Investor Sentiment for Corporate Social Performance
研究发现投资者对企业社会责任（CSR）的情绪随时间变化，CSR公告在投资者对CSR估值溢价期间产生正异常回报，且企业会响应投资者情绪提升CSR表现，尤其当估值不确定和投资者期限较短时。
ABSTRACT We document time-varying investor sentiment for corporate social responsibility (CSR) performance. We show that announcements of CSR activities generate positive abnormal returns during periods when investors place a valuation premium on CSR performance. In addition, we find that firms boost CSR performance in response to investor sentiment, and that this response is more pronounced for those firms that are more inclined to respond to investor sentiment due to valuation uncertainty and investor horizon. Our results suggest that investor sentiment plays a role in firms' commitment to CSR. JEL Classifications: M41; D82; G14; G30; G31; G32; G34. Data Availability: Data are available from the public sources cited in the text.