1 Stakeholder Importance, Dividend Payout, and Corporate Social Responsibility C.S. Agnes Cheng The Hong Kong Polytechnic University cs-agnes.cheng@polyu.edu.hk Xiaohui Li The Hong Kong Polytechnic University xiaoh.li@connect.polyu.hk Zeyu Sun University of International Business and Economics zeyusun@uibe.edu.cn Jing Xie The Hong Kong Polytechnic University jingxie@polyu.edu.hk For their helpful comments and discussions, we thank Lixiong Guo, Chandrasekhar Krishnamurti, Grace Pownall, Katherine Schipper, Albert Tsang, seminar participants at Harbin Institute of Technology, and conference participants at the 2017 Asian Financial Association (AsianFA) annual meeting, the 2017 JAAF Conference, the 2019 FMA Asia/Pacific Conference, and the 2019 FMA (US) Conference. An earlier version of this paper was circulated with the title, “The Effect of Shareholder-Stakeholder Conflict on Corporate Social Responsibility: Evidence from a Natural Experiment.”