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Corporate Actions as Moral Issues

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Listed:
  • Zwetelina Iliewa
  • Elisabeth Kempf
  • Oliver G. Spalt

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 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.

Suggested Citation

  • Zwetelina Iliewa & Elisabeth Kempf & Oliver G. Spalt, 2025. "Corporate Actions as Moral Issues," NBER Working Papers 33749, National Bureau of Economic Research, Inc.
    • Handle: RePEc:nbr:nberwo:33749
    Note: CF
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    JEL classification:

    • G3 - Financial Economics - - Corporate Finance and Governance
    • G4 - Financial Economics - - Behavioral Finance

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