Newcastle Business School, Northumbria University, Newcastle, UK.
Accounting, Finance and Banking Department, Manchester Metropolitan University, Manchester, UK.
J Environ Manage. 2024 Nov;370:122626. doi: 10.1016/j.jenvman.2024.122626. Epub 2024 Sep 24.
In this research paper, we conduct an examination of the impact of green investments on dividend policies within both polluting and environmentally friendly firms. Utilizing two distinct model assumptions, we analyze a global sample of firms from 21 countries spanning the period from 2013 to 2022 to derive our primary empirical findings and perform robustness tests. Our analysis incorporates two estimation techniques: Ordinary Least Squares (OLS) and System-GMM (Generalized Method of Moments). Our findings reveal that green investment policies have a positive influence on environmentally friendly companies while exerting a detrimental effect on the dividend distributions of polluting companies. This influence is statistically and economically significant. Furthermore, our results remain consistent when employing alternative tests based on agency costs, other stakeholders and before and during Covid-19. On the other hand, when we used system-GMM method, our results also showed that green investment policies have a positive influence on environmentally friendly companies while exerting a detrimental effect on the dividend distributions of polluting companies.
在本研究论文中，我们考察了绿色投资对污染和环保企业的股利政策的影响。我们利用两种不同的模型假设，分析了 2013 年至 2022 年期间来自 21 个国家的全球公司样本，得出了我们的主要实证结果并进行了稳健性检验。我们的分析采用了两种估计技术：普通最小二乘法（OLS）和系统-GMM（广义矩估计法）。我们的研究结果表明，绿色投资政策对环保型企业具有积极影响，而对污染型企业的股息分配则产生不利影响。这种影响在统计和经济上都具有显著意义。此外，当我们使用基于代理成本、其他利益相关者以及新冠疫情前后的替代检验方法时，我们的结果仍然保持一致。另一方面，当我们使用系统-GMM 方法时，我们的结果也表明，绿色投资政策对环保型企业具有积极影响，而对污染型企业的股息分配则产生不利影响。
