Note(s): This table shows result for exogeneous shock of the staggered state-level passing of Climate Change Adoption Plans (CCAP). Ln (1 + Dividend) is the dependent variable in specification 1, and Dividend Payout Ratio is the dependent variable in specification 2. Year and industry 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