Tng CTCP Khoan v Dch v Khoan 11.119.355.750.000 15/11/2006
du kh
68 PVT Tng Cng ty C phn Vn ti Du kh 2.372.520.000.000 27/11/2007
69 RAL Cng ty C phn Bng n Phch nc 247.250.000.000 23/10/2006
Rng ng
70 REE Cng ty C phn C in lnh 3.297.367.620.000 18/07/2000
71 RIC Cng ty C phn Quc t Hong Gia 930.481.240.000 23/07/2007
72 SAM Cng ty C phn u t v Pht trin 1.202.769.340.000 18/07/2000
Sacom
73 SAV CTCP Hp tc Kinh t v Xut nhp 343.904.190.000 26/04/2002
khu Savimex
74 SC5 Cng ty C phn Xy dng s 5 437.051.690.000 04/10/2007

51
 MARKET LISTED
NO. CODE NAME
CAPITALIZATION DAY
75 SCD Cng ty C phn Nc gii kht 237.373.920.000 11/12/2006
Chng Dng
76 SFC CTCP Nhin liu Si Gn 287.570.580.000 16/06/2004
77 SFI Cng ty C phn i l Vn ti Safi 169.115.610.000 12/08/2006
78 SJD Cng ty C phn Thy in Cn n 466.428.950.000 12/11/2006
79 SJS CTCP u t Pht trin th v Khu 6.142.681.500.000 05/11/2006
cng nghip Sng
80 SMC CTCP u t Thng mi SMC 545.973.190.000 29/09/2006
81 SSC Cng ty C phn Ging cy trng Min 388.276.920.000 29/12/2004
Nam
82 ST8 Cng ty C phn Siu Thanh 273.628.750.000 12/10/2007
83 TAC Cng ty C phn Du thc vt Tng 508.669.360.000 12/06/2006
An
84 TCM CTCP Dt may - u t - Thng mi 1.018.438.140.000 10/05/2007
Thnh Cng
85 TCR CTCP Cng nghip Gm s TAICERA 342.519.120.000 26/12/2006
86 TDH Cng ty C phn Pht trin nh Th 1.306.685.780.000 23/11/2006
c
87 TMS CTCP Kho vn Giao nhn Ngoi 492.153.380.000 08/02/2000
thng TP.HCM
88 TNA CTCP Thng mi Xut nhp khu 226.400.000.000 05/04/2005
Thin Nam
89 TNC Cng ty C phn Cao su Thng nht 317.625.000.000 08/07/2007
90 TPC Cng ty C phn Nha Tn i Hng 227.577.830.000 20/11/2007
91 TS4 Cng ty C phn Thy sn s 4 254.138.460.000 17/07/2007
92 TSC CTCP Vt t K thut Nng nghip 151.295.050.000 21/12/2001
Cn Th

52
 MARKET LISTED
NO. CODE NAME
CAPITALIZATION DAY
93 TTP Cng ty C phn Bao b Nha Tn 503.999.930.000 07/01/2002
Tin
94 TYA Cng ty C phn Dy v Cp in 167.352.080.000 24/09/2007
Taya Vit Nam
95 TRC Cng ty C phn Cao su Ty Ninh 2.101.600.000.000 11/09/2006
96 TRI CTCP Nc gii kht Si gn 168.045.000.000 12/02/2005
97 UIC Cng ty C phn u t Pht trin Nh 514.500.000.000 31/10/2007
v th Idico
98 VFC Cng ty C phn Vinafco 419.498.540.000 26/06/2006
99 VHC Cng ty C Phn Vnh Hon 1.418.757.750.000 12/07/2007
100 VIC Cng ty C phn Vincom 35.946.542.580.000 09/07/2007
101 VID CTCP u t Pht trin Thng mi 265.436.780.000 07/12/2006
Vin ng
102 VIP Cng ty C phn Vn ti Xng du 633.962.520.000 11/09/2006
Vipco
103 VIS Cng ty C phn Thp Vit 948.000.000.000 12/07/2006
104 VNE Tng Cng ty C phn Xy dng in 42.400.000.000 08/01/2007
Vit Nam
105 VNM Cng ty C phn Sa Vit Nam 30.358.909.880.000 28/12/2005
106 VPK Cng ty C phn Bao b Du thc vt 72.000.000.000 16/11/2006
107 VSC Cng ty C phn Container Vit Nam 757.924.710.000 12/12/2007
108 VSH CTCP Thy in Vnh sn Sng hinh 2.507.791.450.000 28/06/2006
109 VTB Cng ty C phn in t Tn Bnh 152.497.240.000 12/08/2006
110 VTO Cng ty C phn Vn ti Xng du 707.253.330.000 10/01/2007
Vitaco

