Pandemics, Local Institutional Quality, and Corporate Dividend Policy

Qidi Zhang, Renji Sun, Tianxin Du and Kung-Cheng Ho

Emerging Markets Finance and Trade, 2025, vol. 61, issue 6, 1753-1770

Abstract: In this study, we explored the repercussions of contemporary health pandemics on dividend policies. We examined 115,393 firm-year observations spanning 39 countries and 6 notable pandemics: SARS (2003), H1N1 (2009), MERS (2012), Ebola (2014), Zika (2016), and COVID-19 (2020–2021). Our analysis revealed a significant positive impact of pandemics on dividend policies. The robustness of the results was verified using analytical methods. Our conclusions remained stable even after accounting for endogeneity concerns by employing two-stage least squares and the generalized method of moments. Furthermore, our findings underscored the pivotal role of local institutional quality, particularly during pandemics.

Date: 2025
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DOI: 10.1080/1540496X.2024.2430498

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