Corporate social responsibility disclosure, dividend payments and firm value – Relations and mediating effects

We examine the relations between corporate social responsibility (CSR) disclosures, dividend payments and firm value. use an international sample measure CSR disclosures based on Global Reporting Initiative (GRI) disclosure levels, which we divide into two parts (unexpected expected disclosures). find three main results. First, firms with higher levels of unexpected pay dividends, this association is attributable to where aligned performance. Second, only part positively associated share prices. Third, positive fully mediated by dividends.