scholarly journals Does ESG Affect the Stability of Dividend Policies in Europe?

2020 ◽  
Vol 12 (21) ◽  
pp. 8804
Author(s):  
Pedro Verga Matos ◽  
Victor Barros ◽  
Joaquim Miranda Sarmento

Sustainability has become a significant issue for firms and investors throughout the world, although it cannot be attained if policies impact the stability of firms’ dividend policies. In this paper, we use data from the Stoxx Euro 600 firms from 2000 to 2019 and the ESG (environmental, social and governance) scores from Thomson Reuters to assess the relationship between ESG responsibility performances and the firm’s dividend policy. The results indicate that more sustainable firms exhibit a more stable dividend payout. This result is also valid when the ESG pillars are analysed, specifically, the environmental and governance pillars. The findings further suggest that higher ESG scores reveal better long-term alignment with shareholders and other stakeholders due to more proportionally stable profit sharing.

Author(s):  
Seda Yildirim

The term sustainable consumption is not only a behavior type in marketing and a just consumption behavior, it is more than this. Sustainable or responsible consumption behavior can change the world. Sustainable consumption concept has been investigated widely in the literature and factors that effecting sustainable consumption or being a green consumer has been investigated recently, too. But the relationship between sustainable development and consumer behavior isn't investigated sufficiently. After 2030 Sustainable Development Goals set up, responsibilities and roles have been an important issue to achieve sustainable development in the long term. In this point, this study aims to investigate the consumer role for sustainable development goals through sustainable consumption patterns and trends.


2022 ◽  
pp. 872-888
Author(s):  
Seda Yildirim

The term sustainable consumption is not only a behavior type in marketing and a just consumption behavior, it is more than this. Sustainable or responsible consumption behavior can change the world. Sustainable consumption concept has been investigated widely in the literature and factors that effecting sustainable consumption or being a green consumer has been investigated recently, too. But the relationship between sustainable development and consumer behavior isn't investigated sufficiently. After 2030 Sustainable Development Goals set up, responsibilities and roles have been an important issue to achieve sustainable development in the long term. In this point, this study aims to investigate the consumer role for sustainable development goals through sustainable consumption patterns and trends.


2013 ◽  
Vol 791-793 ◽  
pp. 1952-1956
Author(s):  
Ji Ke Gao ◽  
De Min Zhang ◽  
Fa Tang Chen

In LTE(Long Term Evolution) system, scheduling plays an important role in the process of allocating resource. LTE system puts forward semi-persistent scheduling (SPS) for new applications such as VoIP(Voice on Internet Protocol) and online games. Considering the problem of resource collision in SPS HARQ(Hybrid Automatic Repeat reQuest) process, we explore the relationship between uplink semi-persistent scheduling period and the number of semi-persistent transmissions, and propose two novel solutions. One is choosing specific uplink semi-persistent period for different uplink/downlink (UL/DL) configurations and the number of transmissions. The other is delaying collision processes for the configuration of small uplink period. The analysis proves that the two solutions can reduce the collision probability and improve the stability of LTE system.


2018 ◽  
Vol 13 (1) ◽  
pp. 203-217 ◽  
Author(s):  
Rozaimah Zainudin ◽  
Nurul Shahnaz Mahdzan ◽  
Chee Hong Yet

Purpose The purpose of this paper is to analyse the relationship between stock price volatility (SPV) and dividend policy of industrial products firms listed on Bursa Malaysia. Design/methodology/approach The sample comprises 166 industrial products public-listed firms covering a time span from year 2003 to 2012. Using Baskin’s framework, firm’s SPV is related to dividend payout, controlling for earnings volatility, firm size, leverage and growth of assets. Further, the impact of the global financial crisis on the relationship between SPV and the tested variables is examined. Findings Earning volatility significantly explains SPV of industrial product firms during the crisis period, while dividend payout ratio (PR) predominantly influences volatility during pre- and post-crisis sub-periods. The empirical results indicate that dividend policy is a strong predictor of SPV of industrial products firms in Malaysia, particularly during the post-crisis period. Originality/value The paper explores the firm’s SPV and dividend policy for a new set of data focussing on industrial products firms listed on the Malaysian Stock Exchange.