53
 APPENDIX B

Panel Data Of The Study

CODE PV DY DPR LTD SZ GA EV

1 ABT 0,9964 0,0779 0,6842 0,0000 11,6419 0,1469 0,0704

2 ACL 0,9212 0,2598 0,5563 0,0608 11,0920 0,5195 0,0190

3 AGF 0,8800 0,0880 0,7123 0,0165 11,2249 0,2045 0,0151

4 ALP 1,1040 0,0255 0,6815 0,0315 11,8420 0,1921 0,0082

5 ANV 0,9388 0,0434 1,1844 0,0246 12,1638 0,0532 0,0167

6 BBC 1,1407 0,0458 0,4381 0,0448 11,6204 0,2814 0,0049

7 BHS 0,8403 0,1410 0,2471 0,1718 11,3836 0,1732 0,0179

8 BMC 1,1038 0,0423 0,8607 0,0456 11,7652 0,2211 0,1251

9 BMP 1,1526 0,0320 0,2657 0,1491 12,1405 0,2617 0,0768

10 BT6 0,5273 0,0273 0,3039 0,0762 11,7997 0,2303 0,0094

11 CII 0,7992 0,0709 0,3750 0,5563 12,1450 0,2779 0,0348

12 CLC 0,7630 0,1283 0,5950 0,0004 11,3473 0,2027 0,0061

13 COM 0,6345 0,0365 0,4800 0,0144 11,6499 0,1352 0,0039

14 CYC 0,6493 0,0000 0,0000 0,2476 10,9707 0,0563 0,0035

15 DCT 0,8891 0,1316 0,7627 0,2532 11,3290 0,4247 0,0115

16 DHA 1,0095 0,0753 0,5069 0,0052 11,5555 0,1714 0,0094

54
17 DHG 0,5482 0,0250 0,2978 0,3238 12,6245 0,2492 0,0708

18 DIC 0,9670 0,0809 0,5041 0,0238 11,1499 0,4278 0,0078

19 DMC 0,8029 0,0369 0,4039 0,0190 11,9870 0,0850 0,0072

20 DPM 0,5681 0,0573 0,5181 0,1240 13,1268 0,0987 0,0253

21 DPR 0,7329 0,0488 0,3439 0,3174 12,2955 0,1534 0,0409

22 DRC 1,3583 0,0802 0,2600 0,4168 11,6249 0,2282 0,2110

23 DTT 0,8568 0,0274 0,8854 0,0112 10,9646 0,1014 0,0025

24 FBT 0,8724 0,0102 0,2825 0,0266 11,2364 0,1832 0,0139

25 FMC 0,9511 0,1427 0,6762 0,0012 10,9082 0,1800 0,0027

26 FPT 0,8372 0,0373 0,2745 0,1169 12,9060 0,3415 0,0223

27 GMC 1,0018 0,1032 0,7046 0,0021 11,3977 0,1322 0,0362

28 GMD 1,0053 0,0821 0,4813 0,3991 11,2179 0,2095 0,0094

29 GTA 1,2044 0,0209 0,8663 0,0004 12,5402 0,2672 0,0611

30 GIL 0,8862 0,0593 0,7745 0,0030 11,1132 0,0035 0,0031

31 HAP 1,0415 0,0000 0,0000 0,0658 11,6195 0,0412 0,0024

32 HAS 1,0934 0,0791 0,8169 0,0061 10,9548 0,0728 0,0033

33 HAX 1,0832 0,0864 0,4112 0,0054 10,8723 0,5450 0,0113

34 HBC 1,0633 0,0241 0,1087 0,0431 11,6140 0,2713 0,0060

35 HDC 1,0994 0,0636 0,2456 0,1626 11,4358 0,2634 0,0200

36 HMC 0,8669 0,0986 0,7450 0,0398 11,4505 0,3565 0,0312

