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Corporate Actions as Moral Issues

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  • Iliewa, Zwetelina
  • Kempf, Elisabeth
  • Spalt, Oliver G.

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 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 Foundations Theory emerges as an important framework for explaining nonpecuniary preferences. Combined, our findings provide new evidence on the importance of moral values as a key determinant of nonpecuniary preferences over corporate actions.

Suggested Citation

  • Iliewa, Zwetelina & Kempf, Elisabeth & Spalt, Oliver G., 2025. "Corporate Actions as Moral Issues," CEPR Discussion Papers 20184, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:20184
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    File URL: https://cepr.org/publications/DP20184
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