Investor Tastes, Corporate Behavior, and Stock Returns: An Analysis of Corporate Social Responsibility
研究发现，机构投资者中社会责任投资者持股增加的公司未来会提升社会责任评分，但这一变化披露时伴随负的股票回报，尤其在社会责任积极主义者中更明显，支持预期社会责任活动降低公司价值的假说。
We classify institutions into socially responsible investors (SRI) and not socially responsible investors using the value weighted corporate social responsibility (CSR) scores of their portfolio holdings. We find that firms that exhibit increases in SRI ownership tend to increase future CSR scores. Our analysis of stock price responses to the revelation of SRI ownership changes indicates that the revelation of higher SRI ownership is associated with negative stock returns. These effects are particularly strong when we focus on SRI-activists, who tend to target firms with low CSR scores and lobby to increase them over time. These observations are consistent with the hypothesis that anticipated increases in CSR activities reduce firm values. This paper was accepted by David Simchi-Levi, finance.