High-tech firms: Dividend policy in a context of sustainability and technological change
研究了2002至2021年美国科技企业ESG表现与股利政策的关系，发现ESG评分越高，企业越可能支付股利且金额更稳定，ESG还能缓解研发投入对股利支付的抑制作用。
We examine whether the dividend policy of high-tech firms is explained by ESG performance in the triple ESG components (environmental, social, and governance). Using a panel of US-based firms in the technology sector from 2002 to 2021, we find that better ESG scores are linked with a higher likelihood of dividend payments, stability of the amount paid, and implied shareholder returns from the dividend yield. R&D intensity is a constraint of dividend policies, although ESG scores mitigate this adverse effect by helping increase the likelihood of dividend payments. Overall, our findings highlight the role of ESG scores in enabling high-tech firms to implement dividend policies that yield stable returns to investors.