, multiple total stock return measures distinguishing dividend payouts from simple stock returns. Results suggest that both … explicit and implicit risks are positively related to dividend payouts and not to stock returns, while the overall effect on … exposure and, probably as a consequence, boards in carbon intensive companies use dividend policies to attract investment in …

contrast, other CEOs should be less likely to meet dividend expectations and less likely to downsize. We find confirmation of … this hypothesis. We also find that CEOs used the dividend forecasts for 2020 as their benchmark rather than the 2019 … dividends to make their dividend decision. …