揭示环境、社会和公司治理与股息之间的关系:投资者保护和监管执行的调节作用

IF 2.1 Q3 BUSINESS
Jyoti Dua, Anil Kumar Sharma
{"title":"揭示环境、社会和公司治理与股息之间的关系:投资者保护和监管执行的调节作用","authors":"Jyoti Dua, Anil Kumar Sharma","doi":"10.1108/jibr-09-2023-0297","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>The mounting focus on environmental, social and governance (ESG) factors in business has sparked substantial curiosity in understanding the nexus between ESG and the companies’ strategic decisions. This study aims to investigate the influence of firms’ ESG disclosure scores on their dividend payout. Furthermore, it examines the nuanced dynamics of this relationship by exploring the moderating role of the country’s investor protection regulations and regulatory enforcement.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>This study uses pooled ordinary least square regression with year, industry and country effects. It analyzes a balanced panel data set of 192 non-financial firms drawn from the primary equity indices of BRICS nations. This study examined the data of six years spanning 2015–2020.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>The findings discover a significantly positive relationship between ESG scores and dividend payout ratio, conveying that firms with higher ESG scores allocate more of their profits as dividends. Furthermore, the finding reveals that country-level robust investor protection and effective regulatory enforcement mechanisms undermine the positive association between ESG ratings and payouts of dividends, suggesting that the ESG disclosure of firms operating in a setting characterized by enhanced investor safeguards and stricter regulatory oversight will exert less influence on their dividend decisions.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>To the best of the authors’ knowledge, this is the first study to concentrate on the ESG–dividend nexus in the BRICS countries. Furthermore, this study used each country’s investor protection index and regulatory enforcement scores to comprehend the influence of country-level legal frameworks in shaping the relationship between ESG and dividend decisions, thus adding value to the existing literature on corporate sustainability.</p><!--/ Abstract__block -->","PeriodicalId":45364,"journal":{"name":"Journal of Indian Business Research","volume":null,"pages":null},"PeriodicalIF":2.1000,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Unveiling the ESG-dividend nexus: the moderating role of investor protection and regulatory enforcement\",\"authors\":\"Jyoti Dua, Anil Kumar Sharma\",\"doi\":\"10.1108/jibr-09-2023-0297\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>The mounting focus on environmental, social and governance (ESG) factors in business has sparked substantial curiosity in understanding the nexus between ESG and the companies’ strategic decisions. This study aims to investigate the influence of firms’ ESG disclosure scores on their dividend payout. Furthermore, it examines the nuanced dynamics of this relationship by exploring the moderating role of the country’s investor protection regulations and regulatory enforcement.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>This study uses pooled ordinary least square regression with year, industry and country effects. It analyzes a balanced panel data set of 192 non-financial firms drawn from the primary equity indices of BRICS nations. This study examined the data of six years spanning 2015–2020.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>The findings discover a significantly positive relationship between ESG scores and dividend payout ratio, conveying that firms with higher ESG scores allocate more of their profits as dividends. Furthermore, the finding reveals that country-level robust investor protection and effective regulatory enforcement mechanisms undermine the positive association between ESG ratings and payouts of dividends, suggesting that the ESG disclosure of firms operating in a setting characterized by enhanced investor safeguards and stricter regulatory oversight will exert less influence on their dividend decisions.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>To the best of the authors’ knowledge, this is the first study to concentrate on the ESG–dividend nexus in the BRICS countries. Furthermore, this study used each country’s investor protection index and regulatory enforcement scores to comprehend the influence of country-level legal frameworks in shaping the relationship between ESG and dividend decisions, thus adding value to the existing literature on corporate sustainability.</p><!--/ Abstract__block -->\",\"PeriodicalId\":45364,\"journal\":{\"name\":\"Journal of Indian Business Research\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":2.1000,\"publicationDate\":\"2024-04-04\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Indian Business Research\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/jibr-09-2023-0297\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q3\",\"JCRName\":\"BUSINESS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Indian Business Research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/jibr-09-2023-0297","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 0

摘要

目的 企业对环境、社会和治理(ESG)因素的日益关注引发了人们对了解 ESG 与公司战略决策之间关系的强烈好奇心。本研究旨在探讨企业的 ESG 披露得分对其股息支付的影响。此外,本研究还通过探讨国家投资者保护法规和监管执行的调节作用,研究了这一关系的微妙动态。研究分析了金砖国家主要股票指数中 192 家非金融企业的平衡面板数据集。研究结果发现,ESG 分数与股利支付率之间存在显著的正相关关系,这表明 ESG 分数较高的公司将更多利润分配为股利。此外,研究结果表明,国家层面健全的投资者保护和有效的监管执行机制削弱了 ESG 评级与股利支付之间的正相关关系,这表明,在投资者保护和监管更严格的环境下运营的公司,其 ESG 信息披露对其股利决策的影响较小。此外,本研究还利用各国的投资者保护指数和监管执行得分来理解国家级法律框架在塑造环境、社会和公司治理与股息决策之间关系方面的影响,从而为现有的企业可持续发展文献增添了价值。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Unveiling the ESG-dividend nexus: the moderating role of investor protection and regulatory enforcement

Purpose

The mounting focus on environmental, social and governance (ESG) factors in business has sparked substantial curiosity in understanding the nexus between ESG and the companies’ strategic decisions. This study aims to investigate the influence of firms’ ESG disclosure scores on their dividend payout. Furthermore, it examines the nuanced dynamics of this relationship by exploring the moderating role of the country’s investor protection regulations and regulatory enforcement.

Design/methodology/approach

This study uses pooled ordinary least square regression with year, industry and country effects. It analyzes a balanced panel data set of 192 non-financial firms drawn from the primary equity indices of BRICS nations. This study examined the data of six years spanning 2015–2020.

Findings

The findings discover a significantly positive relationship between ESG scores and dividend payout ratio, conveying that firms with higher ESG scores allocate more of their profits as dividends. Furthermore, the finding reveals that country-level robust investor protection and effective regulatory enforcement mechanisms undermine the positive association between ESG ratings and payouts of dividends, suggesting that the ESG disclosure of firms operating in a setting characterized by enhanced investor safeguards and stricter regulatory oversight will exert less influence on their dividend decisions.

Originality/value

To the best of the authors’ knowledge, this is the first study to concentrate on the ESG–dividend nexus in the BRICS countries. Furthermore, this study used each country’s investor protection index and regulatory enforcement scores to comprehend the influence of country-level legal frameworks in shaping the relationship between ESG and dividend decisions, thus adding value to the existing literature on corporate sustainability.

求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
5.30
自引率
0.00%
发文量
25
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信