强制性环境、社会和公司治理报告下的股利政策

IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE Journal of International Financial Markets Institutions & Money Pub Date : 2024-04-18 DOI:10.1016/j.intfin.2024.101986
Xiaoqi Chen , Weiping Li , Wouter Torsin , Albert Tsang
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引用次数: 0

摘要

世界各国政府和证券交易所越来越多地要求企业披露其环境、社会和治理(ESG)绩效。本研究探讨了企业是否会在实施强制 ESG 报告后调整其股利政策。利用从 1996 年到 2019 年的大型国际数据集交错采用强制性环境、社会和治理报告,我们发现这对企业股息产生了实质性的负面影响。具体而言,我们观察到,在强制环境、社会和公司治理报告实施后,受该报告约束的公司平均会立即将股息支付率降低约 25%。进一步的分析表明,对于面临较高代理冲突和在信息不对称程度较高的环境中运营的公司来说,这种反应更为明显,因为这些公司更难受到监督。此外,我们还发现,对于那些股票市场欠发达、金融约束较高的国家的企业来说,这种影响更大。利用环境、社会和公司治理报告监管框架的跨国差异,我们发现在披露要求更严格的司法管辖区,反应会更强烈。
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Dividend policy under mandatory ESG reporting

Governments and stock exchanges worldwide are increasingly mandating firms to disclose their environmental, social, and governance (ESG) performance. This study examines whether firms adjust their dividend policies following the implementation of mandated ESG reporting. Leveraging the staggered adoption of mandatory ESG reporting using a large international dataset spanning from 1996 to 2019, we find a substantial and negative impact on corporate dividends. Specifically, we observe that firms subject to mandatory ESG reporting, on average, reduce their dividend payout ratios by approximately 25% immediately after its implementation. Further analysis reveals that this response is more pronounced for firms facing higher agency conflicts and operating in environments with greater information asymmetry, as these firms are more difficult to monitor. Additionally, we find that the impact is stronger for firms located in countries with less developed stock markets and higher financial constraints. Exploiting cross-country variations in the regulatory framework of ESG reporting, we find a heightened response in jurisdictions with stricter disclosure requirements.

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来源期刊
CiteScore
6.60
自引率
10.00%
发文量
142
期刊介绍: International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.
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