Corporate social responsibility and dividend policy

Cheung, A, Hu, M and Schwiebert, J 2018, 'Corporate social responsibility and dividend policy', Accounting and Finance, vol. 58, no. 3, pp. 787-816.

Document type: Journal Article
Collection: Journal Articles

Title Corporate social responsibility and dividend policy
Author(s) Cheung, A
Hu, M
Schwiebert, J
Year 2018
Journal name Accounting and Finance
Volume number 58
Issue number 3
Start page 787
End page 816
Total pages 30
Publisher Wiley-Blackwell Publishing Asia
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.
Subject Banking, Finance and Investment not elsewhere classified
Keyword(s) Corporate social responsibility
DOI - identifier 10.1111/acfi.12238
Copyright notice © 2016 AFAANZ
ISSN 0810-5391
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