Shareholder value and dividend policy: the role of ESG strategies

被引：14
|
作者：
Niccolo, Nirino [1 ]
Battisti, Enrico [1 ]
Papa, Armando [2 ]
Miglietta, Nicola [1 ]
机构：
[1] Univ Turin, Dept Management, Turin, Italy
[2] Univ Rome, Univ Mercatorum, Rome, Italy
来源：
2020 IEEE INTERNATIONAL CONFERENCE ON TECHNOLOGY MANAGEMENT, OPERATIONS AND DECISIONS (ICTMOD) | 2020年
关键词：
Dividend policy; ESG strategies; shareholder value; Chinese listed companies; BOARD GENDER; PERFORMANCE; GOVERNANCE; VALUATION; INDUSTRY;
D O I：
10.1109/ICTMOD49425.2020.9380585
中图分类号：
TM [电工技术]; TN [电子技术、通信技术];
学科分类号：
0808 ; 0809 ;
摘要：
The aim of this paper is to test the impact of ESG strategies (Environmental, Social, and Governance) on firm's dividend payout policy. In particular, analyzing Chinese listed companies through OLS analysis we found a general negative impact of ESG practices on dividend payout policies. We tested all three components of ESG strategies to understand how they can influence the firm's decision between investments in sustainable and social practices or payment of liquidity to shareholders. Overall, our findings underlined that investment related to ESG has an impact on shareholders' wealth decreasing the dividend payout.
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页数：5
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