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Investors are unwilling to pay for corporate social responsibility activities: Evidence from India’s Companies Act 2013

Rasyad Parinduri () and Saumik Paul

MPRA Paper from University Library of Munich, Germany

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.

Keywords: corporate social responsibility; firm objectives; firm values (search for similar items in EconPapers)
JEL-codes: G34 L21 M14 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-bec
Date: 2015-01
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