Research on the Impact of Corporate Environmental, Social, and Corporate Governance Scores on Cash Dividend Distribution

In recent years, environment, society, and governance (ESG) related research has covered hot areas such as social responsibility, investment, and corporate governance. Cash dividend distribution, as an important way of returning to investors, reflects the fulfillment of corporate ESG responsibilities to a certain extent and promotes the sound development of enterprises. This paper explores the impact of ESG scores of A-share listed companies in the passenger car industry on cash dividend distribution from 2020 to 2023. Companies with cash dividends of 0 are excluded, and Huazheng ESG rating is used. Profitability, growth ability, cash holdings, management shareholding ratio and independent director ratio are used as control variables. Finally, 20 samples are obtained. The data comes from the CNRDS platform and corporate financial reports. Due to the small sample size, short time span, industry selection bias, incomplete data disclosure and other reasons, only the management shareholding ratio has a significant impact on the cash dividend distribution, and other variables are not significant.