Corporate Actions as Moral Issues

Zwetelina Iliewa, Elisabeth Kempf and Oliver G. Spalt

No 33749, NBER Working Papers from National Bureau of Economic Research, Inc

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 Foundations Theory emerges as an important framework for explaining nonpecuniary preferences. Combined, our findings provide new evidence on the importance of moral values as a key determinant of nonpecuniary preferences over corporate actions.

JEL-codes: G3 G4 (search for similar items in EconPapers)
Date: 2025-05
Note: CF
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Published as Zwetelina Iliewa & Elisabeth Kempf & Oliver Spalt, 2026. "Corporate Actions as Moral Issues," Journal of Finance: Insights and Perspectives, vol 1(1).

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