| Summary: | 碩士 === 靜宜大學 === 財務金融學系 === 102 === This study takes an in-depth investigation whether the corporate social responsibility (CSR) has any effect on the policy of cash dividend using 990 family firms listed in Taiwanese Exchange markets during 2006 to 2012, ending up with firm-year sample of 6,847 observations. Our empirical results find that firms with more CSR (including firms with corporate social responsibility award) are more likely to pay cash dividends than those firms with low CSR. Moreover, firms with corporate social irresponsibility would be unlikely to pay cash dividend in comparison to those with low CSR. However, our findings indicate that firms with corporate social irresponsibility would tend to pay cash dividends in order to maintain corporate reputation and to consider the fund-raising costs in the future, which results, to the best of our knowledge, are first evidenced in extant literature and thus are the major contribution of this study.
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