What Influences Decision on Seasoned Equity Offerings of Listed Vietnamese Companies?

• 발행기관: 한국유통과학회
• 저자명: Long Hau LE Thi Binh Nhi NGUYEN Xuan Quynh PHAM Quoc Duy VUONG Tan Nghiem LE
• 간행물 정보: 『The Journal of Asian Finance, Economics and Business(JAFEB)』Vol. 7 No.5, 1~7쪽, 전체 7쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2020.05.30

영문 초록

This paper investigates the determinants on decision to conduct seasoned equity offerings (SEOs) of listed companies on the Ho Chi Minh Stock Exchange in Vietnam. Seasoned equity offerings (SEOs) are defined as the issue of more stocks by a firm to raise more capital after a primary issue. Using panel data collected from audited financial statements of 99 listed companies on the Ho Chi Minh Stock Exchange during 2014-2018, the study employs a logit regression model by fixed effects method to examine factors that affect the decision to implement seasoned equity offerings of those companies. The findings of this study show that profit, revenue growth and company’s size have a positively significant impact on the decision, while dividend pay-out ratio negatively significantly influences the equity issuing decision. Furthermore, these results are robust after controlling for the forms of equity offerings, i.e. bonus stocks, stock dividends and rights to buy shares. These findings are consistent with economic theories such as agency theory, pecking order theory, and growth opportunity theory, and also could be explained by the real situations of the Vietnamese stock exchange. This study has important implications for corporate managers, policy makers and investors.

목차

1. Introduction

2. Literature Review

3. Research Methodology

4. Results and Discussions

5. Conclusion

References

키워드

Vietnam Stock Market Seasoned Equity Offerings Dividend Pay-Out Ratios