Can social capital and reputation mitigate political and market competition risk?
研究企业社会责任（CSR）能否对冲政治不确定性和市场竞争带来的股票收益波动风险，发现高CSR能降低政治不确定性下的波动，但对现金流波动无效，且对冲效果短暂但能提升未来业绩。
We assess whether social capital, captured by CSR, is an effective hedge against risks arising from political and market competition risk. Having a higher CSR score significantly reduces stock return volatility during political uncertainty, but not cash flow volatility. Meanwhile, CSR is also an effective hedge against stock return volatility that arises from peer competition. Finally, the hedging effect of CSR on stock return volatility is transient, but has a positive effect on firms' future performance and growth opportunities