Carbon risk and dividend policy: Evidence from China |
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| Affiliation: | 1. School of Statistics and Mathematics, Shandong University of Finance and Economics, Jinan, China;2. School of Urban and Regional Science, Shanghai University of Finance and Economics, Shanghai, China;3. Department of Applied Finance, Macquarie University, Sydney, Australia;4. School of Geography, Earth and Environmental Sciences, University of Birmingham, Birmingham, UK;1. School of Economics and Management, Southwest Jiaotong University, Chengdu, China;2. IPAG Business School (IPAG Lab), 184 boulevard Saint-Germain, 75006 Paris, France;3. Université Paris 8 (LED), 2 rue de la Liberté, 93526 Saint-Denis cedex, France;1. School of International Economics and Trade, Nanjing University of Finance and Economics, Nanjing, China;2. Rotman Commerce, University of Toronto, Toronto, Canada;3. SHU-UTS SILC Business School, Shanghai University, 99 Shangda Road, Shanghai, China;1. School of Economics and Management, Southwest Jiaotong University, Chengdu, China;2. Service Science and Innovation Key Laboratory of Sichuan Province, China;1. School of Business, Trent University, 55 Thornton Road South, Oshawa, ON L1J 5Y1, Canada;2. DeGroote School of Business, McMaster University, 1280 Main Street West, Hamilton, ON L8S 4L8, Canada;3. Center for Economics, Finance and Management Studies, Hunan University, Lushan Road, Yuelu District, Changsha, Hunan Province 410082, China;4. University of Liverpool Management School, Chatham St, Liverpool L69 7ZH, United Kingdom |
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| Abstract: | 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. |
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