期刊
RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE
卷 67, 期 -, 页码 -出版社
ELSEVIER
DOI: 10.1016/j.ribaf.2023.102076
关键词
Ethical corporate citizenship; World's Most Ethical Companies; Corporate social responsibility; CEO power; Financial leverage; Dividend payout; Tobin's q
This paper examines the moderating effect of ethical corporate citizenship on the influence of CEO power on financial leverage, cost of debt, dividend payout, and firm value. The findings suggest that powerful CEOs in companies with ethical corporate citizenship tend to borrow more at cheaper rates, pay higher dividends, and their power is not linearly related to firm value.
This paper examines whether ethical corporate citizenship moderates the effect of CEO power on financial leverage, cost of debt, dividend payout, and firm value. Results show that powerful CEOs who lead WMECs are likely to borrow more money at cheaper cost of debt, and pay higher dividends compared to powerful CEOs who lead non-WMECs. CEO power is not linearly related to Tobin's q measure of firm value. Results do not change if we include corporate governance variables on the dual role of CEO and chairperson, CEO's tenure, and percent of shares owned by the CEO. Our findings provide important policy implications for firms disclosures on ESG activities beyond a mere compliance exercise to an effective monitoring and enforcement process that protects investors in the capital markets, similar to WMECs annually re-certified by Ethisphere.
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