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Economic Policy Uncertainty and Corporate Dividend: Does the Presence of Government Shareholders Play a Role?

Ly Thi Hai Tran & Ho Hoang Gia Bao

Journal of Emerging Market Finance2025https://doi.org/10.1177/09726527241307345article
AJG 2ABDC B
Weight
0.41

Abstract

This article examines the effect of economic policy uncertainty (EPU) on the dividend policies of Vietnamese listed firms moderated by the role of government shareholders. A wide range of control variables and different regression methods are used to ensure the reliability of the results. We find that firms distribute more cash to shareholders under increased EPU. Notably, the presence of the government shareholder reduces the effect of EPU on dividends. Further analyses indicate that firms with state ownership cut dividends for increasing capital expenditures rather than other purposes such as cash hoarding, debt reduction, inventory expansion, or dealing with declined profits. This article enhances the understanding about the connection between government ownership, EPU, and dividend policy. JEL Codes: C30, C32, C35

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https://doi.org/https://doi.org/10.1177/09726527241307345

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@article{ly2025,
  title        = {{Economic Policy Uncertainty and Corporate Dividend: Does the Presence of Government Shareholders Play a Role?}},
  author       = {Ly Thi Hai Tran & Ho Hoang Gia Bao},
  journal      = {Journal of Emerging Market Finance},
  year         = {2025},
  doi          = {https://doi.org/https://doi.org/10.1177/09726527241307345},
}

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Evidence weight

0.41

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.25 × 0.4 = 0.10
M · momentum0.55 × 0.15 = 0.08
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.