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

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  • Ly Thi Hai Tran
  • Ho Hoang Gia Bao

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

Suggested Citation

  • Ly Thi Hai Tran & Ho Hoang Gia Bao, 2025. "Economic Policy Uncertainty and Corporate Dividend: Does the Presence of Government Shareholders Play a Role?," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 24(2), pages 218-242, June.
    • Handle: RePEc:sae:emffin:v:24:y:2025:i:2:p:218-242
    DOI: 10.1177/09726527241307345
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    Keywords

    Economic policy uncertainty; dividend policy; government shareholder; Vietnam;
    All these keywords.

    JEL classification:

    • C30 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - General
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C35 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Discrete Regression and Qualitative Choice Models; Discrete Regressors; Proportions

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