Carbon risk and dividend policy: Evidence from China

被引：19

作者：

Zhu, Bo ^{[1
,2
]}

Hou, Rui ^{[1
]}

机构：

[1] Southwest Jiaotong Univ, Sch Econ & Management, Chengdu, Peoples R China

[2] Southwest Jiaotong Univ, Sch Econ & Management, 111,North 1st Sect,2nd Ring Rd, Chengdu 610031, Peoples R China

来源：

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS | 2022年 / 84卷

基金：

中国国家自然科学基金;

关键词：

Carbon risk; Dividend policy; Financial constraints; Cash holdings; MARKET VALUATION; EMISSIONS; COST; LIQUIDITY; FIRMS;

D O I：

10.1016/j.irfa.2022.102360

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a large sample of Chinese listed industrial firms from 2009 to 2019, this study investigates the effect of firm-level carbon risk on dividend policy. We find that carbon risk has a significant and negative impact on a firm's dividend payout level. We also find that when firms' capability in innovation is stronger, the degree of earnings uncertainty is higher, a firm belongs to high-carbon industries, the negative relationship between carbon risk and dividend payout level is more significant. Furthermore, financial constraints and cash holdings are two underlying channels through which carbon risk affects cash dividend payouts. Our findings remain consistent across several robustness checks.

引用

页数：10

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