Standing Out from the Crowd via CSR Engagement: Evidence from Non-Fundamental-Driven Price Pressure
利用两个准自然实验，研究发现股票价格受到外部负面压力时，企业会增加社会责任活动，尤其是那些面临信息不对称、市场竞争激烈等信号激励更强的企业，这有助于吸引社会责任投资者并降低资本成本。
Abstract We test the signaling view of corporate social responsibility (CSR) engagement using two complementary quasi-natural experiments that impose exogenous negative pressure on stock prices. Firms under such adverse price pressure increase CSR activities compared to otherwise similar firms. This effect concentrates among firms with stronger signaling incentives, namely, those facing greater information asymmetry, more product market competition, higher shareholder litigation risk, and higher stock price crash risk. Firms under the exogenous negative price pressure mainly improve CSR strengths, including costly environmental investments. We also find that CSR engagement attracts socially responsible investors and lowers the cost of capital for signaling firms.