Note(s): The regression model between biodiversity risk and dividend payout using firm fixed effects is shown in this table. Ln (1 + Dividend) is the dependent variable in specification 1, and Dividend Payout Ratio is the dependent variable in specification 2. Year and firm fixed effects are taken into account in both specifications.  Appendix Table A1 provides an explanation of each 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