Analysis of the Impact of Corporate Social Responsibility Indicators on the Company`s Dividend Policy

The purpose of this study is to answer the question of how the components of corporate social responsibility and dividend payments are interrelated. The object of this study is public American companies that publish reliable information about the results of financial activities in open access for 2019. The subject of the study is the relationship between the indicators of corporate social responsibility of the company and its dividend policy. Structurally, the work is structured as follows. In the first chapter, we will look at the concepts and approaches to the definition of corporate social responsibility, as well as the theory of dividend policy. In chapter 2, we will conduct a meta-analysis of research in order to identify the need for research on this issue, as well as the choice of the market for research. Also in this chapter, empirical work will be considered in order to correctly form the composition of the parameters for analysis. In chapter 3, we will conduct a statistical and regression analysis of the impact of corporate social responsibility on the company's dividend policy. The meta-analysis confirmed the need to study the impact of CSR on the dividend policy in developed markets, and it was decided to consider the US market for 2019. We took the data for regression analysis from the Thomson Reuters Eikon database. Regression analysis using OLS models revealed a statistically significant influence of individual CSR parameters: council size, assessment of environmental innovations, and assessment of resource use. No significant impact of the social parameters of CSR was confirmed, but all of the selected indicators of environmental responsibility were significant. Also, out of the 2 selected parameters of the company's corporate activity, one is statistically significant.