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Journal article
Opportunity costs and the value of corporate social responsibility: Evidence from firm dividend policy
Applied economics letters, Vol.online-ahead-of-print
05/03/2023
Web of Science ID: WOS:000979793300001
Abstract
Theories of CSR value under a real-option framework suggest that the payment of dividends serves as an opportunity cost. One of the resulting predictions is that the value of CSR spending is lower for dividend paying firms. We examine this prediction empirically. While we find that CSR is positively related to firm value for both dividend payers and non-payers, CSR is roughly 50% less valuable to dividend payers than non-dividend payers.
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Details
- Title
- Opportunity costs and the value of corporate social responsibility
- Publication Details
- Applied economics letters, Vol.online-ahead-of-print
- Resource Type
- Journal article
- Publisher
- Routledge
- Number of pages
- 6
- Copyright
- © 2023 Informa UK Limited, trading as Taylor & Francis Group
- Identifiers
- WOS:000979793300001; 99380178090206600
- Academic Unit
- Lewis Bear Jr. College of Business; Accounting and Finance
- Language
- English