绿色投资和股息支付:一个跨大陆的视角
Fakhrul Hasan1, Basil Al-Najjar2
1Newcastle Business School, Northumbria University, Newcastle, UK.
Journal of environmental management
|September 25, 2024
概括
绿色投资提高了环保企业的股息,但减少了污染公司的支付. 这项研究考察了全球公司,证实了各种测试和方法的重大影响.
科学领域:
- 环境经济学环境经济学
- 企业金融公司财务
- 可持续投资 可持续投资
背景情况:
- 越来越多地强调企业的可持续性和环境,社会和治理 (ESG) 因素.
- 对于投资者和政策制定者来说,了解绿色投资对企业支付政策的财务影响至关重要.
- 绿色倡议对具有不同环境概况的企业产生不同的影响需要详细调查.
研究的目的:
- 检查绿色投资政策对污染企业和环保企业的股息分配的影响差异.
- 通过使用全球数据集,提供关于绿色投资和股息政策之间的关系的经验证据.
- 测试不同模型假设,估计技术和经济条件 (包括COVID-19流行病) 的研究结果的稳定性.
主要方法:
- 对来自21个国家的全球企业样本 (2013-2022) 的分析.
- 使用了两个不同的模型假设和两个估计技术:普通最小平方 (OLS) 和系统概括的时刻方法 (System-GMM).
- 通过使用其他因素,如机构成本,利益相关者的影响和COVID-19前/期间进行了稳定性测试.
主要成果:
- 绿色投资政策对环保公司的股息分配产生积极影响.
- 绿色投资政策对污染公司的股息分配产生负面影响.
- 这些影响具有统计和经济意义,在各种稳定性检查和估计方法中都是如此.
结论:
- 绿色投资为环保企业创造价值,导致股息支付增加.
- 污染企业可能会面临绿色投资和股东回报之间的权衡,这可能会减少股息分配.
- 这些发现强调了在分析绿色投资对金融政策的影响时考虑一家公司的环境特征的重要性.
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