ESG Performance and Dividend Payout: The Moderating Role of ESG Controversies and Legal Systems

IF 12.5 1区管理学 Q1 BUSINESS

Business Strategy and The Environment Pub Date : 2025-05-16 DOI:10.1002/bse.4355

Satish Kumar, Avinash Ghalke

引用次数: 0

Abstract

This study delves into the relationship between ESG performance and dividend payout in G20 countries. Based on a comprehensive sample of 2344 firms from 2011 to 2022, our findings reveal a positive correlation between ESG performance and dividend payout. Notably, this positive impact is significantly pronounced in common‐law countries, where investor protection is robust. Moreover, companies with high ESG performance are more adept at increasing dividends despite ESG controversies. These results remain robust even when considering endogeneity concerns, reduced sample size, or the use of alternative proxies for dividends and ESG. Our study's findings have practical implications, as they suggest that companies can enhance their dividend payout by improving their ESG performance, even in the face of controversies. This contributes to the existing literature by shedding light on the relationship between non‐financial performance and a key corporate financial decision (dividends) in a cross‐country context.

查看原文本刊更多论文

ESG绩效与股利支付：ESG争议与法律制度的调节作用

本研究探讨了G20国家企业ESG绩效与股利支付之间的关系。基于2011年至2022年2344家公司的综合样本，我们的研究结果显示，ESG绩效与股息支付之间存在正相关关系。值得注意的是，这种积极影响在普通法国家尤为明显，因为这些国家对投资者的保护力度很强。此外，尽管存在ESG争议，但ESG绩效高的公司更善于增加股息。即使考虑到内生性问题，减少样本量或使用股息和ESG的替代代理，这些结果仍然稳健。我们的研究结果具有实际意义，因为它们表明，即使面临争议，公司也可以通过改善ESG绩效来提高股息支付。这有助于现有文献阐明非财务绩效与跨国背景下关键公司财务决策（股息）之间的关系。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

Business Strategy and The Environment Multiple-

CiteScore

22.50

自引率

19.40%

发文量

336

期刊介绍： Business Strategy and the Environment (BSE) is a leading academic journal focused on business strategies for improving the natural environment. It publishes peer-reviewed research on various topics such as systems and standards, environmental performance, disclosure, eco-innovation, corporate environmental management tools, organizations and management, supply chains, circular economy, governance, green finance, industry sectors, and responses to climate change and other contemporary environmental issues. The journal aims to provide original contributions that enhance the understanding of sustainability in business. Its target audience includes academics, practitioners, business managers, and consultants. However, BSE does not accept papers on corporate social responsibility (CSR), as this topic is covered by its sibling journal Corporate Social Responsibility and Environmental Management. The journal is indexed in several databases and collections such as ABI/INFORM Collection, Agricultural & Environmental Science Database, BIOBASE, Emerald Management Reviews, GeoArchive, Environment Index, GEOBASE, INSPEC, Technology Collection, and Web of Science.