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The study examines the effect of ownership structure on dividend policy in oil and gas companies listed on the Hanoi Stock Exchange and Ho Chi Minh Stock Exchange. Using panel data from 21 oil and gas companies from 2010 to 2015, we find that dividend payout is negatively related to state ownership and institutional ownership. Our results show that state and institutions have unfavorable ties to cash dividends, indicating signs of corporate capital being expropriated by large shareholders. Moreover, we do not find a significant relation between foreign ownership and dividends. Overall, our findings suggest that oil and gas companies need adjustments in their ownership structure to reduce the concentration of state and institutional ownership to improve the effectiveness of business and financial policies.

Impact of ownership structure on dividend policy: Case study of the listed oil and gas companies in Vietnam