Aprilia Lumenta

The effect of trade policy uncertainty, free cash flow, investment opportunity set, and liquidity on dividend policy of food and beverage sub-sector companies listed on the Indonesia Stock Exchange, 2022–2025

Shifts in international trade policy may change how firms divide cash between shareholders and retention, yet evidence on this link for emerging-market firms remains scarce. This study examines whether trade policy uncertainty (TPU), free cash flow, the investment opportunity set...