BƯỚC 10. FINAL PAPER ASSEMBLY, AUDIT, FORMATTING VÀ SUBMISSION CHECK

Bài mẫu: Tourism Uncertainty and Corporate Dividend Policy

Mục tiêu: khóa TUI construction, dividend variables, tourism classification, FE/VCE, numbers, citations và submission package.

PHẦN A. MANUSCRIPT ORDER

1. Title
2. Abstract
3. Keywords
4. Introduction
5. Literature Review & Hypotheses
6. Data & Methodology
7. Empirical Results
8. Identification / Mechanisms / Heterogeneity
9. Conclusion
10. References
11. Online Appendix

PHẦN B. MASTER MAP

Section	Source Step	Status
Abstract	9
Introduction	7
Literature/Hypotheses	5
Data/Method	1
Baseline	2/6
Robustness	3/6
Identification	4/6
Conclusion	8
Appendix	3/4

PHẦN C. ZERO-PLACEHOLDER SEARCH

Search:

• [N]
• [β]
• [country]
• Table X
• Column X
• TBD
• XXX
• INSERT
• variables from other projects such as IQ/UCT/Bankruptcy/Environmental Commitment.

Final = zero placeholders.

PHẦN D. TUI MASTER AUDIT

Item	Final
TUI source	Ongan et al. 2026
data source	PolicyUncertainty/Mendeley
country series
monthly/annual
fiscal-year aligned
first year
final sample countries
global TUI used?
normalization/transformation

PHẦN E. DIVIDEND VARIABLE DICTIONARY

Manuscript variable	Compustat field	Formula	Sample rule
Dividend/Assets	DVC? verify
Payer
Payout Ratio			positive earnings
Dividend Growth			prior dividend >0
Cut
Omission
Repurchase		exact field
Total Payout

No manuscript finalization until raw field definitions are verified.

PHẦN F. TOURISM CLASSIFICATION AUDIT

Code	Industry	Core/Broad	Source	Keep?
	Airlines
	Hotels
	Restaurants
	Travel
	Recreation
	Gambling

Do not silently change classification between regressions.

PHẦN G. SAMPLE AUDIT

Item	Final
initial observations
final observations
firms
countries
tourism firms
all firms exposure sample
years
positive earnings payout sample
prior-dividend cut sample

PHẦN H. METHOD–CODE AUDIT

Item	Manuscript	Code	Match?
TUI timing
fiscal-year TUI
lead Y
winsorization
firm controls
macro controls
Firm FE
Year FE
Industry×Year
Country×Year exposure
VCE

PHẦN I. COUNTRY-LEVEL INFERENCE AUDIT

Treatment varies at country-year.

Check:

• country cluster count;
• wild bootstrap if few;
• country LOO;
• firm clustering not used alone without justification.

PHẦN J. PAYOUT-RATIO AUDIT

Negative/zero earnings:

• excluded?
• alternative denominator?
• clearly documented?

Do not compare payout-ratio N directly to DVC/AT N without explanation.

PHẦN K. DIVIDEND DYNAMICS AUDIT

If lag dividend model/GMM used:

report:

• dynamic estimator;
• lag structure;
• AR tests;
• Hansen/Sargan;
• instruments/groups.

If not credible, keep dynamic model as limited robustness.

PHẦN L. MAIN TABLE ORDER

Recommended:

1. Descriptive Statistics
2. Baseline TUI–Dividend
3. Payer/Cut/Omission
4. Fiscal-Year TUI / Alternative Payout
5. General-Uncertainty Robustness
6. Tourism-Exposure Identification
7. Mechanisms
8. Heterogeneity

Appendix:

• classification;
• country coverage;
• alternative TUI;
• COVID tests;
• LOO;
• VCE;
• dynamic diagnostics;
• repurchase construction.

PHẦN M. TABLE NOTE TEMPLATE

Notes: TUI denotes the country-level Tourism Uncertainty Index of Ongan et al. (2026). The dependent variable is [exact dividend measure]. TUI in year $t$ is related to payout policy in year $t+1$. All specifications include [FE/controls]. Standard errors are [actual VCE]. Continuous firm-level variables are winsorized at the 1st and 99th percentiles; TUI and macro variables are not winsorized.

