{"title":"印度企业社会责任超额支出对公司价值和股息支付的影响：利用公司年龄和规模动态进行的分析","authors":"Navin Chettri, Leo Themjung Makan","doi":"10.1108/ijse-02-2024-0136","DOIUrl":null,"url":null,"abstract":"<h3>Purpose</h3>\n<p>The paper looks at the impact of excess amount of CSR expenditure (CSRE) in relation to mandatory CSRE in an Indian context on dividend payout (DP) and firm value (FV) where CSRE is mandatory, as well as how this relationship varies between firms based on their age and size.</p><!--/ Abstract__block -->\n<h3>Design/methodology/approach</h3>\n<p>A sample of the 657 companies listed on the National Stock Exchange (NSE) from 2014–15 to 2020–21 is used in the study, for which spending on CSR was mandatory. A two-step generalised method of the moment is employed to examine the relationship between the variables of interest.</p><!--/ Abstract__block -->\n<h3>Findings</h3>\n<p>The results show that excess CSREs neither increase the firm’s valuation nor benefit shareholders' economic benefits, i.e. dividend distribution. However, a deeper analysis reveals that excess CSRE is positively associated with FV in the case of smaller firms and also positively corresponds with DP in the case of younger firms.</p><!--/ Abstract__block -->\n<h3>Originality/value</h3>\n<p>The present study explicitly considers the excess CSR spending beyond the mandated requirements. It investigates whether such spending contributes to firms improving their valuation and explores its connection to DPs.</p><!--/ Abstract__block -->\n<h3>Peer review</h3>\n<p>The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-02-2024-0136</p><!--/ Abstract__block -->","PeriodicalId":47714,"journal":{"name":"INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS","volume":"31 1","pages":""},"PeriodicalIF":1.9000,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The impact of excess CSR expenditure on firm value and dividend payout in India: an analysis using firm age and size dynamics\",\"authors\":\"Navin Chettri, Leo Themjung Makan\",\"doi\":\"10.1108/ijse-02-2024-0136\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<h3>Purpose</h3>\\n<p>The paper looks at the impact of excess amount of CSR expenditure (CSRE) in relation to mandatory CSRE in an Indian context on dividend payout (DP) and firm value (FV) where CSRE is mandatory, as well as how this relationship varies between firms based on their age and size.</p><!--/ Abstract__block -->\\n<h3>Design/methodology/approach</h3>\\n<p>A sample of the 657 companies listed on the National Stock Exchange (NSE) from 2014–15 to 2020–21 is used in the study, for which spending on CSR was mandatory. A two-step generalised method of the moment is employed to examine the relationship between the variables of interest.</p><!--/ Abstract__block -->\\n<h3>Findings</h3>\\n<p>The results show that excess CSREs neither increase the firm’s valuation nor benefit shareholders' economic benefits, i.e. dividend distribution. However, a deeper analysis reveals that excess CSRE is positively associated with FV in the case of smaller firms and also positively corresponds with DP in the case of younger firms.</p><!--/ Abstract__block -->\\n<h3>Originality/value</h3>\\n<p>The present study explicitly considers the excess CSR spending beyond the mandated requirements. It investigates whether such spending contributes to firms improving their valuation and explores its connection to DPs.</p><!--/ Abstract__block -->\\n<h3>Peer review</h3>\\n<p>The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-02-2024-0136</p><!--/ Abstract__block -->\",\"PeriodicalId\":47714,\"journal\":{\"name\":\"INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS\",\"volume\":\"31 1\",\"pages\":\"\"},\"PeriodicalIF\":1.9000,\"publicationDate\":\"2024-09-05\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1108/ijse-02-2024-0136\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"INTERNATIONAL JOURNAL OF SOCIAL ECONOMICS","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1108/ijse-02-2024-0136","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"ECONOMICS","Score":null,"Total":0}
The impact of excess CSR expenditure on firm value and dividend payout in India: an analysis using firm age and size dynamics
Purpose
The paper looks at the impact of excess amount of CSR expenditure (CSRE) in relation to mandatory CSRE in an Indian context on dividend payout (DP) and firm value (FV) where CSRE is mandatory, as well as how this relationship varies between firms based on their age and size.
Design/methodology/approach
A sample of the 657 companies listed on the National Stock Exchange (NSE) from 2014–15 to 2020–21 is used in the study, for which spending on CSR was mandatory. A two-step generalised method of the moment is employed to examine the relationship between the variables of interest.
Findings
The results show that excess CSREs neither increase the firm’s valuation nor benefit shareholders' economic benefits, i.e. dividend distribution. However, a deeper analysis reveals that excess CSRE is positively associated with FV in the case of smaller firms and also positively corresponds with DP in the case of younger firms.
Originality/value
The present study explicitly considers the excess CSR spending beyond the mandated requirements. It investigates whether such spending contributes to firms improving their valuation and explores its connection to DPs.
Peer review
The peer review history for this article is available at: https://publons.com/publon/10.1108/IJSE-02-2024-0136
期刊介绍：
The International Journal of Social Economics publishes original and peer-reviewed theoretical and empirical research in the field of social economics. Its focus is on the examination and analysis of the interaction between economic activity, individuals and communities. Social economics focuses on the relationship between social action and economies, and examines how social and ethical norms influence the behaviour of economic agents. It is inescapably normative and focuses on needs, rather than wants or preferences, and considers the wellbeing of individuals in communities: it accepts the possibility of a common good rather than conceiving of communities as merely aggregates of individual preferences and the problems of economics as coordinating those preferences. Therefore, contributions are invited which analyse and discuss well-being, welfare, the nature of the good society, governance and social policy, social and economic justice, social and individual economic motivation, and the associated normative and ethical implications of these as they express themselves in, for example, issues concerning the environment, labour and work, education, the role of families and women, inequality and poverty, health and human development.
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