Corporate social responsibility disclosure, dividend payments and firm value

de Villiers, CharlMa, DiandianMarques, Ana2023-08-022023-08-022023-01-01(2023). Accounting and Finance.0810-5391https://hdl.handle.net/2292/65238We 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.Items in ResearchSpace are protected by copyright, with all rights reserved, unless otherwise indicated. Previously published items are made available in accordance with the copyright policy of the publisher.https://researchspace.auckland.ac.nz/docs/uoa-docs/rights.htmhttps://creativecommons.org/licenses/by-nc-nd/4.0/3501 Accounting, Auditing and Accountability35 Commerce, Management, Tourism and Services3507 Strategy, Management and Organisational Behaviour1402 Applied Economics1501 Accounting, Auditing and Accountability1502 Banking, Finance and Investment3502 Banking, finance and investment3801 Applied economicsCorporate social responsibility disclosure, dividend payments and firm value – Relations and mediating effectsJournal Article10.1111/acfi.131402023-07-30Copyright: The authorshttp://purl.org/eprint/accessRights/OpenAccess1467-629X