Geopolitical risk and corporate payout policy
نویسندگان
چکیده
In this study, we examine the effects of geopolitical risk on corporate payout policy. Exploiting a news-based index risk, find that firms adopt more conservative policy by reducing share repurchases in response to greater whereas cash dividends are insignificant. Further analysis suggests flow uncertainty and financial distress two potential channels through which affects We also show repurchase pronounced for with exposure product market competition those facing higher threats distress. Overall, our study emphasizes implications choice.
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ژورنال
عنوان ژورنال: International Review of Financial Analysis
سال: 2023
ISSN: ['1873-8079', '1057-5219']
DOI: https://doi.org/10.1016/j.irfa.2023.102613