37 HPG 0,7946 0,0690 0,3110 0,4300 12,8396 0,4856 0,0379

38 HRC 1,0520 0,0606 0,5200 0,1812 11,8485 0,0762 0,0331

55
39 HSI 0,7779 0,1243 1,3491 0,0007 11,0150 0,0411 0,0048

40 HT1 0,7736 0,0511 0,8486 0,8369 12,0664 0,7634 0,0093

41 HTV 1,2004 0,0564 1,0123 0,0008 11,2450 0,0678 0,0063

42 ICF 1,1093 0,0980 0,8791 0,0188 11,2239 0,0494 0,0029

43 IFS 0,8972 0,0000 0,0000 0,1317 11,5365 0,0772 0,0278

44 IMP 0,6694 0,0336 0,3570 0,0068 11,8687 0,1008 0,0103

45 ITA 1,0604 0,0000 0,0000 0,3011 12,8944 0,2428 0,0121

46 KDC 1,0412 0,0626 0,1103 0,3109 12,4389 0,1943 0,0894

47 KHA 0,8453 0,1462 0,6234 0,0179 11,2828 0,0660 0,0087

48 KHP 0,9415 0,0726 0,4572 0,3923 11,6845 0,3399 0,0007

49 L10 1,0566 0,0686 0,5003 0,1250 11,2652 0,3201 0,0043

50 LAF 1,0629 0,0669 0,5064 0,0018 11,2190 0,3239 0,0840

51 LBM 0,8097 0,0817 0,6731 0,1608 10,9884 0,2211 0,0045

52 LGC 0,7413 0,0679 0,3369 0,3496 11,2804 0,1353 0,0162

53 LSS 0,9001 0,1379 0,4886 0,2987 11,7523 0,1935 0,0753

54 MCP 0,9193 0,1691 0,6565 0,1720 10,8350 0,0061 0,0186

55 MCV 1,1004 0,0125 0,1563 0,1027 11,1315 0,2002 0,0072

56 MHC 1,0510 0,0000 0,0000 0,2038 11,1488 0,0445 0,0845

57 MPC 1,0892 0,0201 0,1366 0,5694 12,2314 0,2673 0,0694

58 NAV 1,0387 0,1019 0,7798 0,0004 10,9881 0,0203 0,0013

59 NSC 0,7393 0,0703 0,4739 0,0025 11,3871 0,3829 0,0251

60 NTL 1,3790 0,0318 0,3085 0,6027 12,2671 0,4993 0,1704

56
61 PAC 0,8534 0,0347 0,3247 0,4516 12,0107 0,3717 0,0661

62 PET 0,9393 0,0683 0,5129 0,7052 11,9719 0,5700 0,0040

63 PGC 1,1214 0,0418 0,4168 0,1180 11,5177 0,1485 0,0099

64 PJT 0,9875 0,0486 0,5028 0,0557 11,0442 0,0786 0,0129

65 PNC 0,9070 0,0394 0,7352 0,0478 10,9394 0,1829 0,0046

66 PPC 0,8363 0,0250 0,5994 0,6650 12,8515 0,0618 0,0602

67 PVD 0,5141 0,0268 0,2785 0,6675 12,9615 0,5367 0,0206

68 PVT 0,9033 0,0000 0,0000 0,6651 12,4848 0,8794 0,0099

69 RAL 0,9303 0,0927 0,7068 0,0499 11,4011 0,1342 0,0096

70 REE 1,0231 0,0508 0,3032 0,2900 12,1857 0,2220 0,1029

71 RIC 1,1158 0,0000 0,0000 0,0371 12,0903 0,1374 0,0061

72 SAM 1,1421 0,1062 0,4544 0,0830 11,9216 0,0361 0,0666

73 SAV 1,0470 0,0350 0,6200 0,0285 11,3800 0,0033 0,0017

74 SC5 1,3304 0,0189 0,2904 0,1673 11,7492 0,2883 0,0041