2014 ◽  
Vol 1073-1076 ◽  
pp. 2488-2492
Author(s):  
Hong Li Yang ◽  
Ping Li ◽  
Xiao Li Guo

With the deepening of economic globalization, cooperation has become a mainstream trend, revealing the discipline of cooperation has become a key scientific issue. As a content of cooperation, international energy cooperation is a system of relations constituted by different energy cooperation agents, it reflects the composition of agents. Ability divergence and their capability system have an effect on the long-term stability and development of cooperation. Based on the theories, this paper put forward the main connotation of cooperation capacity structure, building capability evaluation system, clearing affect the stability of the key indicators of cooperation, exploring the relationship between cooperation agents’ capability structure and cooperative stability in order to study the whole process of international energy cooperation fluctuations trajectory.


2017 ◽  
Vol 15 (1) ◽  
pp. 199-212 ◽  
Author(s):  
Irina Berezinets ◽  
Yulia Ilina ◽  
Liudmila Alekseeva

This paper explores the relationship between ownership structure and dividend policy in Russian public companies with dual-class shares. The sample includes all companies issuing both ordinary (voting) and preferred (non-voting) shares traded on the Russian Trading System (RTS) in the period of 2003-2009. Using panel data and employing both linear and nonlinear regression modeling approach, we tested the relationship between ownership structure and dividend payout. One of the major conclusions is the existence of a negative relationship between the dividend payout on ordinary shares and institutional ownership, as well as between dividend payout on ordinary shares and offshore ownership. Unlike for ordinary shares, ownership structure is not related to dividend payments on preferred shares. Dividend policy on preferred shares is, instead, essentially related to a company’s performance.


2016 ◽  
Vol 12 (2) ◽  
pp. 167
Author(s):  
Evy Sumartha

Abstrak: Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen pada Perusahaan Manufaktur. Struktur kepemilikan sebagai variabel independen dalam penelitian ini diproksikan dengan kepemilikan institusional dan kepemilikan manajerial. Penelitian ini juga untuk mendapatkan bukti mengenai fungsi moderasi dari konsentrasi kepemilikan dalam hubungan antara struktur kepemilikan dan kebijakan dividen. Variabel dependen adalah kebijakan dividen yang diukur dengan Dividend Payout Ratio (DPR). Sampel yang diperoleh sebanyak 97 perusahaan selama tahun pengamatan. Pengujian hipotesis dilakukan dengan Moderating Regression Analysis dan analisis regresi data panel. Hasilnya menunjukkan bahwa konsentrasi kepemilikan berfungsi sebagai variabel moderating pada hubungan antara struktur kepemilikan dan kebijakan dividen. Untuk kepemilikan institusional pada perusahaan yang tidak mempunyai kepemilikan manajerial berpengaruh negatif terhadap Dividend Payout Ratio, sedangkan kepemilikan institusional pada perusahaan yang mempunyai kepemilikan manajerial berpengaruh positif. Kepemilikan manajerial berpengaruh positif terhadap Dividend Payout Ratio. Variabel kontrol profitabilitas dan ukuran perusahaan berpengaruh pula terhadap kebijakan dividen perusahaan. Kata Kunci: konsentrasi kepemilikan, kepemilikan institusional, kepemilikan manajerial, ROA, ukuran perusahaan, dividend payout ratio Abstract: Pengaruh Struktur Kepemilikan Terhadap Kebijakan Dividen pada Perusahaan Manufaktur Ownership structure; as independent variables in this research; is represented by institutional ownership and managerial ownership. This research also aimed to obtain evidence of moderation function of the concentration of ownership in the relationship between ownership structure and dividend policy. The dependent variable is dividend policy which is measured by Dividend Payout Ratio (DPR). There are 97 sample companies. Hypothesis testing is done by Moderating Regression Analysis (MRA) and panel regression analysis. The results of this research show that the concentration of ownership serves as a moderating variable on the relationship between ownership structure and dividend policy. Institutional ownership in companies that do not have a managerial ownership has a negative effect on Dividend Payout Ratio; while institutional ownership in companies that have a managerial ownership has a positive effect on Dividend Payout Ratio. Profitability and company size as a control variable has effect on dividend policy. Keywords: the concentration of ownership, institutional ownership, managerial ownership, ROA, company size, dividend payout ratio


2021 ◽  
pp. 1-62
Author(s):  
Kit S. Prendergast ◽  
Jair E. Garcia ◽  
Scarlett R. Howard ◽  
Zong-Xin Ren ◽  
Stuart J. McFarlane ◽  
...  

