The impact of corporate social responsibility on cash dividends

• Main Authors: Wu, Hsin Hua, 吳昕樺
• Other Authors: 屠美亞
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/v694b6

碩士 === 國立政治大學 === 財務管理研究所 === 105 === This research examines the impact of corporate social responsibility (CSR) on firm’s dividends and the impact between different components on dividends. (i.e. Corpo-rate Governance, Corporate Commitment, Social participation, Environmental Pro-tection). This research suggests that corporate social responsibility have positive im-pact on dividends. We also examine the insurance effect of CSR activities. In this research, we use propensity score matching method to prevent from the contamina-tion of CSR-effect and the selection bias. This research uses all listed company at stock exchange market and over the counter data which financial stocks are exclud-ed and defines the winners of Excellence in Corporate Social Responsibility Award which conferred by Common Wealth Magazine as firms with CSR during 2007 to 2016. The findings support the view of relationship between CSR and dividends is positive. Moreover, each component has positive effect on dividends, while the in-surance effect does not exist. We also use the Heckman two-stage model (1979) as robust test, and find the similar results as using propensity score matching method.