Corporate Actions as Moral Issues

Zwetelina Iliewa (), Elisabeth Kempf () and Oliver Spalt ()

CRC TR 224 Discussion Paper Series from University of Bonn and University of Mannheim, Germany

Abstract: We examine nonpecuniary preferences across a broad set of corporate actions using a representative sample of the U.S. population. Our core findings, based on largescale online surveys, are that (i) self-reported nonpecuniary concerns are large both for stock market investors and non-investors; (ii) concerns about the treatment of workers and CEO pay rank highest—higher than concerns about workforce diversity and fossil energy usage; (iii) moral universalism emerges as an important driver of nonpecuniary preferences. Combined, our findings provide new evidence on the importance of moral concerns as a key determinant of nonpecuniary preferences over corporate actions.

Keywords: corporate actions; non-pecuniary preferences; social responsibility (search for similar items in EconPapers)
JEL-codes: D3 G30 G40 (search for similar items in EconPapers)
Pages: 54
Date: 2025-02, Revised 2025-04
New Economics Papers: this item is included in nep-dcm
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