ESG performance and dividend payout: A channel analysis
Küçük Resim Yok
Tarih
2023
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Academic Press Inc Elsevier Science
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
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.
Açıklama
Anahtar Kelimeler
Esg Performance, Dividend Payout, Channel Analysis, Europe, Corporate Social-Responsibility, Investment, Law
Kaynak
Finance Research Letters
WoS Q Değeri
N/A
Scopus Q Değeri
Q1
Cilt
55
