Social capital and payout policies |
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| Institution: | 1. Department of Accounting and Corporate Governance, Macquarie Business School, Macquarie University, NSW 2109, Australia;2. School of Accountancy, Massey University, Private Bag 102904, Auckland, New Zealand;1. Accounting Department, Auckland University of Technology, New Zealand;2. Accounting Discipline Group, University of Technology Sydney, Australia;1. Faculty of Business, University of Wollongong in Dubai, Dubai, United Arab Emirates;2. Faculty of Business, Economics and Social Development, Universiti Malaysia Terengganu, 21030 Kuala Terengganu, Terengganu, Malaysia;3. Bangor Business School, Hen Goleg, Bangor University, College Road, Bangor LL57 2DG, United Kingdom;1. Monash Business School, Monash University, Melbourne, Vic 3800, Australia;2. Discipline of Accounting and Finance, Newcastle Business School, University of Newcastle, Sydney, NSW 2000, Australia;3. Department of Banking and Finance, Monash Business School, Monash University, Melbourne, Vic 3800, Australia;4. School of Commerce, University of Southern Queensland, Toowoomba, Qld 4350, Australia;1. Guangdong University of Education, Guangzhou, 510303, China;2. Department of Finance/Research Institute of Finance, College of Economics, Jinan University, Guangzhou, 510632, China;3. Department of Finance, Faculty of Business and Law, Deakin University, Australia |
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| Abstract: | In this paper, we investigate the relationship between regional social capital and corporate payout policies. Using a large sample of US data, we find a positive relationship between regional social capital and both the likelihood and the amount of cash dividend payouts. However, we find that social capital has no bearing on the likelihood and amount of stock repurchases. The results from additional analyses show that the relationship between social capital and dividends is more pronounced for less geographically dispersed firms. We also find that the network component of social capital has a greater effect on dividends than the social norm component. Our results are robust to alternative specifications of dividends and social capital and to the use of a two-stage least squares (2SLS) analysis to alleviate endogeneity concerns. Overall, we document that regional social capital plays an important role in influencing cash dividend payout policies. |
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| Keywords: | Social capital Dividends Stock repurchases Corporate social responsibility G30 G32 G35 |
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