De Villiers, Charl JohannesMa, DiandianMarques, Ana2023-10-272023-10-272024-03De Villiers, C., Ma, D. & Marques, A. (2024) Corporate social responsibility disclosure, dividend payments and firm value – Relations and mediating effects. Accounting & Finance, 64(1), 185-219. Available from: https://doi.org/10.1111/acfi.13140.0810-5391 (print)1467-629X (online)10.1111/acfi.13140http://hdl.handle.net/2263/93092DATA AVAILABILITY : Data is available upon request.We examine the relations between corporate social re-sponsibility (CSR) disclosures, dividend payments and firm value. We use an international sample and measure CSR disclosures based on Global Reporting Initiative (GRI) disclosure levels, which we divide into two parts (unexpected and expected disclosures). We find three main results. First, firms with higher levels of unexpected CSR disclosure pay higher dividends, and this association is attributable to firms where unexpected CSR disclosure is aligned with CSR performance. Second, only the un-expected part of CSR disclosures is positively associated with share prices. Third, this positive association is fully mediated by dividends.en© 2023 The Authors. Accounting & Finance published by John Wiley & Sons Australia, Ltd on behalf of Accounting and Finance Association of Australia and New Zealand. This is an open access article under the terms of the Creative Commons Attribution-NonCommercial-NoDerivs License.DividendsUnexpected disclosuresCorporate social responsibility (CSR)Global Reporting Initiative (GRI)Environmental, social and corporate governance (ESG)SDG-08: Decent work and economic growthEconomic and management sciences articles SDG-08Article