Climate policy uncertainty and corporate dividends

被引：8
|
作者：
Ayed, Sabrine [1 ]
Ben-Amar, Walid [2 ]
Arouri, Mohamed [3 ]
机构：
[1] Leonard Vinci Pole Univ, Res Ctr, F-92916 Paris, France
[2] Univ Ottawa, Telfer Sch Management, Ottawa, ON, Canada
[3] Univ Cote Azur, GRM, 24 Ave Diables Bleus, F-06300 Nice, France
来源：
FINANCE RESEARCH LETTERS | 2024年 / 60卷
关键词：
Climate risks; Policy uncertainty; Dividend policy; MANAGERIAL ABILITY; CARBON RISK; REPURCHASES;
D O I：
10.1016/j.frl.2023.104948
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
This paper investigates whether climate policy uncertainty (CPU) matters to a firm's dividend policy. Using Gavriilidis's (2021) novel measure of uncertainty related to climate policy and a large sample of US publicly traded firms over the period 1987-2022, we found a positive association between CPU and dividend payouts. This association is stronger for firms with talented managers and less pronounced for firms in climate sensitive industries and headquartered in US States with more stringent environmental regulations. These results contribute to the nascent literature on the implications of uncertainty related to climate policy to corporate financial decisions.
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收藏
页数：11
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