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

Charl de Villiers, Diandian Ma, Ana Marques

Research output: Contribution to journalArticlepeer-review


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.
Original languageEnglish
JournalAccounting and Finance
Early online date14 Jul 2023
Publication statusE-pub ahead of print - 14 Jul 2023

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