ESG Reputational Risk, Corporate Payouts and Firm Value
研究了2007至2019年间2021家美国上市公司，发现ESG声誉风险越高，企业支付越多，且自由现金流会放大这一效应；市场对高ESG声誉风险企业的支付给予溢价。
Abstract This study explores the relationship between ESG reputational risk, corporate payouts and firm value. Using a sample of 2021 US‐listed firms between 2007 and 2019, we provide robust evidence that ESG reputational risk relates to higher payouts, and that free cash flows amplify this relationship. Turning to payout composition, we document that ESG reputational risk associates with a payout mix comprising a higher analogy of share repurchases versus dividends; and that this relationship is more pronounced under financial constraints. Furthermore, we show that the market places a premium on payouts from high ESG reputational risk firms. Our findings are in line with the notion that ESG reputational risk represents agency problems and raises financial risk, inducing firms to disgorge cash via a more flexible payout regime. Results are robust to several estimation techniques that address endogeneity, self‐selection and censored observations.