연구정보
Investors are unwilling to pay for corporate social responsibility activities: Evidence from India’s Companies Act 2013
인도 국외연구자료 기타 Parinduri, Rasyad and Paul, Saumik MPRA 발간일 : 2015-01-16 등록일 : 2015-01-19 원문링크
Abstract
We examine the effects of corporate social responsibility (CSR) activities on the values of firms. Using a non-parametric regression discontinuity design, exploiting a natural experiment induced by India’s Companies Act 2013, we find investors devalue the stocks of firms that do CSR activities by 2-5%, which suggests investors are unwilling to pay for CSR activities.