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 study how a representative sample of the U.S. population evaluates a broad range of corporate actions from a nonpecuniary perspective. Our core findings, based on large-scale 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 (Enke (2024)) emerges as a key driver of nonpecuniary preferences, explaining substantial variation both across participants as well as across corporate actions. Combined, our findings provide new evidence on the importance of moral concerns as a driver of nonpecuniary preferences in the context of corporate actions.

Keywords: corporate actions; non-pecuniary preferences; social responsibility (search for similar items in EconPapers)
JEL-codes: D91 G30 G40 (search for similar items in EconPapers)
Pages: 85
Date: 2025-02
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