CSR as Reputation Insurance: Primum Non Nocere
研究了企业社会责任如何像保险一样保护公司声誉，通过分析标普500公司产品召回后的股价反应，发现CSR评级高的公司受损更小，且同时做好事和避免伤害的公司几乎不受影响。
We provide a theoretical framework showing how CSR activities can insure a firm against lost reputation in the face of adverse events. We offer evidence for this linkage through a case study and a multi-year analysis of stock price responses for S&P 500 companies following product recalls. We find that firms with better CSR ratings fare better than those that do not. Furthermore, a firm that is exceptional in both doing good and avoiding harm suffers virtually no reputational damage following events. Using the results of the study, we offer a guide to managers for determining the appropriate amount and mix of CSR to undertake.