Affiliation:
1. The University of Auckland Auckland New Zealand
2. University of Pretoria Pretoria South Africa
3. Norwich Business School University of East Anglia Norwich UK
Abstract
AbstractWe examine the relations between corporate social responsibility (CSR) disclosures, dividend payments and firm value. We use an international sample and measure CSR disclosures based on Global Reporting Initiative (GRI) disclosure levels, which we divide into two parts (unexpected and expected disclosures). We find three main results. First, firms with higher levels of unexpected CSR disclosure pay higher dividends, and this association is attributable to firms where unexpected CSR disclosure is aligned with CSR performance. Second, only the unexpected part of CSR disclosures is positively associated with share prices. Third, this positive association is fully mediated by dividends.
Subject
Economics, Econometrics and Finance (miscellaneous),Finance,Accounting
Cited by
4 articles.
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