Carbon risk and dividend policy: Evidence from China

被引：15
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
收藏
页数：10
相关论文
共 60 条
  • [1] Labor unemployment risk and corporate financing decisions
    Agrawal, Ashwini K.
    Matsa, David A.
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2013, 108 (02) : 449 - 470
  • [2] Corporate cash holdings: Causes and consequences
    Amess, Kevin
    Banerji, Sanjay
    Lampousis, Athanasios
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2015, 42 : 421 - 433
  • [3] CO2 emissions, research and technology transfer in China
    Ang, James B.
    [J]. ECOLOGICAL ECONOMICS, 2009, 68 (10) : 2658 - 2665
  • [4] Dividend payout policy of Shariah compliant firms: Evidence from United States
    Anwer, Zaheer
    Mohamad, Shamsher
    Paltrinieri, Andrea
    Hassan, M. Kabir
    [J]. PACIFIC-BASIN FINANCE JOURNAL, 2021, 69
  • [5] Does carbon risk matter in firm dividend policy? Evidence from a quasi-natural experiment in an imputation environment
    Balachandran, Balasingham
    Nguyen, Justin Hung
    [J]. JOURNAL OF BANKING & FINANCE, 2018, 96 : 249 - 267
  • [6] ESTIMATION AND MARKET VALUATION OF ENVIRONMENTAL LIABILITIES RELATING TO SUPERFUND SITES
    BARTH, ME
    MCNICHOLS, MF
    [J]. JOURNAL OF ACCOUNTING RESEARCH, 1994, 32 : 177 - 209
  • [7] Corporate payout, cash retention, and the supply of credit: Evidence from the 2008-2009 credit crisis
    Bliss, Barbara A.
    Cheng, Yingmei
    Denis, David J.
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2015, 115 (03) : 521 - 540
  • [8] Do investors care about carbon risk?
    Bolton, Patrick
    Kacperczyk, Marcin
    [J]. JOURNAL OF FINANCIAL ECONOMICS, 2021, 142 (02) : 517 - 549
  • [9] Managerial Response to the May 2003 Dividend Tax Cut
    Brav, Alon
    Graham, John R.
    Harvey, Campbell R.
    Michaely, Roni
    [J]. FINANCIAL MANAGEMENT, 2008, 37 (04) : 611 - 624
  • [10] The influence of carbon cost pass through on the link between carbon emission and corporate financial performance in the context of the European Union Emission Trading Scheme
    Brouwers, Roel
    Schoubben, Frederiek
    Van Hulle, Cynthia
    [J]. BUSINESS STRATEGY AND THE ENVIRONMENT, 2018, 27 (08) : 1422 - 1436
123456