Abstract
This paper explores the effect of dividends on the investment decisions of listed firms in Vietnam from 2010 to 2020. The study employs quantitative research methods to demonstrate a significant effect of dividends on investment decisions. In addition, the phenomena involving endogeneity, and over-identifying restrictions are tested to ensure the reliability of the findings. The dividend-investment relationship is explained based on some theories, including the bird-in-the-hand theory, the asymmetric information theory, and the agency theory. In particular, the study focuses on an emerging market under transparent information issues, as in Vietnam.
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