内生性
股息
公司治理
股息支付率
业务
收益
面板数据
股利政策
股息率
货币经济学
经济
金融经济学
会计
计量经济学
财务
作者
Seda Bilyay-Erdogan,Gamze Öztürk Danışman,Ender Demir
标识
DOI:10.1016/j.frl.2023.103827
摘要
This paper investigates the impact of environmental, social, and governance (ESG) performance on corporate dividend policy. We employ a panel data set comprised of 1094 non-financial listed firms in 21 European countries from 2002 to 2019. We show that companies with higher ESG performance are likely to pay higher dividends. Our results are robust to alternative variable definitions and specifications and address endogeneity concerns. We next investigate the possible transmission channels through which corporate ESG performance enhances dividend payouts. We present novel evidence that "earnings" and "risk" are the two possible channels through which ESG performance augments corporate dividends.
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