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

Parinduri, Rasyad and Paul, Saumik (2015): Investors are unwilling to pay for corporate social responsibility activities: Evidence from India’s Companies Act 2013.

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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.

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