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Social environment and corporate payouts
The European Journal of Finance ( IF 1.903 ) Pub Date : 2021-02-22 , DOI: 10.1080/1351847x.2021.1889631
Ashrafee Tanvir Hossain 1 , Takdir Hossain 2 , Lawrence Kryzanowski 2
Affiliation  

We investigate if macro-level social capital, which captures the notions of trust and honesty, has any effects on corporate payout policy. We find that firms situated in U.S. states (or counties) with higher levels of social capital (SC) have higher dividend payouts (DP). These results survive a battery of robustness tests dealing with inference and various forms of endogeneity. We find that the positive SC-DP association is more prominent when monitoring is weak. We also find that the positive SC-DP association remains when we account for internal social capital, political corruption, federal and state income taxes, and other possible dividend clienteles such as in-state pension funds and pension-age populations. Our study contributes to the literatures that regional locations and social considerations constitute clienteles who affect important corporate strategic decisions such as corporate payouts.



中文翻译:

社会环境和企业支出

我们调查了包含信任和诚实概念的宏观社会资本是否对公司支付政策有任何影响。我们发现,位于美国各州(或县)的社会资本 (SC) 水平较高的公司具有较高的股息支付 (DP)。这些结果经受住了一系列处理推理和各种形式的内生性的稳健性测试。我们发现当监测较弱时,积极的 SC-DP 关联更为突出。我们还发现,当我们考虑内部社会资本、政治腐败、联邦和州所得税以及其他可能的股息客户(如州内养老基金和退休年龄人口)时,正的 SC-DP 关联仍然存在。

更新日期:2021-02-22
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