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    Corporate social responsibility and dividend policy

    245965.pdf (395.4Kb)
    Access Status
    Open access
    Authors
    Cheung, Adrian
    Hu, May
    Schwiebert, J.
    Date
    2016
    Type
    Journal Article
    
    Metadata
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    Citation
    Cheung, A. and Hu, M. and Schwiebert, J. 2016. Corporate social responsibility and dividend policy. Accounting and Finance. 16: pp. 1-30.
    Source Title
    Accounting and Finance
    DOI
    10.1111/acfi.12238
    ISSN
    1467-629X
    School
    Department of Finance and Banking
    URI
    http://hdl.handle.net/20.500.11937/2799
    Collection
    • Curtin Research Publications
    Abstract

    This study outlines and tests two corporate social responsibility (CSR) views of dividends. The first view argues that firms are likely to pay fewer dividends because CSR activities lower the cost of equity, encouraging firms to invest or hoard cash rather than to pay dividends. The second view suggests that CSR activities are positive NPV projects that increases earnings and hence dividend payouts. The first (second) view predicts that firms with a stronger involvement in CSR activities should be associated with a lower (higher) dividend payouts. The finding supports the second view and is robust.

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