Corporate Actions as Moral Issues

Zwetelina Iliewa, Elisabeth Kempf and Oliver Spalt

No 11854, CESifo Working Paper Series from CESifo

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 social responsibility; nonpecuniary preferences; moral universalism. (search for similar items in EconPapers)
JEL-codes: D30 G30 G40 (search for similar items in EconPapers)
Date: 2025
New Economics Papers: this item is included in nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:ces:ceswps:_11854

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