Corporate social responsibility and firm performance: Investor preferences and corporate strategies
通过理论模型分析社会责任投资供需如何影响公司市场价值，发现管理者可能资助不最大化未来现金流但最大化市场价值的社会责任活动。
We address the debate about whether firms should engage in socially responsible behavior by proposing a theoretical model in which the supply of and demand for socially responsible investment opportunities determine whether these activities will improve, reduce, or have no impact on a firm's market value. The theory shows that managers in publicly traded firms might fund socially responsible activities that do not maximize the present value of their firm's future cash flows yet still maximize the market value of the firm.