Abstract The field of bioaesthetics seeks to understand how modern humans may have first developed art appreciation and is informed by considering a broad range of fields including painting, sculpture, music and the built environment. In recent times there has been a diverse range of art and communication media representing bees, and such work is often linked to growing concerns about potential bee declines due to a variety of factors including natural habitat fragmentation, climate change, and pesticide use in agriculture. We take a broad view of human art representations of bees to ask if the current interest in artistic representations of bees is evidenced throughout history, and in different regions of the world prior to globalisation. We observe from the earliest records of human representations in cave art over 8,000 years old through to ancient Egyptian carvings of bees and hieroglyphics, that humans have had a long-term relationship with bees especially due to the benefits of honey, wax, and crop pollination. The relationship between humans and bees frequently links to religious and spiritual representations in different parts of the world from Australia to Europe, South America and Asia. Art mediums have frequently included the visual and musical, thus showing evidence of being deeply rooted in how different people around the world perceive and relate to bees in nature through creative practice. In modern times, artistic representations extend to installation arts, mixed-media, and the moving image. Through the examination of the diverse inclusion of bees in human culture and art, we show that there are links between the functional benefits of associating with bees, including sourcing sweet-tasting nutritious food that could have acted, we suggest, to condition positive responses in the brain, leading to the development of an aesthetic appreciation of work representing bees.


2017 ◽  
Author(s):  
Danilo Freire

This article presents a rational choice account of Brazil's jogo do bicho ('animal game'), possibly the largest illegal lottery game in the world. In over 120 years, the jogo do bicho has grown from a local raffle to a multimillion-dollar business, and the game has played a major role in Brazil's cultural and political life. My analysis of the jogo do bicho has three goals. First, I examine the mechanisms that fostered the lottery's notable growth outside the boundaries of Brazilian law. Second, I investigate how the animal game financiers combine costly signals and selective incentives to induce cooperation from members of the community. Lastly, I discuss the relationship between the lottery sponsors and Brazilian representatives, particularly how the bicheiros exploit the fragmentation of Brazil's political system to advance their long-term interests. Keywords: Brazil; criminal organisations; gambling; jogo do bicho; private governanceJEL Codes: D72, K42, P26, P37, Z00DOI: https://doi.org/10.31235/osf.io/se2jrBibTeX entry:@misc{freire2019jogodobicho, title={{Beasts of Prey or Rational Animals? Private Governance in Brazil's \emph{Jogo do Bicho}}}, howpublished = {\url{https://doi.org/10.31235/osf.io/se2jr}}, publisher={SocArXiv}, author={Freire, Danilo}, year={2019}, month={Mar}}


2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Muhammad Fayyaz Sheikh ◽  
Aamir Inam Bhutta ◽  
Bareera Rehman ◽  
Muhammad Bazil ◽  
Ali Hassan

PurposeThe purpose of this study is to examine whether corporate social responsibility (CSR) affects dividend policy (the propensity to pay dividends as well as the dividend payout ratio) and what role family ownership plays in this regard in an emerging market.Design/methodology/approachThe study uses a sample of 1,480 observations from Pakistan for the period 2010–2016 and accounts for Hackman self-selection bias and endogeneity issues using a robust regression analysis. CSR activity is measured by CSR score developed through a content analysis of firms' annual reports.FindingsThe study finds that the greater number of CSR activities increases the propensity to pay dividends, but reduces the dividend payout in dividend-paying firms. On the other hand, in family firms, the greater number CSR activities decreases the propensity to pay dividends, but increases the dividend payout in dividend-paying firms. The findings hold for a series of robustness and sensitivity checks, for example, alternative measures, specifications and estimators.Practical implicationsA trade-off between firms' CSR activities and dividend policy needs to be the point of concern for investors, minority shareholders and policy makers. The role of the non-executive and independent directors becomes more important, especially in the family firms where family members sitting on the boards may drive CSR activities in their own interests opportunistically. The potential opportunistic behaviour of family members warrants the need for policy reform initiatives to strengthen the protection of other stakeholders' interests.Originality/valueThe study highlights that family owners' efforts to preserve their socio-emotional wealth in family firms affect the relationship between CSR activities and dividend policy. Further, the relationship between CSR and dividend policy in emerging markets is different from developed markets. This study simultaneously focuses on both the propensity to pay dividends and the amount of dividend payment and documents that the implications of CSR are different for them.


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