Corporate Social Responsibility and Economic Stability: International Evidence
研究40个国家2002-2017年数据发现，一国上市公司总体CSR投资越高，该国经济越稳定，且对资本市场不发达、社会信任低、利益相关者导向强的国家影响更显著，但强制CSR披露要求会削弱这种正面效应。
SYNOPSIS This study examines the association between the aggregate corporate social responsibility (CSR) investments of publicly listed firms domiciled in a country and the country’s economic stability. Using data from 40 countries from 2002 to 2017, we find that the aggregate CSR investments in a country positively affect its overall economic stability. We also find that a relatively high level of aggregate CSR investments can lead to a more stable supply of external capital and persistent investment decisions. Further analyses show that these findings are more pronounced for countries with less developed capital markets, low levels of societal trust, and strong stakeholder orientations. Moreover, we find that the implementation of mandatory CSR disclosure requirements weakens the positive effect of aggregate CSR investments on economic stability. These results collectively suggest that aggregate CSR investments in a country substantially foster that country’s overall economic development, contingent on its institutional context. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: M14; E32; M41.