The impact of corporate integrity culture on dividend policy

https://doi.org/10.31130/ud-jst.2025.23(8A).503

Abstract: 168 | PDF: 98

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Author

  • Nguyen Thanh Huong
    The University of Danang – University of Economics, Vietnam
    Hoang Duong Viet Anh
    The University of Danang – University of Economics, Vietnam
    Duong Thi Dung
    The University of Danang – University of Economics, Vietnam

Keywords:

Corporate integrity culture
dividend policy
information asymmetry
agency problem

Abstract

This paper investigates the impact of corporate integrity culture on dividend policy among publicly listed companies in the U.S. stock market during the period from 1994 to 2022. Results show that, corporate integrity culture has a negative impact on the likelihood of dividend payments. Specifically, firms with a strong foundation of integrity culture are less likely to pay dividends, as they tend to exhibit lower information asymmetry, greater transparency, and reduced agency costs. A high level of corporate integrity fosters trust among stakeholders, particularly between investors and the management team, thereby enhancing shareholder support and enabling firms to focus on long-term reinvestment strategies rather than dividend distribution.

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Published

Aug 31, 2025
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How to Cite
Hương, N. T., H. D. V. Anh, and D. T. Dung. “The Impact of Corporate Integrity Culture on Dividend Policy”. The University of Danang - Journal of Science and Technology, vol. 23, no. 8A, Aug. 2025, pp. 1-5, doi:10.31130/ud-jst.2025.23(8A).503.

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