Factors affecting the dividend policy of the Pharma companies listed onVietnam’s stock market

Abstract

Dividend policy is one of the most important financial policies that affects the interests of shareholders in joint stock
companies. Dividend policy is influenced by many factors such as the profitability of assets, earnings per share at
present and in the past ... This research focuses on clarifying the factors that affect the dividend payments of the pharma
companies listed on the stock market in Vietnam. The author used panel data based on data from the financial statements
of 16 pharma companies listed on Vietnam’s stock market in the period 2010-2014 (80 observations). This study indicates
that profitability, earnings per ordinary share in both current and past, have a clear effect to the dividend payment of the
pharma companies, while factors as financial leverage, growth rates have insignificant effect