How Sustainable Disclosure Shapes Dividend Policy: Using the Moderating Role of Environmental Controversies
持続可能性開示が配当政策に与える影響：環境論議の調整効果を考慮して (AI 翻訳)
O. Tawfik, Waqas Mehmood, H. Elmaasrawy
🤖 gxceed AI 要約
日本語
欧州の上場企業2579社を対象に、環境開示と配当政策の関係を調査。環境論議が開示と配当の関係を強化することを発見。初めて複数の開示指標と財務指標を統合。
English
This study examines how corporate environmental disclosure affects dividend policy using 2579 European firms. It finds that environmental controversies moderate this relationship positively. It uniquely combines multiple disclosure scores (CSR, environmental, ESG, green building, emissions) with financial metrics.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本の企業にとっても、ESG開示と配当政策の関係は重要。SSBJや有報での非財務情報開示が進む中、環境論議が配当に与える影響を理解することは、投資家対応やIR戦略に示唆を与える。
In the global GX context
This paper bridges the gap between environmental disclosure and financial outcomes, relevant for global disclosure frameworks like ISSB and TCFD. It shows that controversies can amplify the impact of disclosure on payout policies, informing corporate strategy and investor relations.
👥 読者別の含意
🔬研究者:First study to combine multiple environmental disclosure measures with dividend policy and moderating role of controversies, using robust econometric methods.
🏢実務担当者:Shows that managing environmental controversies effectively can enhance the positive effect of disclosure on dividends, guiding corporate sustainability and financial strategy.
🏛政策担当者:Evidence that disclosure regulation may influence corporate payout policies, suggesting that standard-setters consider interactions between disclosure and financial behavior.
📄 Abstract（原文）
The present study investigates the relationship between corporate environmental disclosure and dividend policy. The study also examines the moderating role of environmental controversies in the relationship between corporate environmental disclosure and dividend policy. A sample of 2579 listed firms from European countries was selected, and fixed‐effect, GMM, and quantile regression methodologies were employed. The result suggests that corporate environmental disclosure reflects the importance of environmental practices in shaping payout policies. The result also suggests that firms become more effective at enhancing dividend outcomes when they actively manage controversies. The findings are robust with GMM and quantile regression. This study is the first to combine various measures of corporate environmental disclosure, including CSR strategy scores, Environmental Pillar Scores, ESG Scores, Green Building Scores, and Emissions Scores. It also incorporates financial metrics such as cash dividends paid, net common stock buybacks, dividend payout ratio, dividend yield, and common stock dividends. The aim is to thoroughly examine the relationship between these factors and dividend policy in European countries.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/csr.70579first seen 2026-07-18 08:10:50
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