Corporate Social Responsibility and Dividend Policy
碩士 === 國立彰化師範大學 === 財務金融技術學系 === 105 === Based on the data of listed companies on the Taiwan Stock Exchange (TWSE) over the period from 2005 to 2015, this master thesis examines the linkage between firm’s engagement in Corporate Social Responsibility (CSR) and corporate dividend policy that is proxi...
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ndltd-TW-105NCUE53160062018-05-15T04:31:45Z http://ndltd.ncl.edu.tw/handle/847gcu Corporate Social Responsibility and Dividend Policy 企業社會責任與股利政策 劉錦如 碩士 國立彰化師範大學 財務金融技術學系 105 Based on the data of listed companies on the Taiwan Stock Exchange (TWSE) over the period from 2005 to 2015, this master thesis examines the linkage between firm’s engagement in Corporate Social Responsibility (CSR) and corporate dividend policy that is proxied by cash (stock) dividend amount, cash (stock) dividend payout ratio and cash (stock) dividend payout variability. Existing studied has mentioned that CSR has benefit as well as cost on economic consequence of firm, while corporate payout policy involved meeting stockholder’s demanding for return and investment expenditure in the future, firm with enough corporate resource tends to payout its cash. Thus, CSR may affect firm’s payout policy through its effect on enhancing or destroying the value of a firm. Empirical result shows that firms with superior performance on CSR tend to pay more dividends than low-CSR-performance firms. This is consistent with the existing literature that socially responsible firms may use the dividend policy to manage the agency problem from overinvesting on CSR. The evidence also shows that firm with better performance on CSR has more stable on dividend payout, means that socially responsible firm tends to adjust dividends slower than socially irresponsible firms. Better performance on stakeholder’s management and greater dividend payout to stockholder means win-win situation could be achieved. 張元 2016 學位論文 ; thesis 75 zh-TW |
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碩士 === 國立彰化師範大學 === 財務金融技術學系 === 105 === Based on the data of listed companies on the Taiwan Stock Exchange (TWSE) over the period from 2005 to 2015, this master thesis examines the linkage between firm’s engagement in Corporate Social Responsibility (CSR) and corporate dividend policy that is proxied by cash (stock) dividend amount, cash (stock) dividend payout ratio and cash (stock) dividend payout variability. Existing studied has mentioned that CSR has benefit as well as cost on economic consequence of firm, while corporate payout policy involved meeting stockholder’s demanding for return and investment expenditure in the future, firm with enough corporate resource tends to payout its cash. Thus, CSR may affect firm’s payout policy through its effect on enhancing or destroying the value of a firm. Empirical result shows that firms with superior performance on CSR tend to pay more dividends than low-CSR-performance firms. This is consistent with the existing literature that socially responsible firms may use the dividend policy to manage the agency problem from overinvesting on CSR. The evidence also shows that firm with better performance on CSR has more stable on dividend payout, means that socially responsible firm tends to adjust dividends slower than socially irresponsible firms. Better performance on stakeholder’s management and greater dividend payout to stockholder means win-win situation could be achieved.
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author2 |
張元 |
author_facet |
張元 劉錦如 |
author |
劉錦如 |
spellingShingle |
劉錦如 Corporate Social Responsibility and Dividend Policy |
author_sort |
劉錦如 |
title |
Corporate Social Responsibility and Dividend Policy |
title_short |
Corporate Social Responsibility and Dividend Policy |
title_full |
Corporate Social Responsibility and Dividend Policy |
title_fullStr |
Corporate Social Responsibility and Dividend Policy |
title_full_unstemmed |
Corporate Social Responsibility and Dividend Policy |
title_sort |
corporate social responsibility and dividend policy |
publishDate |
2016 |
url |
http://ndltd.ncl.edu.tw/handle/847gcu |
work_keys_str_mv |
AT liújǐnrú corporatesocialresponsibilityanddividendpolicy AT liújǐnrú qǐyèshèhuìzérènyǔgǔlìzhèngcè |
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