ESG/CSR績效對公司的股利支付扮演重要角色嗎？來自全球的證據

研究目的：分析全球公司從事ESG／CSR與股利政策的關聯。
研究設計／方法：使用Worldscope及Refinitiv的ESG資料庫，使用迴歸模型、渠道分析及內生性分析。
研究結果：公司參與ESG／CSR環境活動為公司創造利潤而有較高的股利支付率，也獲得市場投資人的認同。
研究限制／啟發：本文沒有討論股票購回與內部人持股。這是未來的研究方向。
理論／實務／社會意涵：公司應參與有關環境的活動，研發環保創新之產品，提升財務績效。
創見／價值：涵蓋全球33國的20年樣本，除了整體的ESG分數，也分析環境、社會、治理三個不同層面分數來衡量公司ESG／CSR績效，釐清對股利政策的影響並了解投資人的評價。

Purpose–Analyzing the association between ESG/CSR and dividend policy in global companies.
Design/methodology/approach–Regression modeling, channel analysis, and endogeneity analysis using Worldscope and Refinitiv’s ESG database.
Findings–The company’s participation in ESG/CSR environmental activities generates profits for the company and has a high dividend payout ratio, which is also recognized by investors in the market.
Research limitations/implications–This paper does not discuss stock repurchases and insider stock ownership. This is a future research direction.
Practical implications/Social implications–The company should participate in environmental activities and develop environmentally friendly and innovative products to enhance financial performance.
Originality/value–Covering a 20-year sample of 33 countries around the world, in addition to the overall ESG score, it also analyses the Environmental, Social, and Governance scores to measure the ESG/CSR performance of a company to determine the impact on dividend policy and to understand investor evaluations.