Note(s): The baseline regression model between biodiversity risk and dividend payout is shown in this table. Ln (1 + Dividend) and Dividend Payout Ratio are the dependent variables in specifications 1 and 2, respectively. Year and industry fixed effects are taken into account in all specifications.  Appendix Table A1 provides a thorough explanation of every variable. Robust standard errors, clustered at the firm level, are in parentheses. Significance at the 1%, 5%, and 10% levels is denoted by the symbols ***, **, and *, respectively