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)
New Economics Papers: this item is included in nep-bec
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed
Downloads: (external link)
https://mpra.ub.uni-muenchen.de/61360/1/MPRA_paper_61360.pdf original version (application/pdf)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:61360
Access Statistics for this paper
More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().