本研究旨在探討自然災害對企業股利政策的潛在影響，研究樣本涵蓋 1990 年至 2023 年間全球 128 個國家。我們的實證結果顯示，自然災害與企業股利 之間存在顯著的正向關聯。為減輕內生性問題，我們採用了 ITCV、Oster (2019) 方法、兩階段最小平方法（2SLS）、 Lewbel (2012) 工具變數法、熵平衡法（EB） 以及雙重差分法（DID）等多種穩健性檢驗，結果皆保持一致。進一步分析顯示， 現金持有與財務槓桿是自然災害影響股利政策的重要傳導機制。此外，我們發現， 自然災害與股利增加之間的正向關係在非金融危機期間更加明顯，而在金融危機 期間則不顯著。此效應在亞洲與美洲地區較為強烈，且在金磚國家（BRICS）中 比經濟合作暨發展組織（OECD）國家更為顯著。;Our study aims to explore the potential impact of natural disasters on corporate dividend policies. This research encompasses 128 global countries from 1990 to 2023. We demonstrate a significant positive correlation between natural disasters and corporate dividends. To mitigate endogeneity concerns， we apply ITCV， Oster (2019)， Two-Stage Least Squares (2SLS)， Lewbel (2012) methodology， and entropy balance approaches (EB) and Difference-in-Differences (DID)， which yielded consistent results. Our analysis also reveals that cash holdings and leverage are crucial channels that mediated natural disasters affect dividend policies. Further investigation reveals that the positive relationship between natural disasters and increased corporate dividends is more amplified during non-crisis periods but becomes negligible during financial crises. This effect is stronger in Asia and the Americas than in other regions and more evident in BRICS countries than in OECD countries.
