Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis
研究发现，2008-2009年金融危机期间，企业社会责任强度高的公司股票回报率比低强度公司高出4到7个百分点，且盈利能力、增长和人均销售额更高，债务融资也更多。
ABSTRACT During the 2008–2009 financial crisis, firms with high social capital, as measured by corporate social responsibility (CSR) intensity, had stock returns that were four to seven percentage points higher than firms with low social capital. High‐CSR firms also experienced higher profitability, growth, and sales per employee relative to low‐CSR firms, and they raised more debt. This evidence suggests that the trust between a firm and both its stakeholders and investors, built through investments in social capital, pays off when the overall level of trust in corporations and markets suffers a negative shock.