الفهرس | يوجد فقط 14 صفحة متاحة للعرض العام |
المستخلص The objective of the current study is to examine the impact of Corporate Social Responsibility (CSR) on dividends. The mediating role of Firm Life Cycle (FLC) on the association betweenCSR and Dividendsis also examined. The research sample includes 345 observations, and comprises 58 Egyptian firms listed in the S&P/EGX ESG Index on the Egyptian Stock Exchange during the period from 2012 to 2019. The financial statements data are obtained through the Thomson Reuters database, and the CSRdata are obtained through Egypt Information Dissemination Company and the official website of the Egyptian Stock Exchange. Descriptive statistics, diagnostic tests, Ordinary Least Squares (OLS) method, robust-OLS, and Structural Equation Modeling (SEM)are used to test the validity of the developed research hypotheses. The evaluation (score) obtained by companies in each of the 3 dimensions of the CSR (environment, social and governance) in the Egyptian Index of CSR (S&P/EGX ESG Index)is used to proxy for the CSR practices. The ratio of cash dividends paid to total assets is used as a proxy for dividends. The Firm Life Cycle is measured by two measures: the first measure is DeAngelo (2006) model which depends on the ratio of retained earnings to total equity, and the second measure is Dickinson (2011) model, which depends on the forms of cash flows for different activities (operating / investing / financing).DeAngelo (2006) model is used in the main empirical analysis, meanwhile Dickinson (2011) model is used in the robustness tests. When DeAngelo (2006) model is used to measure FLC, the study results show that: There is no direct significant impact of CSR on dividends.However, when FLC mediates the associationbetween CSR and dividends, the structural equationmodelling reveals the existence of a positive indirect impact of CSR on dividends through FLC. There is a positive significant impact of FLC on Dividends. While, when the researcher used Dickinson (2011) model to measure FLC, the results show that there is no significant impact of CSR on dividends allover the life cycle of the firms. |