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Corporate social responsibility and dividend policy

Cheung, Adrian W., Hu, May and Schwiebert, Jorg 2016, Corporate social responsibility and dividend policy, Accounting and finance, In Press, pp. 1-30, doi: 10.1111/acfi.12238.

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Title Corporate social responsibility and dividend policy
Author(s) Cheung, Adrian W.
Hu, May
Schwiebert, Jorg
Journal name Accounting and finance
Season In Press
Start page 1
End page 30
Total pages 30
Publisher Wiley
Place of publication Chichester, Eng
Publication date 2016-10-05
ISSN 0810-5391
1467-629X
Keyword(s) Corporate social responsibility
Dividends
Summary 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.
Language eng
DOI 10.1111/acfi.12238
Field of Research 150201 Finance
150199 Accounting, Auditing and Accountability not elsewhere classified
150299 Banking, Finance and Investment not elsewhere classified
Socio Economic Objective 900101 Finance Services
HERDC Research category C1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2016, Wiley
Persistent URL http://hdl.handle.net/10536/DRO/DU:30088279

Document type: Journal Article
Collection: Faculty of Business and Law
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