Empirical analysis reveals that dividend policy moderates managerial entrenchment and social responsibility in French listed firms, highlighting dynamic corporate governance tradeoffs.
Purpose The purpose of this paper is to argue the relationship between managerial entrenchment (ME), corporate social responsibility (CSR) and dividend policy (DP). Specifically, this paper aims to empirically examine the impact of DP on the relationship between ME, and CSR. Design/methodology/approach This study uses a panel data set of firms listed at France stock exchange over 2010/2021. Both the direct and moderating effects were tested by using multiple regression techniques. Findings The results show that the positive relation between CSR and ME is more pronounced in companies where they opt for a DP. However, DP moderates this positive relationship. Originality/value This study suggests the dynamic relationship between CSR and ME.
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Gharbi et al. (2024) studied this question.
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