Clear the air via dividends: Corporates' response to air pollution
研究中国A股上市公司如何通过提高股息支付来应对空气污染，发现企业通过增加股息吸引和安抚投资者，尤其在投资者关注度高时效果更明显，但强股东治理会削弱这一效应。
Abstract Based on China A‐share listed firms, we investigate how firms respond to air pollution using the dividend payout policy. We highlight the signaling role of dividends, documenting that firms pay higher dividends to appease and attract investors when facing more severe pollution. This effect is more pronounced when investor attention is high and less salient if shareholder governance is strong, reinforcing the signaling hypothesis and substitute model of dividend theory. Our results reject the hypothesis that air pollution decreases dividend payouts by enlarging a firm's financial constraints and cash flow uncertainty.