Vietnamese stock market exists in one of the most dynamic emerging countries in East Asia. As expected, stock market has worked well to push up Vietnamese economy. Due to the information asymmetry, investors often rely on the dividend payment as an indicator to predict the company’s future prospects. Dividend payout policy is a significant concern of financial managers’ in shareholding firms and outside investors’ decision-making. The aim of dividend payout policy is to allocate retained earnings for reinvestment and dividends for shareholders. This research investigates the determinants of dividend payout policy in Ho Chi Minh Stock Exchange in Vietnam, an emerging stock market that was officially established in July, 2000. Additionally, this research evaluates whether the factors affect company’s dividend policy such as profitability, firm size, financial leverage and growth rate, etc. This research data is collected from enterprises listed on the Vietnam stock market in the period of 2014-2018 with 756 observations, and analyzed by Ordinary Least Square model and Fixed Effect model and Random Effect model. Based on the Hausman Specification Test result, Fixed Effect model is the most consistent model of examining the factors affecting the dividend payout policy. JEL Classification: C22, E27, G15. Keywords: Dividend payout policy, Vietnamese stock market, Ordinary least square, Fixed effect model.
Taiwan’s non-profit organizations (NPOs) have flourished in various service fields and become a third party of concatenation with government and business community. Numerous NPOs involve their activities in cross-organizational cooperation with the governments and the private enterprises, and take important roles and functions in our modern society. However, because of the fierce competitions in market and the rapid social changes, NPOs are facing the same management issues with profit making organizations, such as financial difficulties or lack of resources. Therefore, this study aims to discuss whether or not NPOs should be granted the benefit of tax-free or tax-exemption based on diverse perspectives, such as subsidy argument, organization’s public welfare and nature based on donatives theory, viewpoint of defining, measuring and assessing tax base, altruism theory and sovereignty theory. This study combines the interview and questionnaires to explore the issue on NPO management. A total of participants are 395 interviewees and amongst them, only 180 respondents have filled out the valid questionnaires. In our conclusion, we find that people mostly agree the NPO’s taxexemption, and however, the degree of participants’ approval for donors’ income and inheritance tax-relief is more than the degree of the NPOs itself. JEL classification numbers: A10, D71, H51. Keywords: Non-profit organization, Public welfare, Tax-exemption, Donation.
Taiwan’s non-profit organizations (NPOs) have flourished in various service fields and become a third party of concatenation with government and business community. Numerous NPOs involve their activities in cross-organizational cooperation with the governments and the private enterprises, and take important roles and functions in our modern society. However, because of the fierce competitions in market and the rapid social changes, NPOs are facing the same management issues with profit making organizations, such as financial difficulties or lack of resources. Therefore, this study aims to discuss whether or not NPOs should be granted the benefit of tax-free or tax-exemption based on diverse perspectives, such as subsidy argument, organization’s public welfare and nature based on donatives theory, viewpoint of defining, measuring and assessing tax base, altruism theory and sovereignty theory. This study combines the interview and questionnaires to explore the issue on NPO management. A total of participants are 395 interviewees and amongst them, only 180 respondents have filled out the valid questionnaires. In our conclusion, we find that people mostly agree the NPO’s taxexemption, and however, the degree of participants’ approval for donors’ income and inheritance tax-relief is more than the degree of the NPOs itself. JEL classification numbers: A10, D71, H51. Keywords: Non-profit organization, Public welfare, Tax-exemption, Donation.
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