This study examined the dividend policy and investment efficiency in business groups with regard to the role of state ownership. The present study is applied in terms of its purpose, quantitative data type, deductive-inductive implementation logic, and descriptive-correlation implementation method. Various sources, including books, domestic and foreign articles, and the Internet, were used in this study. The relationships between variables were tested using correlation and multivariate regression models. First, the data collected in Excel software was classified, and after organizing and calculating the variables, Stata statistical software was used to analyze the information. In this study, data from 64 companies listed on the Tehran Stock Exchange over a 10-year period from 2014 to 2022 were used to examine the hypotheses. The logistic regression method based on panel data was used to analyze the data and test the hypotheses. The results of the study show that there is a significant relationship between profit sharing and investment efficiency in business groups. Government ownership moderates the relationship between profit sharing and investment efficiency in business groups.