Template-Type: ReDIF-Paper 1.0
Title: Corporate Actions as Moral Issues
Author-Name: Zwetelina Iliewa
Author-Email: zwetelina.iliewa@gmail.com
Author-Name: Elisabeth Kempf
Author-Email: ekempf@hbs.edu
Author-Name: Oliver Spalt
Author-Email: spalt@uni-mannheim.de
Classification-JEL: G30, G40, D3
Keywords: corporate actions, non-pecuniary preferences, social responsibility

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.

Note: 
Length: 54
Creation-Date: 2025-02
Revision-Date: 2025-04
File-URL: https://www.crctr224.de/research/discussion-papers/archive/dp649
File-Format: application/pdf
Handle: RePEc:bon:boncrc:CRCTR224_2025_649v2