2023
DOI: 10.1002/bse.3646
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Clear the air via dividends: Corporates' response to air pollution

Weiping Li,
Xuezhi Zhang,
Shuyi Cheng
et al.

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 ai… Show more

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Cited by 3 publications
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