Note(s): This table shows result for exogeneous shock of Donald Trump's 2017 Paris Agreement Withdrawal. The Paris Agreement Withdrawal is a dummy variable for years 2017 onwards. Ln (1 + Dividend) is the dependent variable in specification 1, and Dividend Payout Ratio is the dependent variable in specification 2. 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