Climate risk and payout flexibility around the world
研究了45个国家企业数据，发现高气候风险国家的企业减少现金股利、增加股票回购以提高支付灵活性，对关注气候风险影响企业财务决策的学者和投资者有参考价值。
Using a large sample of firms from 45 countries, we find that firms in countries with high-climate risk reduce their cash dividends but increasingly use share repurchases to make payouts. The evidence suggests that firms substitute dividends with repurchases to increase their payout flexibility in response to heightened climate risk. Operating volatility and financial constraints are two channels through which climate risk affects firms’ payout flexibility. Further analysis shows that the effect of climate risk on payout flexibility is more pronounced for firms that are more vulnerable to climate risk, and in countries where people are more concerned about climate risk and the national culture emphasizes uncertainty avoidance and long-term orientation.