In 2016 the Chinese government initiated a nationwide campaign aiming to eliminate poverty in China by 2020. Over 20% of listed firms in China have made significant contributions to the campaign. Using hand-collected data on listed firms’ contributions to the campaign and multivariate...

In 2016 the Chinese government initiated a nationwide campaign aiming to eliminate poverty in China by 2020. Over 20% of listed firms in China have made significant contributions to the campaign. Using hand-collected data on listed firms' contributions to the campaign and multivariate analyses,...

Using a large sample of firms from 45 countries, we find that firms in countries with high climate risk reduce their cash dividends but increasingly use share repurchases to make payouts, suggesting that firms substitute dividends with repurchases to increase their payout flexibility in response...

We examine the effect of increased regulatory enforcement threat on the dividend policies of foreign firms listed in US stock exchanges. The staggered signing of the Multilateral Memorandum of Understanding (MMoU) by the US and foreign regulators facilitates cross-border regulatory cooperation...

We find that focal firms’ CEOs respond to increasing repurchases by their publicly disclosed compensation peer (CP) firms by repurchasing more of their own shares. The CP herding effect is stronger for small focal firms or those with substantial stock or option-based compensation than for...

Using a large sample of firms from 45 countries, we find that firms in countries with high climate risk reduce their cash dividends but increasingly use share repurchases to make payouts. The evidence suggests that firms substitute dividends with repurchases to increase their payout flexibility...