75 SCD 0,7509 0,0772 0,4829 0,0020 11,2656 0,0936 0,0113

76 SFC 0,8040 0,0883 0,3413 0,0031 11,1459 0,2291 0,0763

77 SFI 1,1749 0,0273 0,2000 0,0006 11,3931 0,1369 0,0031

78 SJD 0,7803 0,0427 0,4787 0,3245 11,7595 0,0515 0,0371

79 SJS 1,1478 0,0152 0,3520 0,4007 12,6962 0,4676 0,0969

80 SMC 0,8728 0,0925 0,2942 0,0297 11,4385 0,6493 0,0009

81 SSC 0,9754 0,0704 0,4080 0,0176 11,3920 0,1919 0,0208

82 ST8 0,8962 0,0589 0,4030 0,0016 11,5160 0,1202 0,0086

57
83 TAC 1,0329 0,0472 0,0182 0,0970 11,8840 0,0726 0,0107

84 TCM 1,1145 0,0397 0,2180 0,6780 11,7614 0,2027 0,0589

85 TCR 0,7351 0,0588 0,9375 0,0922 11,4811 0,0138 0,0141

86 TDH 1,1617 0,0683 0,3069 0,3205 12,0389 0,2819 0,0322

87 TMS 0,5802 0,0307 0,2940 0,1636 11,5484 0,4647 0,0357

88 TNA 0,9212 0,0621 0,3104 0,0095 11,1896 0,5801 0,0458

89 TNC 0,9664 0,0611 1,1686 0,0019 11,4754 0,0402 0,0745

90 TPC 0,8839 0,0474 0,2278 0,0068 11,2510 0,0347 0,0008

91 TS4 1,3446 0,0493 0,6703 0,2707 11,3469 0,5650 0,0024

92 TSC 0,8506 0,0568 0,8838 0,0001 11,4417 0,2818 0,0076

93 TTP 1,1235 0,0671 0,4691 0,0001 11,7641 0,1059 0,0024

94 TYA 0,7274 0,0000 0,0000 0,0138 11,4852 0,0436 0,0112

95 TRC 1,0003 0,0543 0,3909 0,2604 12,1626 0,1132 0,0517

96 TRI 1,0484 0,0000 0,0000 0,1216 11,3111 0,2750 0,0154

97 UIC 1,2137 0,0828 0,6555 0,5914 12,0623 0,2853 0,0124

98 VFC 1,0273 0,0073 0,1522 0,1302 11,4458 0,2639 0,0061

99 VHC 0,9961 0,0271 0,2045 0,5579 12,0866 0,4153 0,0490

100 VIC 0,6659 0,0018 0,1535 0,7037 13,1803 1,0325 0,0490

101 VID 0,8417 0,0233 0,5612 0,1333 11,4657 0,2280 0,0043

102 VIP 1,1724 0,0372 0,6196 0,4505 12,0471 0,1478 0,0076

103 VIS 1,2409 0,0437 0,2846 0,2267 11,9506 0,2889 0,0442

104 VNE 1,2359 0,0127 2,4691 0,4438 11,7952 0,0427 0,0086

58
105 VNM 0,6923 0,0813 0,4128 0,2350 13,0353 0,2638 0,0826

106 VPK 0,6988 0,0145 0,1080 0,0795 10,8943 0,0429 0,0299

107 VSC 1,1490 0,1665 0,2952 0,0039 11,4097 0,3201 0,0042

108 VSH 0,5809 0,1299 0,9339 0,1529 12,3983 0,0742 0,0244

109 VTB 0,7468 0,0834 0,6737 0,0131 11,3094 0,0269 0,0019

110 VTO 0,8952 0,0340 0,6908 0,5914 11,9922 0,2853 0,0124

59
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