Corporate social responsibility and dividend policy
MetadataShow full item record
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.
Showing items related by title, author, creator and subject.
Benjamin, S.; Zain, M.; Abdul Wahab, Effiezal Aswadi (2016)Purpose: The purpose of this study is to examine the agency problem of expropriation using dividends in politically connected firms and the relevance of institutional investors in limiting this problem. The growing presence ...
Earlier initiation of community-based palliative care is associated with fewer unplanned hospitalisations and emergency department presentations in the final months of life: a population-based study amongst cancer decedentsWright, Cameron; Youens, D.; Moorin, R. (2017)Context: While community-based palliative care (CPC) is associated with decreased acute care use in the lead up to death, it is unclear how the timing of CPC initiation affects this association. OBJECTIVES: We aimed to ...
Hu, May (2012)This paper investigates macro-level explanations for why firms pay special dividends. The evidence shows that both market conditions and stages of the business cycle affect the propensity and abnormal returns of special ...