Investigating the effect of state ownership on economic policy uncertainty: The role of financial leverage

In this study, we investigate the effect of state ownership on economic policy uncertainty by the role of financial leverage in Tehran Stock Exchange. This paper is methodologically descriptive and analytic, and it is practical in terms of conclusion. As well, this research uses a post-event research design. In order to study the hypotheses, the data of ۱۹۰ firms in Tehran Stock Exchanges were used during a period of ۱۰ years since ۲۰۱۳ until ۲۰۲۲. In order to analyze the data, the regression method was utilized based on panel data. The results of the research demonstrate that there is a significant correlation between the state ownership and the uncertainty of economic policy. The financial leverage boosts the relation between the state ownership and the uncertainty of economic policy. The financial supply of debt functions as a channel through which the state ownership jeopardizes the enterprises with respective uncertainty of economic policy. Briefly, a higher percentage of state ownership leads to higher leverage, which eventually increases the risk of the uncertainty of economic policy. This research contributes to consider the investors in decision-making and to help managers to determine the policies relevant to the factors affecting uncertainty of economic policy. Moreover, this study provides with an insight theoretically as well as literature for academic communities and resources for further research.

کلیدواژه ها:

state ownership ، economic policy uncertainty ، Financial Leverage