PHẦN N. NUMERIC MASTER AUDIT

Statistic	Final	Source	Used where
N
firms
countries
years
main β
SD TUI
mean dividend
1SD effect
payer ME
cut ME
exposure β

PHẦN O. CLAIM AUDIT

Search:

• reduces dividends;
• increases dividends;
• causes;
• signals;
• precautionary;
• tourism-specific;
• all tourism firms;
• global;
• first.

Every claim must map to evidence.

Do not call a mechanism proven because a subgroup coefficient is significant.

PHẦN P. CITATION/REFERENCE AUDIT

Two-way match.

Core citations verified against publisher/source.

Particularly:

• TUI original source;
• international EPU dividend evidence;
• GPR payout evidence;
• travel/leisure dividend smoothing;
• classic payout theory.

PHẦN Q. REPRODUCIBILITY PACKAGE

Recommended:

TUI_DIVIDEND_POLICY
├── DATA
│   ├── TUI
│   └── COMPUSTAT
├── CODE
│   ├── 01_BUILD
│   ├── 02_TUI_ALIGN
│   ├── 03_DIVIDENDS
│   ├── 04_ANALYSIS
│   └── 05_TABLES
├── OUTPUT
├── MANUSCRIPT
├── APPENDIX
└── README.md

README must state:

• exact TUI file/version;
• country merge;
• fiscal-year alignment;
• Compustat dividend fields;
• tourism classification.

PHẦN R. DATA AVAILABILITY

Possible:

Firm-level financial data are obtained from Compustat under license and cannot be redistributed. The Tourism Uncertainty Index is publicly available from the source associated with Ongan et al. (2026). Replication code can be shared subject to financial-data license restrictions.

Use only if true.

PHẦN S. JOURNAL MATRIX

Requirement	Journal	Pass?
word limit
abstract
keywords
reference style
blind manuscript
title page
tables
data statement
COI/funding
AI disclosure
appendix

PHẦN T. COVER LETTER TEMPLATE

Dear Editor,

Please consider our manuscript, “[TITLE],” for publication in [JOURNAL]. We examine whether tourism-specific uncertainty affects corporate dividend policy using the Tourism Uncertainty Index of Ongan et al. (2026) and an international firm panel. We find [one-sentence result]. The paper contributes by [2–3 actual contributions], including [tourism exposure / payout decomposition / fiscal-year TUI].

We believe the paper fits [JOURNAL] because it connects tourism economics, corporate finance, and payout policy using a new sector-specific uncertainty measure.

The manuscript is original, is not under consideration elsewhere, and all authors have approved the submission.

Sincerely,
[Author]

PHẦN U. FINAL 60-MINUTE CHECK

0–10: title/abstract/conclusion same story?
10–20: TUI + dividend variable definitions.
20–30: sample + β + magnitude.
30–40: FE/VCE + country clusters + exposure design.
40–50: references + journal requirements.
50–60: open every uploaded file; no comments/track changes/wrong version.

PHẦN V. DO NOT SUBMIT IF

• global annual TUI estimated with Year FE;
• country TUI estimated with Country×Year FE main effect;
• DVC definition unverified;
• zeros incorrectly converted to missing or vice versa;
• payout ratio includes negative earnings without explanation;
• country-level inference ignored;
• tourism classification undocumented;
• COVID drives result but is hidden;
• exposure interaction unsupported;
• main numbers differ across text/tables;
• novelty overclaimed.

PHẦN W. FINAL DELIVERABLE

1. Final manuscript.
2. Final tables.
3. Final figures.
4. Online appendix.
5. TUI Data Note.
6. Dividend Variable Dictionary.
7. Tourism Classification Table.
8. Final audit.
9. Code/output archive.
10. Cover letter/declarations.

PHẦN X. 10-STEP SUMMARY

1. Data & Methodology
2. Baseline Results
3. Robustness
4. Endogeneity / Identification / Advanced
5. Theory / Literature / Hypotheses
6. Results & Discussion
7. Introduction / Contributions
8. Conclusion / Implications / Limitations
9. Abstract / Title / Keywords / Final Story
10. Final Assembly / Audit / Submission

Final principle

Tourism Uncertainty is a country-level sector-specific shock; dividend policy is sticky firm-level behavior. The paper is strongest when it shows which firms change payouts, through which payout margin, and why.