Note(s): This table demonstrates the robustness of the baseline regression model, utilizing alternative proxies of biodiversity risk. Ln (1 + Dividend) and Dividend Payout Ratio are the dependent variables in specifications 1–2 and 3–4, 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