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Corporate Social Responsibility and Dividend Policy in India

Authors:
Monika Dahiya
Monika Dahiya
Monika Dahiya
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Shveta Singh
Shveta Singh
Shveta Singh
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Neeru Chaudhry
Neeru Chaudhry
Neeru Chaudhry
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... Daske (2006) posits that improved CSR encourages major investors to purchase stocks at premium prices, implying an inferior KE and higher market liquidity degree. Since, KE is an average return essential for all investors (informed and uninformed) functioning in the market, any enhancement in CSR levels may cut the risk of misalignment, and decrease the risk premium, thus reducing KE (Dahiya et al., 2023). ...
The moderating role of CSR in the relationship between earnings management and cost of equity evidence from European ESG data
Article
  • Dec 2023
  • Asian Rev Account
Purpose The present work aimed to identify the impact of accrual-based earnings management on the cost of equity (KE) through corporate social responsibility (CSR) as a moderating variable on European Environmental, Social, and Governance (ESG) companies. Design/methodology/approach The authors used data from a sample of 366 European firms over the 2012–2022 period. The data were collected from the Thomson Reuters Asset 4 and I/B/E/S database and analyzed using STATA 17 as a statistical software package. Findings As expected, the results showed a negative relationship between accruals, CSR and KE. Moreover, they suggest that the moderating variable negatively affects the relationship between accruals and the KE. Practical implications The results are pertinent to stakeholders and investors, who would pressure companies to enhance the quality of disclosed information and mitigate risks facing the company. Originality/value The main contribution lies in examining the relationship between accruals and KE through CSR in the European ESG context.
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