Corporate Social Responsibility
通过七项检验（资本成本、投资组合表现、机构持股、调查实验、管理层动机、股东提案、责任指数纳入）总结文献，发现股东参与企业社会责任主要出于非金钱动机，并评估了股东为减排而放弃的回报（绿色溢价）与可持续投资增长的一致性。
Is shareholder interest in corporate social responsibility driven by pecuniary motives (abnormal rates of return) or nonpecuniary ones (willingness to sacrifice returns to address various firm externalities)? To answer this question, we summarize the literature by focusing on seven tests: ( a) costs of capital, ( b) performance of portfolios, ( c) ownership by types of institutions, ( d) surveys and experiments, ( e) managerial motives, ( f) shareholder proposals, and ( g) firm inclusion in responsibility indices. These tests predominantly indicate that shareholders are driven by nonpecuniary motives. To stimulate further research on welfare implications for global warming, we assess whether estimates of the foregone returns for shareholders willing to reduce carbon emissions (or “greeniums”), along with the wealth pledged to firms that become sustainable, are consistent with the growth of aggregate investments in the decarbonization sector.