financeФинансы: теория и практика/Finance: Theory and PracticeFinance: Theory and Practice2587-56712587-7089Financial University under The Government of Russian Federation10.26794/2587-5671-2025-29-4-225-235finance-3852Research ArticleФОНДОВЫЕ РЫНКИSTOCK MARKETSВлияние дивидендной политики и пандемии COVID-19 на волатильность цен на акцииThe Impact of Dividend Policy and the COVID-19 Pandemic on Stock Price Volatilityhttps://orcid.org/0000-0002-2947-2488ПхуонгЛ.К.М.PhuongL.C.M.

Лай Као Май Фуонг — кандидат экономических наук, начальник финансового отдела

Хошимин

Lai Cao Mai Phuong — Cand. Sci. (Econ.), Head of Finance Department

Ho Chi Minh

laicaomaiphuong@iuh.edu.vnПромышленный университет ХошиминаВьетнамIndustrial University of Ho Chi Minh CityViet Nam202531082025294225235Copyright © Пхуонг Л., 20252025Пхуонг Л.Phuong l.Данная работа распространяется под лицензией Creative Commons Attribution 4.0.This work is licensed under a Creative Commons Attribution 4.0 License.https://financetp.fa.ru/jour/article/view/3852

Цель этой статьи — определить влияние дивидендной политики и пандемии COVID-19 на волатильность цен на акции на фондовом рынке Вьетнама. Автор использовала метод панельной регрессии для анализа данных 402 компаний из 9 отраслей за период 2010–2021 гг. Исследование показало, что пандемия COVID-19 в 2020 г. повысила волатильность цен на акции, в то время как в 2021 г. дивидендная политика и пандемия повлияли на снижение волатильности. Кроме того, волатильность цен на акции зависит от таких факторов, как соотношение долгосрочной задолженности к активам и размер компании. На отраслевом уровне финансовые услуги, фармацевтика и здравоохранение демонстрируют самую высокую и самую низкую волатильность цен на акции соответственно. На основе полученных результатов автор предлагает рекомендации для заинтересованных сторон и участников фондового рынка Вьетнама.

The purpose of this article is to examine how dividend policy and the COVID-19 pandemic impact stock price volatility in the Vietnamese stock market. Panel data regression method was performed on a data set of 402 companies in 9 industries in the period from 2010–2021. The results show that the COVID-19 pandemic in 2020 has played a significant role not only in increasing stock price volatility, but dividend policy as well. The pandemic in 2021 has had an impact on reducing stock price volatility. Moreover, stock price volatility is also affected by the factors related to company characteristics such as the ratio of long-term debt to assets and company size. At the industry level, financial services and pharmaceuticals, and healthcare are the industries with the highest and lowest stock price volatility among the 9 research industries, respectively. Based on the research results, the article offers some implications for interested parties and participating in the Vietnamese stock market.

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The authors declare that there are no conflicts of interest present.