Corporate social responsibility, stock prices, and tax policy
研究了投资者因偏好企业社会责任而影响投资组合、股价和企业CSR支出的市场均衡，并分析了旨在最大化捐赠净额的税收政策效果。
Abstract We model a market in which some investors get utility from owning shares of firms that engage in corporate social responsibility (CSR). In equilibrium, investors' CSR considerations influence portfolio choices, stock prices, and CSR spending. We study tax policy designed to maximize total giving (individual and corporate) net of government tax breaks and find that its effectiveness is non‐monotonic in the proportion of altruistic investors: with few or many altruistic investors, it has little impact on giving, but, at intermediate levels, effective tax policy intuitively relates the corporate tax rebate rate on giving and the cap on allowable tax savings.