This paper investigates the effect of corporate risk management on dividend policy. We extend the signaling framework … level, the lower the incremental dividend. This result is in line with the purported positive relation between information … asymmetry and dividend policy (e.g., Miller and Rock, 1985) and the assertion that risk management alleviates the information …

, 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 …