Corporate social responsibility disclosure, dividend payments and firm value – Relations and mediating effects

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de Villiers, Charl, Ma, Diandian and Marques, Ana ORCID: https://orcid.org/0000-0003-1595-0028 (2024) Corporate social responsibility disclosure, dividend payments and firm value – Relations and mediating effects. Accounting and Finance, 64 (1). pp. 185-219. ISSN 0810-5391

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Abstract

We 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.

Item Type:	Article
Additional Information:	Article Funding: Open access publishing facilitated by The University of Auckland, as part of the Wiley - The University of Auckland agreement via the Council of Australian University Librarians.
Uncontrolled Keywords:	sdg 12 - responsible consumption and production ,/dk/atira/pure/sustainabledevelopmentgoals/responsible_consumption_and_production
Faculty \ School:	Faculty of Social Sciences > Norwich Business School
UEA Research Groups:	Faculty of Social Sciences > Research Groups > Accounting & Quantitative Methods
Depositing User:	LivePure Connector
Date Deposited:	21 Jun 2023 11:35
Last Modified:	27 Mar 2024 11:30
URI:	https://ueaeprints.uea.ac.uk/id/eprint/92455
DOI:	10.1111/acfi.13140

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