The effect of corporate social responsibility transparency on corporate payout policies

Purpose This study explores whether a firm's environmental and social (E&S) transparency affects corporate payout policies having two forms of dividend payout and stock repurchase payout. Design/methodology/approach Focusing on a large sample of S&P 500 firms, and utilizing Tobit estimators, the author examines whether a firm's environmental transparency and social transparency affect the levels of each dividend payout and stock...