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Climate Risk and Corporate Payout Policies around the World

Chang, Yuyuan; He, Wen; Mi, Lin - 2021

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, suggesting that firms substitute dividends with repurchases to increase their payout flexibility in response...

Persistent link: https://www.econbiz.de/10013323121

Carbon boards and transition risk: explicit and implicit exposure implications for total stock returns and dividend payouts

Mazzarano, Matteo; Guastella, Gianni; Pareglio, Stefano; … - 2021

, 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 …

Persistent link: https://www.econbiz.de/10012694482

Climate Uncertainty and Corporate Investment : Evidence from State-Led Climate Change Adaptation Plans

Heo, Yuna - 2021

We document that climate uncertainty negatively affects corporate investment. The effect is more pronounced for firms with higher capital intensity, higher operating inflexibility, and less redeployable capital. Our results are robust to using an instrumental variable approach and to using...

Persistent link: https://www.econbiz.de/10013232865

Climate Change and Corporate Cash Holdings : Global Evidence

Javadi, Siamak; Masum, Abdullah Al; Mollagholamali, Mohsen - 2021

Using data from 41 different countries including the United States, we provide novel empiricalevidence that firms increase their cash holdings as a response to climate risk. This effect is drivenby financially constrained firms and becomes significantly stronger after the release of the...

Persistent link: https://www.econbiz.de/10013244687

Climate Change, Bank Fragility, and Systemic Risk

Heo, Yuna - 2022

We examine how climate change affects bank fragility. We find both physical and transitional climate changes lead to substantial increase in systemic risk. The effect is more pronounced for banks with higher climate change exposure, higher loan portfolio synchronicity, and higher bank default...

Persistent link: https://www.econbiz.de/10014235791

Strategic Responses to Global Climate Change : Conflicting Pressures on Multinationals in the Oil Industry

Levy, David L.; Kolk, Ans - 2003

Multinational enterprises (MNEs) are increasingly facing global environmental issues which require coordinated market and non-market strategic responses. This article analyses the strategic responses by US and European multinational enterprises in the oil industry to the global climate change...

Persistent link: https://www.econbiz.de/10014029879

Multinationals' Political Strategies on Climate Change

Kolk, Ans; Pinkse, Jonatan - 2007

This paper explores the international dimensions of multinationals' corporate political activities, focusing on an international issue - climate change - that is being implemented differently in a range of countries. Analyzing data from FT Global 500 firms, it examines the influence on types and...

Persistent link: https://www.econbiz.de/10014026476

Environment and development challenges : the imperative of a carbon fee and dividend

Hansen, James E. - In: The Oxford handbook of the macroeconomics of global warming, (pp. 639-646). 2015

Persistent link: https://www.econbiz.de/10010471655

Shifting the Domestic and International Logjams on Climate Change : A New Defense of Cap and Dividend

Sinden, Amy - 2019

Persistent link: https://www.econbiz.de/10012871611

Climate disasters, carbon dioxide, and financial fundamentals

Gregory, Richard P. - In: The quarterly review of economics and finance : journal … 79 (2021), pp. 45-58

Persistent link: https://www.econbiz.de/10012655020

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