Corporate social responsibility and dividend policy
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 sugg...
| Main Authors: | , , |
|---|---|
| Format: | Journal Article |
| Published: |
Wiley-Blackwell Publishing Asia
2016
|
| Online Access: | http://hdl.handle.net/20.500.11937/2799 |
| _version_ | 1848744051567755264 |
|---|---|
| author | Cheung, Adrian Hu, May Schwiebert, J. |
| author_facet | Cheung, Adrian Hu, May Schwiebert, J. |
| author_sort | Cheung, Adrian |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | 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. |
| first_indexed | 2025-11-14T05:55:19Z |
| format | Journal Article |
| id | curtin-20.500.11937-2799 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T05:55:19Z |
| publishDate | 2016 |
| publisher | Wiley-Blackwell Publishing Asia |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-27992018-10-16T05:55:55Z Corporate social responsibility and dividend policy Cheung, Adrian Hu, May Schwiebert, J. 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. 2016 Journal Article http://hdl.handle.net/20.500.11937/2799 10.1111/acfi.12238 Wiley-Blackwell Publishing Asia fulltext |
| spellingShingle | Cheung, Adrian Hu, May Schwiebert, J. Corporate social responsibility and dividend policy |
| title | Corporate social responsibility and dividend policy |
| title_full | Corporate social responsibility and dividend policy |
| title_fullStr | Corporate social responsibility and dividend policy |
| title_full_unstemmed | Corporate social responsibility and dividend policy |
| title_short | Corporate social responsibility and dividend policy |
| title_sort | corporate social responsibility and dividend policy |
| url | http://hdl.handle.net/20.500.11937/2799 |