The influence of corporate social responsibility on investment efficiency and innovation
研究发现企业社会责任表现好的公司投资更高效（减少过度投资和投资不足），并产生更多专利和专利引用，这些效应部分解释了其更高的盈利能力和企业价值。
Abstract We examine two important channels through which corporate social responsibility (CSR) affects firm value: investment efficiency and innovation. We find that firms with higher CSR performance invest more efficiently: these firms are less prone to invest in negative net present value (NPV) projects (overinvestment) and less prone to forego positive NPV projects (underinvestment). We also find that firms with higher CSR performance generate more patents and patent citations. Mediation analysis indicates that firms with higher CSR performance are more profitable and valuable, consequences partially attributable to efficient investments and innovation. These results, robust to alternate model specifications, lend support to enlightened stakeholder theory.