The dividend policy in an enterprise depends not only on the company's strategy but also on the characteristics of the managers. In particular, the element of overconfidence of the CEO contributes to the decision-making process for the dividend. Therefore, this study is conducted to determine the effect of overconfident CEO on dividend policy through dividend yield and dividend payout. The study carried out an evaluation based on 576 companies listed on Vietnam's stock market from 2014 to 2018. Panel data model with GLS (error correction model) is used in regression analysis. The analysis results show that CEO overconfidence has a positive impact on Dividend Payout and Dividend Yield. At the same time, the study also shows that the influence of CEO overconfidence on Dividend Payout is the same between state-owned and non-state enterprises and companies listed on different exchanges (HNX and HOSE). In addition, the results also indicate that there is no influence of CEO overconfidence on Dividend Yield in state-owned enterprises as well as companies listed on the HOSE. From the research results, the author also made some conclusions and recommendations for managers and investors.
Commercial banks play an important role as the main source of funding in the transition process of Vietnam as a market economy. As a result, enhancing the efficiency and productivity of Vietnamese banks can decrease the lending cost for individuals and enterprises. This study is to measure and analyze the productivity change of Vietnamese banking system in different ownership cohorts and sources of this change during the period of restructuring (2011-2019). The Hicks-Moorsteen total factor productivity index is utilised to measure the productivity change and to identify the sources of this change. For an empirical analysis, the data of 28 Vietnamese commercial banks from 2011 to 2018 is collected from their financial statements including balance sheets and income statements. The results show an increase of Vietnamese bank productivity due to the technological progress. While foreign and joint-venture banks are the most advanced cohort, stateowned banks have the lowest rate of productivity growth. The restructuring program negatively impacts scale efficiency and this measure attributes to a decline in the overall efficiency of the banks. We also found that state-owned commercial banks are the most efficient group in the sense that they can achieve the maximal level of revenue from a given amount of expense.
Foreign direct investment plays an important role in the economic development of developing countries. One of the factors that investors consider when deciding to invest in a country is the institutional factor. Therefore, this study is conducted to determine the relationship between institutions and foreign direct investment in Vietnam. Research data is panel data from 63 provinces/cities of Vietnam for 2012-2015 used to test the hypothesis. The fixed impact assessment model (F.E.M.) and IV-GMM allowed the exact causal relationship of these factors to be determined. The results show a positive impact from institutional factors on FDI attraction in Vietnam. Research results also show that R&D research also helps increase FDI attraction into Vietnam significantly, and the accountability factor is the most important factor for investment decisions of FDI owners. In addition, the study also examines in detail the institutional distribution indicators that affect FDI. The study shows a significant relationship between institutions and FDI attraction to Vietnam. From this result, some policy implications are also given to improve the ability to attract FDI based on institutional policy.
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