Der Einfluss von Corporate Social Responsibilty auf die Dividendenpolitik eines Unternehmens

Masterarbeit aus dem Jahr 2018 im Fachbereich BWL - Bank, Börse, Versicherung, Note: 1,3, Universität Kassel, Sprache: Deutsch, Abstract: Within the last couple of years, the topic sustainability gained significant importance. Entrepreneurs are getting more aware of their responsibility and invest into a more efficient and ecological economic behavior. Several studies prove a positive impact of a sustainable approach on the operative performance of a company. A similar development can be witnessed on the capital market, where decisions of investment are no longer taken due to financial matters only, but involving ecological and social aspects into the decision-making process (cf. Wallis, Klein 2015, p. 63). Since the financial resources to promote social responsibility projects in companies are continuously rising, one can assume an equally rising importance of CSR for the companies concerned. To inform the participants of the capital markets about ongoing CSR projects appropriately, many companies publish special reports about their sustainability activities and results. In how far these sustainability-investments do have a considerable impact on the dividend payment has however not been examined yet. Thus, the present paper aims to answer the question, whether CSR measures do have an influence on the company's dividend payment for shareholders. This thesis will focus on the impact of so called sustainability-ratings from the rating agency ASSET4 on the distribution rate of the company. Furthermore, the rating categories used by the rating agency (namely corporate governance, social and environmental aspects) will be considered, using these three criteria to examine specific effects of the company's ecological and social behavior on the dividends. A high score in the sustainable rating indicates a higher degree of sustainable awareness of the company. Concerning the dividend policy, this paper will raise the question whether companies acting according to sustainable principles are likely to pay higher dividends to their shareholders.