https://orcid.org/0000-0001-7652-4191
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Notes
1 Sustainability is a reflection of ethical culture in companies, which is influenced by the ethical financial decision (Jha, Kulchania, and Kwon Citation2022).
2 Samet and Jarboui (Citation2017) argued that payout policy may altered by the adoption of different sustainability strategies.
3 This means that firms should not only focus on maximizing shareholder value but also balance the competing priorities of environmental and social performance.
4 The literature is not clear about the nexus between payout policy and sustainability performance. For example, Samet and Jarboui (Citation2017) reported that the CSR performance positively affects the level of dividend payout as well as share repurchases.