Investors are unwilling to pay for corporate social responsibility activities: Evidence from India’s Companies Act 2013
Rasyad Parinduri () and
MPRA Paper from University Library of Munich, Germany
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)
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