... Source: Authors’ summary Dividend payment of listed companies in HOSE in the period of 2007-2012 Data related to the dividend payments of 286 non-financial listed companies in HOSE was collected ... Determinants of Dividend Policy in Chinese Firms: Cash versus Stock Dividends”, Journal of Corporate Finance [19] Higgins, R C (1972), “The Corporate Dividendsaving Decisions”, Journal of Financial ... increasing in the period of 20092012 In particular, DPR rose from 30.1% in 2009 to 46% in 2012 The increasing trend in DPR is due to the fact that earnings per share (EPS) in HOSE was declining...